Building Details

Building Size 1,302 SF

Year Built 2025

Listing Agency: E Realty International Corp s***@hotmail.com Show Phone

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

Source: Croninreale

Added: Jun 23 Changed: Oct 23 Last Checked: Oct 23 at 4:30PM

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Investment Insights

Based on property information with market context.

This 1,302-square-foot community facility unit is part of a mixed-use building completed in 2025. Ceiling heights across the commercial units range from approximately 13 to 19 feet. Adjacent units may be combined with required approvals and permits, and the commercial units are approved for the 25-year ICAP tax abatement.

At 38-20 Parsons Boulevard in Flushing, the building has residential units that are substantially sold out and occupied. Public transportation, major roadways, shopping, restaurants, medical offices, and other neighborhood amenities are accessible nearby.

Key Highlights

• 1,302‑square‑foot community facility unit
• Completed in 2025
• Commercial units approved for the 25‑year ICAP tax abatement

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$42,867

Cap Rate

4.70%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$857,340 $857.3K

Cap Rate 7%

$612,386 $612.4K

Cap Rate 9%

$476,300 $476.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,302 SF

Gross rent

$65.6K $50.40/SF

− Vacancy

−$8.5K −$6.50/SF

EGI

$57.2K $43.90/SF

− OpEx

−$14.3K −$10.97/SF

NOI

$42.9K $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%

$857,340

Cap Rate 7%

$612,386

Cap Rate 9%

$476,300

Alternative Uses

Best Use

Office B

$612.4K

$535.8K – $714.5K (±1% cap)

NOI $42,867 @ 7.0% cap · market cap 4.70%

Second Best

Healthcare Medical

$428.9K

$375.3K – $500.4K (±1% cap)

NOI $30,022 @ 7.0% cap · market cap 3.29%

Theoretical Best

Office A

$959.8K

$839.9K – $1.12M (±1% cap)

NOI $67,189 @ 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

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 - The space is suited to community-facility uses, including medical, dental, educational, daycare, and professional services.

Where is this mixed-use property located?

The property is located at 38-20 Parsons Boulevard #CF16 Flushing, NY.

What is the asking price?

The asking price for this property is $911,400.

What are key features of this property?

This property features: 1,302‑square‑foot community facility unit; Completed in 2025; Commercial units approved for the 25‑year ICAP tax abatement