Flex Building with Drive-In
37-23 27 ST, Long Island City, NY 11101
For Sale
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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 Market55
Property Features for 37-23 27 ST
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Warehouse & Industrial
Clear Height
Warehouse Space
Office Build-Out
Drive-In Doors
Power
Amenities
exterior deck
Building Details
Buildings
Building Size
Listing Agency:
G.E. Grace & Company, Inc.
Listed By:
Charles Turbak · License #NY
Source:
Crexi
Added: Sep 14
Changed: Nov 6
Last Checked: Nov 6 at 9:12AM
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.
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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 / Yr
$112,929
Cap Rate
4.34%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
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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
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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
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Market
Properties on Market for Flex space in Queens County
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
