Flex Building with Drive-In
For Sale
Contact for pricing
37-23 27 ST, Long Island City, NY 11101
Vacant flex property combining warehouse and office space with M1-2/R5B zoning and outdoor deck access.
Property Size3,430 SF
Lot Size0.05 Acres
Price / SF$758.02
Days on Market10
Property Features for 37-23 27 ST
General Information
Standard status
Active
Size
3,430 SF
Lot size
0.05 Acres
Property subtype
Office, Industrial
Zoning
M1-2/R5B
Warehouse & Industrial
Clear Height
15 ft
Warehouse Space
1,970 SF
Office Build-Out
1,460 SF
Drive-In Doors
1
Power
400 amps
Amenities
exterior deck
Building Details
Buildings
1
Building Size
3,430 SF
Listing Agency:
G.E. Grace & Company, Inc.
Listed By:
Charles Turbak · License #NY
Source:
Crexi
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 22 at 1:12PM
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 G.E. Grace & Company, Inc.
Investment Insights
Based on property information with market context.
This 3,430-square-foot flex property combines 1,970 square feet of warehouse area with 1,460 square feet of office space. The warehouse includes 15-foot ceilings, a drive-in door, 400 amps of power, and gas heat, while the office area is served by HVAC and connects to a large exterior deck. The property will be delivered vacant at closing.
Set on a 2,000-square-foot lot measuring 25 feet by 80 feet, the building is zoned M1-2/R5B. Its Long Island City location is near Queens Plaza and the Queensboro Bridge, with access to Manhattan, major roadways, and multiple subway lines. The configuration supports industrial, service, distribution, contractor, and creative uses.
Set on a 2,000-square-foot lot measuring 25 feet by 80 feet, the building is zoned M1-2/R5B. Its Long Island City location is near Queens Plaza and the Queensboro Bridge, with access to Manhattan, major roadways, and multiple subway lines. The configuration supports industrial, service, distribution, contractor, and creative uses.
Key Highlights
- 3,430 SF flex building with 1,970 SF warehouse and 1,460 SF office space
- 15‑foot warehouse ceilings with one drive‑in door
- 400 amps of power and gas heat in the warehouse
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
$112,929
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
4.34%
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%
$2,258,580
$2.3M
Cap Rate 7%
$1,613,271
$1.6M
Cap Rate 9%
$1,254,767
$1.3M
Market Conditions
NOI Build-Up for 3,430 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
$172.9K $50.40/SF
− Vacancy
−$22.3K −$6.50/SF
EGI
$150.6K $43.90/SF
− OpEx
−$37.6K −$10.97/SF
NOI
$112.9K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,258,580
Cap Rate 7%
$1,613,271
Cap Rate 9%
$1,254,767
Alternative Uses
Best Use
Office B
$1.61M
$1.41M – $1.88M
NOI $112,929 @ 7.0% cap · market cap 4.34%
Second Best
Flex RnD
$777.8K
$680.6K – $907.4K
NOI $54,444 @ 7.0% cap · market cap 2.09%
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $177,004 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
15 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
47,365
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant flex property combining warehouse and office space with M1-2/R5B zoning and outdoor deck access.
Where is this flex space located?
The property is located at 37-23 27 ST Long Island City, NY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 3,430 SF flex building with 1,970 SF warehouse and 1,460 SF office space; 15‑foot warehouse ceilings with one drive‑in door; 400 amps of power and gas heat in the warehouse
