Leased Office
For Sale
$4,300,000
38-08 Union Street 2j, Flushing, NY 11354
A healthcare-services tenant occupies the space under a triple-net lease with scheduled annual increases.
Property Size3,866 SF
Price / SF$1,112
Days on Market9
Property Features for 38-08 Union Street 2j
General Information
Standard status
Active
Size
3,866 SF
Net Rentable
3,866 SF
Class
Class A
Elevators
Yes
Occupancy
100%
Net Operating Income
$287,101
Additional Details
Floor
2
Cap Rate
6.68%
Public Transit
Yes
Office Units
1
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$15,089
Amenities
24/7 security
concierge
on-site public parking garage
2
No
Public
Other
3866
Building Details
Building Size
3,866 SF
Year Built
2014
Tenancy
Single
Owner Occupied
No
Listing Agency:
Yaos Realty LLC
(516) 703-2918
Listed By:
Josephine Nicolosi
Source:
Hedgestonehomes
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 3:22PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This office condominium at Flushing Commons contains 3,866 rentable square feet and 2,951 usable square feet across Units 2J and 2J-A. The space is fully leased to a healthcare-services tenant on a triple-net basis; the tenant is responsible for real estate taxes, insurance, and operating expenses. The lease extends through December 31, 2028, with a five-year renewal option through December 31, 2033, and provides for 3% annual increases. The stated cap rate is 6.68%. A 25-year real estate tax abatement began in 2019, per the owner.
The condominium is in a Class A office building within the Flushing Commons mixed-use development. Building features include 24-hour security and concierge service, high-speed elevators, and an on-site public parking garage. The Flushing-Main Street 7 train, LIRR, and bus service are nearby. Showings require 24-hour notice because the space is tenant occupied.
The condominium is in a Class A office building within the Flushing Commons mixed-use development. Building features include 24-hour security and concierge service, high-speed elevators, and an on-site public parking garage. The Flushing-Main Street 7 train, LIRR, and bus service are nearby. Showings require 24-hour notice because the space is tenant occupied.
Key Highlights
- 3,866 rentable SF and 2,951 usable SF
- 100% leased to a healthcare‑services tenant on a triple‑net basis
- Lease runs through 12/31/2028, with a five‑year option through 12/31/2033
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,283
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,545,660
$2.5M
Cap Rate 7%
$1,818,329
$1.8M
Cap Rate 9%
$1,414,256
$1.4M
Market Conditions
NOI Build-Up for 3,866 SF
Gross rent
$194.8K $50.40/SF
− Vacancy
−$25.1K −$6.50/SF
EGI
$169.7K $43.90/SF
− OpEx
−$42.4K −$10.97/SF
NOI
$127.3K $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%
$2,545,660
Cap Rate 7%
$1,818,329
Cap Rate 9%
$1,414,256
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.12M
NOI $127,283 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.49M – $3.33M
NOI $199,504 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
1
Office units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - A healthcare-services tenant occupies the space under a triple-net lease with scheduled annual increases.
Where is this office unit located?
The property is located at 38-08 Union Street 2j Flushing, NY.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 3,866 rentable SF and 2,951 usable SF; 100% leased to a healthcare‑services tenant on a triple‑net basis; Lease runs through 12/31/2028, with a five‑year option through 12/31/2033
