Building Details

Building Size 2,571 SF

Year Built 2025

Buildings 1

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 4:55PM

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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.

This 2025 mixed-use development includes community facility space within a residential building. The listed unit measures 2,571 square feet, and approximately 33,000 square feet of commercial space is available across the property. Ceiling heights 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 ICAP 25-year tax abatement.

At 38-20 Parsons Boulevard in Flushing, the property is near public transportation, major roadways, shops, restaurants, medical offices, and other neighborhood services. Rooftop commercial use would depend on a future management decision.

Key Highlights

• 2,571 SF listed community facility unit
• Approximately 33,000 SF of commercial space available
• Ceiling heights range from approximately 13 to 19 feet

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$84,647

Cap Rate

4.70%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,692,940 $1.7M

Cap Rate 7%

$1,209,243 $1.2M

Cap Rate 9%

$940,522 $940.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,571 SF

Gross rent

$129.6K $50.40/SF

− Vacancy

−$16.7K −$6.50/SF

EGI

$112.9K $43.90/SF

− OpEx

−$28.2K −$10.97/SF

NOI

$84.6K $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%

$1,692,940

Cap Rate 7%

$1,209,243

Cap Rate 9%

$940,522

Alternative Uses

Best Use

Office B

$1.21M

$1.06M – $1.41M (±1% cap)

NOI $84,647 @ 7.0% cap · market cap 4.70%

Second Best

Healthcare Medical

$846.9K

$741.0K – $988.0K (±1% cap)

NOI $59,282 @ 7.0% cap · market cap 3.29%

Theoretical Best

Office A

$1.90M

$1.66M – $2.21M (±1% cap)

NOI $132,676 @ 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 - Community facility space is part of a newly developed building with residential units that are occupied and substantially sold.

Where is this mixed-use property located?

The property is located at 38-20 Parsons Boulevard #CF19 Flushing, NY.

What is the asking price?

The asking price for this property is $1,799,700.

What are key features of this property?

This property features: 2,571 SF listed community facility unit; Approximately 33,000 SF of commercial space available; Ceiling heights range from approximately 13 to 19 feet