Building Details

Building Size 2,392 SF

Year Built 2014

Tenancy Single

Listing Agency: Yaos Realty LLC

Listed By: Jianfeng Yao Show Phone

Source: Croninreale

Added: Oct 8 Changed: Oct 23 Last Checked: Oct 23 at 5:46PM

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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 Yaos Realty LLC

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Investment Insights

Based on property information with market context.

This office condominium comprises 2,392 rentable SF and 1,826 usable SF in a Class A building completed in 2014. The unit is fully leased to a healthcare-services tenant on a triple-net basis, with 3% annual increases. The lease expires 12/31/2028 and includes a 5-year renewal option extending through 12/31/2033.

Building features include 24/7 security, concierge service, high-speed elevators and an on-site public parking garage. The property is steps from the Flushing-Main St 7 train, LIRR and bus service. Showings require 24-hour notice because the unit is tenant occupied.

Key Highlights

• Fully leased healthcare‑services office under a triple‑net arrangement
• 2,392 rentable SF / 1,826 usable SF
• Lease through 12/31/2028; 5‑year renewal option to 12/31/2033

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$78,754

Cap Rate

2.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,575,080 $1.6M

Cap Rate 7%

$1,125,057 $1.1M

Cap Rate 9%

$875,044 $875.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,392 SF

Gross rent

$120.6K $50.40/SF

− Vacancy

−$15.6K −$6.50/SF

EGI

$105.0K $43.90/SF

− OpEx

−$26.3K −$10.97/SF

NOI

$78.8K $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%

$1,575,080

Cap Rate 7%

$1,125,057

Cap Rate 9%

$875,044

Alternative Uses

Best Use

Office B

$1.13M

$984.4K – $1.31M (±1% cap)

NOI $78,754 @ 7.0% cap · market cap 2.96%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.76M

$1.54M – $2.06M (±1% cap)

NOI $123,439 @ 7.0% cap · market cap 4.64%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Galaxy Lending Corp. Loan Service Office of Terrence J ... Law Firm Law Office of Yeung ... Law Firm Yang & Associates, P.C. Law Firm Huping Hu, Esq. Law Firm

Suggested Use

Top Pick Nursing Home (Bike/Boat/Book/etc) Store Restaurant Veterinary Clinic Garden Center Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,358

Businesses Nearby

Explore this area Business Placement

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 Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - The unit is fully occupied under a triple-net lease with annual rent increases.

Where is this office unit located?

The property is located at 38-08 Union Street #2E Flushing, NY.

What is the asking price?

The asking price for this property is $2,660,000.

What are key features of this property?

This property features: Fully leased healthcare‑services office under a triple‑net arrangement; 2,392 rentable SF / 1,826 usable SF; Lease through 12/31/2028; 5‑year renewal option to 12/31/2033