Community Facility Office Units with High
For Sale
$1,637,900
38-20 Parsons Boulevard Unit CF9, Flushing, NY 11354
Community facility office units in a newly developed mixed-use building, approved for the ICAP 25-Year Tax Abatement.
Property Size1,489 SF
Price / SF$1,100
Days on Market129
Property Features for 38-20 Parsons Boulevard Unit CF9
General Information
Standard status
Active
Size
1,489 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$964
Building Details
Building Size
1,489 SF
Listing Agency:
E Realty International Corp
Listed By:
Hsin Yuan Yang · License #10311205376
(646) 688-8998
Source:
Cbwarburg
Added: Jun 23
Changed: Sep 5
Last Checked: Oct 28 at 3:41PM
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
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Investment Insights
Based on property information with market context.
Community Facility units are available as part of a newly developed mixed-use building in Downtown Flushing. The commercial space is approved for the ICAP 25-Year Tax Abatement, and the existing residential component is substantially sold out and occupied, creating a built-in customer base.
The ceiling heights range from approximately 13 to 19 feet, supporting flexible possibilities for a variety of community facility uses, including 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, and rooftop commercial use is subject to future management determination.
Designed for both owner-users and investors, the property is positioned in one of Queens’ fastest-growing neighborhoods with convenient access to public transportation, major roadways, shopping, restaurants, medical offices, and other neighborhood amenities.
The ceiling heights range from approximately 13 to 19 feet, supporting flexible possibilities for a variety of community facility uses, including 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, and rooftop commercial use is subject to future management determination.
Designed for both owner-users and investors, the property is positioned in one of Queens’ fastest-growing neighborhoods with convenient access to public transportation, major roadways, shopping, restaurants, medical offices, and other neighborhood amenities.
Key Highlights
- ICAP 25‑Year Tax Abatement approval for the commercial units
- Ceiling heights approximately 13 to 19 feet
- Approximately 33,000 SF of commercial space available
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,024
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$980,480
$980.5K
Cap Rate 7%
$700,343
$700.3K
Cap Rate 9%
$544,711
$544.7K
Market Conditions
NOI Build-Up for 1,489 SF
Gross rent
$75.0K $50.40/SF
− Vacancy
−$9.7K −$6.50/SF
EGI
$65.4K $43.90/SF
− OpEx
−$16.3K −$10.97/SF
NOI
$49.0K $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%
$980,480
Cap Rate 7%
$700,343
Cap Rate 9%
$544,711
Alternative Uses
Best Use
Office B
$700.3K
$612.8K – $817.1K
NOI $49,024 @ 7.0% cap · market cap 2.99%
Second Best
Healthcare Medical
$490.5K
$429.2K – $572.2K
NOI $34,333 @ 7.0% cap · market cap 2.10%
Theoretical Best
Office A
$1.10M
$960.5K – $1.28M
NOI $76,840 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Office unit - Community facility office units in a newly developed mixed-use building, approved for the ICAP 25-Year Tax Abatement.
Where is this office unit located?
The property is located at 38-20 Parsons Boulevard Unit CF9 Flushing, NY.
What is the asking price?
The asking price for this property is $1,637,900.
What are key features of this property?
This property features: ICAP 25‑Year Tax Abatement approval for the commercial units; Ceiling heights approximately 13 to 19 feet; Approximately 33,000 SF of commercial space available
