Leased Storefront Retail
For Sale
$1,982,475
37-20 Prince Street, New York, NY 11354
Unit F combines an established lease with a retail setting near businesses, restaurants, residences, and public transportation.
Property Size1,073 SF
Price / SF$1,847
Days on Market16
Property Features for 37-20 Prince Street
General Information
Standard status
Active
Size
1,073 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$6,677
Amenities
Electric
3
Listing Agency:
Winzone Realty Inc
(347) 200-8885
Listed By:
Mo Tian
(347) 200-8885
Source:
Xome
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 31 at 1:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Winzone Realty Inc
Investment Insights
Based on property information with market context.
Unit F is an approximately 1,073 SF storefront retail condominium within Prince Plaza. The space has an existing lease in place, allowing the property to function as an income-producing commercial asset without relying on a vacant delivery condition. Its storefront configuration is suited to retail occupancy, while the unit may be acquired separately or in combination with other commercial units in the building.
The property is located at 37-20 Prince Street in Flushing, surrounded by established businesses, restaurants, and residential buildings. Public transportation and major Flushing destinations are nearby, placing the condominium within an active commercial and pedestrian environment. The building location and existing tenancy provide a straightforward retail condominium offering for an owner or investor evaluating a leased storefront asset.
The property is located at 37-20 Prince Street in Flushing, surrounded by established businesses, restaurants, and residential buildings. Public transportation and major Flushing destinations are nearby, placing the condominium within an active commercial and pedestrian environment. The building location and existing tenancy provide a straightforward retail condominium offering for an owner or investor evaluating a leased storefront asset.
Key Highlights
- Approximately 1,073 SF of storefront retail condominium space
- Unit F has an existing lease in place
- Located within Prince Plaza at 37‑20 Prince Street
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$150,997
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,019,940
$3.0M
Cap Rate 7%
$2,157,100
$2.2M
Cap Rate 9%
$1,677,744
$1.7M
Market Conditions
NOI Build-Up for 1,073 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$252.9K $235.68/SF
− Vacancy
−$37.2K −$34.64/SF
EGI
$215.7K $201.04/SF
− OpEx
−$64.7K −$60.31/SF
NOI
$151.0K $140.72/SF
Area
New York, NY
Vacancy
14.70%
Lease Rate
$235.68 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,019,940
Cap Rate 7%
$2,157,100
Cap Rate 9%
$1,677,744
Alternative Uses
Best Use
Retail
$2.16M
$1.89M – $2.52M
NOI $150,997 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.67M
$2.34M – $3.12M
NOI $186,960 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
10,153
Businesses Nearby
226k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 25%
Shops & Services 21%
Hotels & Casinos 20%
Groceries 19%
H Mart
Groceries
42,072 visits/mo
0.5 miles
Best Buy
Electronics
37,064 visits/mo
0.3 miles
Chase Bank
Shops & Services
19,494 visits/mo
0.1 miles
Mobil
Shops & Services
15,325 visits/mo
0.1 miles
Four Points by Sheraton Flushing
Hotels & Casinos
15,059 visits/mo
0.3 miles
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Unit F combines an established lease with a retail setting near businesses, restaurants, residences, and public transportation.
Where is this storefront property located?
The property is located at 37-20 Prince Street New York, NY.
What is the asking price?
The asking price for this property is $1,982,475.
What are key features of this property?
This property features: Approximately 1,073 SF of storefront retail condominium space; Unit F has an existing lease in place; Located within Prince Plaza at 37‑20 Prince Street
