38-20 Parsons Boulevard Unit CF12, Flushing, NY 11354

Building Details

Building Size 2,070 SF More

Year Built 2025 More

Listing Agency: E Realty International Corp

Listed By: Hsin Yuan Yang · License #10311205376 Show Phone

Source: Barbieliteam

Added: Nov 4 Changed: Nov 8 Last Checked: Nov 8 at 5:59PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

The 2025 mixed-use development includes community facility commercial space with ceiling heights ranging from approximately 13 to 19 feet. The development offers approximately 33,000 SF of commercial space, and adjacent units may be combined with the required approvals and permits. Commercial units are approved for the ICAP 25-Year Tax Abatement.

Residential units in the building are substantially sold and occupied. The property has access to public transportation and major roadways, with shopping, restaurants, and medical offices among the neighborhood amenities.

Key Highlights

• Approximately 33,000 SF of commercial space offered in the development
• Community facility commercial space with ceiling heights of approximately 13 to 19 feet
• Approved for the ICAP 25‑Year Tax Abatement

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$68,152

Cap Rate

4.70%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,363,040 $1.4M

Cap Rate 7%

$973,600 $973.6K

Cap Rate 9%

$757,244 $757.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,070 SF

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 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 (±1% cap)

NOI $68,152 @ 7.0% cap · market cap 4.70%

Second Best

Healthcare Medical

$681.9K

$596.6K – $795.5K (±1% cap)

NOI $47,730 @ 7.0% cap · market cap 3.29%

Theoretical Best

Office A

$1.53M

$1.34M – $1.78M (±1% cap)

NOI $106,822 @ 7.0% cap · market cap 7.37%

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

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Real Estate Agency Law Firm Auto Parts Store Building Supply Parking Lot & Garage Skin Care Clinic

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

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

Market

Average Price Trend$/SF for Mixed-use properties in Flushing, NY

$528 Jul

$607 Aug

$456 Sep

$619 Oct

Properties on Market for Mixed-use properties in Flushing

Jul

Aug

Sep

Oct

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?

Mixed-use property - A community-facility space in a 2025 mixed-use development qualifies for the ICAP 25-year tax abatement.

Where is this mixed-use property 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: Approximately 33,000 SF of commercial space offered in the development; Community facility commercial space with ceiling heights of approximately 13 to 19 feet; Approved for the ICAP 25‑Year Tax Abatement