Office Unit with High
New
For Sale
$1,818,300
38-20 Parsons Boulevard Unit CF8, Flushing, NY 11354
Community facility space in a new mixed-use building is identified for medical, educational, daycare, and professional service uses.
Property Size1,653 SF
Days on Market4
Property Features for 38-20 Parsons Boulevard Unit CF8
General Information
Standard status
Active
Size
1,653 SF
Property subtype
Office
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,070
Building Details
Building Size
1,653 SF
Year Built
2025
Buildings
1
Tenancy
Multi
Listing Agency:
E Realty International Corp
(646) 688-8998
Listed By:
Hsin Yuan Yang · License #10311205376
Source:
Barbieliteam
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 3:38AM
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.
CF8 is a community facility office unit within a newly developed mixed-use building completed in 2025. Ceiling heights range from approximately 13 to 19 feet, offering adaptable vertical clearance for the approved community facility use categories. Adjacent units may be combined with the necessary approvals and permits, and the commercial units qualify for the ICAP 25-Year Tax Abatement.
The property is located at 38-20 Parsons Boulevard in Flushing, NY, with access to public transportation, major roadways, shopping, restaurants, medical offices, and other neighborhood amenities. Residential units in the development are substantially sold out and occupied. Approximately 33,000 SF of commercial space is available across the development. Rooftop commercial use remains subject to future management determination.
The property is located at 38-20 Parsons Boulevard in Flushing, NY, with access to public transportation, major roadways, shopping, restaurants, medical offices, and other neighborhood amenities. Residential units in the development are substantially sold out and occupied. Approximately 33,000 SF of commercial space is available across the development. Rooftop commercial use remains subject to future management determination.
Key Highlights
- Community facility office unit in a mixed‑use building completed in 2025
- Ceiling heights range from approximately 13 to 19 feet
- Approved for the ICAP 25‑Year Tax Abatement
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
$54,423
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
2.99%
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%
$1,088,460
$1.1M
Cap Rate 7%
$777,471
$777.5K
Cap Rate 9%
$604,700
$604.7K
Market Conditions
NOI Build-Up for 1,653 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
$83.3K $50.40/SF
− Vacancy
−$10.7K −$6.50/SF
EGI
$72.6K $43.90/SF
− OpEx
−$18.1K −$10.97/SF
NOI
$54.4K $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%
$1,088,460
Cap Rate 7%
$777,471
Cap Rate 9%
$604,700
Alternative Uses
Best Use
Office B
$777.5K
$680.3K – $907.1K
NOI $54,423 @ 7.0% cap · market cap 2.99%
Second Best
Healthcare Medical
$544.5K
$476.4K – $635.3K
NOI $38,115 @ 7.0% cap · market cap 2.10%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,303 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Community facility space in a new mixed-use building is identified for medical, educational, daycare, and professional service uses.
Where is this office units located?
The property is located at 38-20 Parsons Boulevard Unit CF8 Flushing, NY.
What is the asking price?
The asking price for this property is $1,818,300.
What are key features of this property?
This property features: Community facility office unit in a mixed‑use building completed in 2025; Ceiling heights range from approximately 13 to 19 feet; Approved for the ICAP 25‑Year Tax Abatement
