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 Market84
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: Sep 13 at 12:39PM
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 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 = 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
$49,024
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%
$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
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
$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 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%
$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.
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Community facility office units in a newly developed mixed-use building, approved for the ICAP 25-Year Tax Abatement.
Where is this office units 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
