Office Units with Flexible Ceiling
For Sale
$1,449,000
38-20 Parsons Boulevard Unit CF12, Flushing, NY 11354
Newly built community facility office units with 13-to-19-foot ceiling heights and ICAP 25-year tax abatement approval.
Property Size2,070 SF
Days on Market86
Property Features for 38-20 Parsons Boulevard Unit CF12
General Information
Standard status
Active
Size
2,070 SF
Property subtype
Office
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,342
Building Details
Building Size
2,070 SF
Year Built
2025
Buildings
1
Listing Agency:
E Realty International Corp
Listed By:
Hsin Yuan Yang · License #10311205376
(646) 688-8998
Source:
Barbieliteam
Added: Jun 23
Changed: Sep 15
Last Checked: Sep 15 at 11:00AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
Community facility office units in a newly developed mixed-use building at 38-20 Parsons Blvd (CF12) in Flushing. The commercial spaces are approved for the ICAP 25-Year Tax Abatement, and ceiling heights range from approximately 13 to 19 feet, supporting a range of community facility uses such as medical, dental, educational, daycare, and professional services. Buyers may also combine adjacent units with the appropriate approvals and permits.
Approximately 33,000 SF of commercial space is available. Rooftop commercial use is subject to future management determination. The building was completed in 2025, and the residential component is substantially sold out and occupied, creating an in-place customer base within the development.
Ideal for owner-users or investors looking for office-configurable community facility space in a fast-growing Downtown Flushing setting with convenient access to public transportation, major roadways, shopping, restaurants, medical offices, and neighborhood amenities.
Approximately 33,000 SF of commercial space is available. Rooftop commercial use is subject to future management determination. The building was completed in 2025, and the residential component is substantially sold out and occupied, creating an in-place customer base within the development.
Ideal for owner-users or investors looking for office-configurable community facility space in a fast-growing Downtown Flushing setting with convenient access to public transportation, major roadways, shopping, restaurants, medical offices, and neighborhood amenities.
Key Highlights
- ICAP 25‑Year Tax Abatement approved for commercial units
- Ceiling heights approximately 13 to 19 feet for flexible community facility use
- Approximately 33,000 SF of commercial space available
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,152
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,363,040
$1.4M
Cap Rate 7%
$973,600
$973.6K
Cap Rate 9%
$757,244
$757.2K
Market Conditions
NOI Build-Up for 2,070 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$104.3K $50.40/SF
− Vacancy
−$13.5K −$6.50/SF
EGI
$90.9K $43.90/SF
− OpEx
−$22.7K −$10.97/SF
NOI
$68.2K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,363,040
Cap Rate 7%
$973,600
Cap Rate 9%
$757,244
Alternative Uses
Best Use
Office B
$973.6K
$851.9K – $1.14M
NOI $68,152 @ 7.0% cap · market cap 4.70%
Second Best
Healthcare Medical
$681.9K
$596.6K – $795.5K
NOI $47,730 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $106,822 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
150
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Newly built community facility office units with 13-to-19-foot ceiling heights and ICAP 25-year tax abatement approval.
Where is this office units located?
The property is located at 38-20 Parsons Boulevard Unit CF12 Flushing, NY.
What is the asking price?
The asking price for this property is $1,449,000.
What are key features of this property?
This property features: ICAP 25‑Year Tax Abatement approved for commercial units; Ceiling heights approximately 13 to 19 feet for flexible community facility use; Approximately 33,000 SF of commercial space available
