Mixed-Use Community Facility
For Sale
$1,799,700
38-20 Parsons Boulevard, New York, NY 11354
Newly built commercial units support medical, educational, daycare, and professional service uses within a residential development.
Property Size2,571 SF
Price / SF$700
Days on Market72
Property Features for 38-20 Parsons Boulevard
General Information
Standard status
Active
Size
2,571 SF
Property subtype
Office
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,667
Amenities
Central Air
3
Building Details
Year Built
2025
Listing Agency:
E Realty International Corp
(646) 688-8998
Listed By:
Hsin Yuan Yang · License #10311205376
(646) 688-8998
Source:
Xome
Added: Jun 20
Changed: Aug 29
Last Checked: Aug 30 at 2:18PM
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.
This mixed-use property at 38-20 Parsons Boulevard in Flushing includes approximately 33,000 SF of commercial space within a 2025-developed building. Ceiling heights range from approximately 13 to 19 feet, offering adaptable interior volume for community facility uses. Adjacent units may be combined with required approvals and permits.
The building also contains residential units that are substantially sold out and occupied, placing the commercial component within an established residential setting. The property is positioned near public transportation, major roadways, shopping, restaurants, medical offices, and other neighborhood amenities. Commercial units are approved for the ICAP 25-Year Tax Abatement. Rooftop commercial use remains subject to future management determination.
The building also contains residential units that are substantially sold out and occupied, placing the commercial component within an established residential setting. The property is positioned near public transportation, major roadways, shopping, restaurants, medical offices, and other neighborhood amenities. Commercial units are approved for the ICAP 25-Year Tax Abatement. Rooftop commercial use remains subject to future management determination.
Key Highlights
- Approximately 33,000 SF of commercial space available
- Ceiling heights range from approximately 13 to 19 feet
- Commercial units 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
$81,951
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
4.55%
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%
$1,639,020
$1.6M
Cap Rate 7%
$1,170,729
$1.2M
Cap Rate 9%
$910,567
$910.6K
Market Conditions
NOI Build-Up for 2,571 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
$154.3K $60.00/SF
− Vacancy
−$23.1K −$9.00/SF
EGI
$131.1K $51.00/SF
− OpEx
−$49.2K −$19.13/SF
NOI
$82.0K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,639,020
Cap Rate 7%
$1,170,729
Cap Rate 9%
$910,567
Alternative Uses
Best Use
Mixed Use
$1.17M
$1.02M – $1.37M
NOI $81,951 @ 7.0% cap · market cap 4.55%
Second Best
Office B
$1.15M
$1.01M – $1.34M
NOI $80,505 @ 7.0% cap · market cap 4.47%
Theoretical Best
Specialty Retail
$6.40M
$5.60M – $7.47M
NOI $447,971 @ 7.0% cap · market cap 24.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
10,652
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?
Mixed-use property - Newly built commercial units support medical, educational, daycare, and professional service uses within a residential development.
Where is this mixed-use property located?
The property is located at 38-20 Parsons Boulevard New York, 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: Approximately 33,000 SF of commercial space available; Ceiling heights range from approximately 13 to 19 feet; Commercial units approved for the ICAP 25‑Year Tax Abatement
