Building Details

Building Size 2,571 SF

Year Built 2025

Buildings 1

Listing Agency: E Realty International Corp

Listed By: Hsin Yuan Yang · License #10311205376 Show Phone

Source: Barbieliteam

Added: Nov 3 Changed: Nov 5 Last Checked: Nov 5 at 2:37AM

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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.

Located within a mixed-use development completed in 2025, this community facility unit has ceiling heights ranging from approximately 13 to 19 feet. The development offers approximately 33,000 SF of commercial space. Adjacent units may be combined with the required approvals and permits.

The building includes residential units that are substantially sold out and occupied. The property is in Downtown Flushing, with access to public transportation, major roadways, retail, restaurants, medical offices, and other neighborhood amenities. Commercial units are approved for the ICAP 25-Year Tax Abatement.

Key Highlights

• Ceiling heights range from approximately 13 to 19 feet
• Approximately 33,000 SF of commercial space available in the development
• Commercial units approved for the ICAP 25‑Year Tax Abatement

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 - Approved for an ICAP tax abatement, the space has ceiling heights suited to varied community-facility configurations.

Where is this mixed-use property located?

The property is located at 38-20 Parsons Boulevard Unit 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: Ceiling heights range from approximately 13 to 19 feet; Approximately 33,000 SF of commercial space available in the development; Commercial units approved for the ICAP 25‑Year Tax Abatement