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    Flex Warehouse with Office Title is generated by Realmo AI

    38-17 Crescent St, Long Island City, NY 11101

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    A combined ground-floor warehouse and second-floor executive office suits tenants needing space and efficiency in Long Island City.

    Type:Industrial
    Property size:
    9,800 SF
    Added:
    May 28, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 5:01 am

    Property Features for 38-17 Crescent St

    General Information

    Standard status
    Active
    Size
    9,800 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1987

    We can help!

    Listing Contact
    Ranee Jaber

    Listing agent Ranee Jaber License #10301219581

    Listing office DY Realty Group

    Listing date May 28, 2026

    Source Crexi

    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 DY Realty Group

    HighLights

    • 9,800 SF building (1987) with 5,500 SF ground‑floor warehouse and 4,300 SF 2nd‑floor executive office space
    • Warehouse includes 13’ ceiling height, gas heat, and wet sprinkler system
    • Warehouse power includes 400 amps, with loading through 2 drive‑in doors
    • Centrally located in Long Island City, blocks from the 59th Street Bridge
    • Access to LIE, BQE, Midtown Tunnel, and Tri‑boro Bridge
    • Less than 0.5 mile to multiple subway lines: 7, N, W, and F

    Overview

    This flex-style property totals 9,800 SF and combines a 5,500 SF warehouse on the ground floor with 4,300 SF of executive office space on the second floor. The warehouse features 13’ ceiling height, gas heat, and a wet sprinkler system, supported by 400 amps of power. Loading is handled through two drive-in doors, making the layout practical for light industrial operations or logistics-oriented users.

    The building is centrally located in Long Island City, Queens, and is described as blocks from the 59th Street Bridge. It offers access to the LIE, BQE, Midtown Tunnel, and Tri-boro Bridge, with multiple subway lines within a half mile, including the 7, N, W, and F.

    For prospective buyers or tenants, the split configuration supports a workplace model where staff and management can be housed on-site while operations run from the warehouse floor. The combination of warehouse utilities, drive-in loading, and dedicated office space can be particularly useful for companies seeking one building to accommodate both production or storage and day-to-day administrative functions.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Bite Size Kitchen LLC — 41-28 37th St, Long Island City, NY 11101
    • Catering Fresh on Time, Sunnyside NY 11104 — 43-08 40th St suite 1G, Long Island City, NY 11104
    • Arob's Homestyle LLC — 41-28 37th St, Queens, NY 11101
    • Brie on the Chisme — 41-28 37th St, Queens, NY 11101
    • Cloud Catering and Events — 42-81 Hunter St, Long Island City, NY 11101

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.911422
    Latitude
    40.781763

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    FAQs

    What type of property is this?
    Flex space - A combined ground-floor warehouse and second-floor executive office suits tenants needing space and efficiency in Long Island City.
    Where is this flex space located?
    The property is located at 38-17 Crescent St Long Island City, NY.
    What are key features of this property?
    This property features: 9,800 SF building (1987) with 5,500 SF ground‑floor warehouse and 4,300 SF 2nd‑floor executive office space; Warehouse includes 13’ ceiling height, gas heat, and wet sprinkler system; Warehouse power includes 400 amps, with loading through 2 drive‑in doors
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ranee Jaber
    Real Estate License ID: 10301219581
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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