Leased Office
New
For Sale
$4,110,000
38-08 Union Street 2k, Flushing, NY 11354
The two-suite property is fully occupied under triple-net leases with healthcare-services tenants.
Property Size3,696 SF
Price / SF$1,112
Days on Market2
Property Features for 38-08 Union Street 2k
General Information
Standard status
Active
Size
3,696 SF
Net Rentable
3,696 SF
Class
Class A
Elevators
Yes
Occupancy
100%
Net Operating Income
$274,476
Additional Details
Cap Rate
6.68%
Public Transit
Yes
Office Units
2
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$14,426
Amenities
24/7 security
concierge
on-site public parking garage
2
No
Public
Other
3696
Building Details
Building Size
3,696 SF
Year Built
2014
Tenancy
Multi
Listing Agency:
Yaos Realty LLC
(631) 613-8782
Listed By:
Geralda Desir
Source:
Goldcrestrealtygrp
Added: Oct 31
Last Checked: Oct 31 at 2:33PM
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 3,696-rentable-square-foot office condominium includes 2,821 usable square feet arranged as two suites, 2K-1 and 2K-2. Both suites are leased to healthcare-services tenants on a triple-net basis, with leases extending through December 31, 2028, and five-year renewal options through December 31, 2033. Contractual rent increases are 3% annually, and the property has a 6.68% cap rate. A 25-year real estate tax abatement began in 2019, per the owner.
The condominium is in a 2014 Class A office building at Flushing Commons, a 1.8-million-square-foot mixed-use development. Building features include 24-hour security, concierge service, high-speed elevators, and an on-site public parking garage. The Flushing-Main St 7 train, LIRR, and bus service are nearby. Showings require 24-hour notice because the property is tenant-occupied.
The condominium is in a 2014 Class A office building at Flushing Commons, a 1.8-million-square-foot mixed-use development. Building features include 24-hour security, concierge service, high-speed elevators, and an on-site public parking garage. The Flushing-Main St 7 train, LIRR, and bus service are nearby. Showings require 24-hour notice because the property is tenant-occupied.
Key Highlights
- 3,696 rentable SF and 2,821 usable SF across suites 2K‑1 and 2K‑2
- 100% leased to two healthcare‑services tenants on a triple‑net basis
- Leases run through 12/31/2028, with 5‑year renewal options to 12/31/2033
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$121,686
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,433,720
$2.4M
Cap Rate 7%
$1,738,371
$1.7M
Cap Rate 9%
$1,352,067
$1.4M
Market Conditions
NOI Build-Up for 3,696 SF
Gross rent
$186.3K $50.40/SF
− Vacancy
−$24.0K −$6.50/SF
EGI
$162.2K $43.90/SF
− OpEx
−$40.6K −$10.97/SF
NOI
$121.7K $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%
$2,433,720
Cap Rate 7%
$1,738,371
Cap Rate 9%
$1,352,067
Alternative Uses
Best Use
Office B
$1.74M
$1.52M – $2.03M
NOI $121,686 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.72M
$2.38M – $3.18M
NOI $190,731 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - The two-suite property is fully occupied under triple-net leases with healthcare-services tenants.
Where is this office unit located?
The property is located at 38-08 Union Street 2k Flushing, NY.
What is the asking price?
The asking price for this property is $4,110,000.
What are key features of this property?
This property features: 3,696 rentable SF and 2,821 usable SF across suites 2K‑1 and 2K‑2; 100% leased to two healthcare‑services tenants on a triple‑net basis; Leases run through 12/31/2028, with 5‑year renewal options to 12/31/2033
