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    3808 Union St Flushing, NY

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    Prime retail space in a flagship development with high foot traffic.

    Type:OFFICE
    Property size:
    1,832 SF
    Lot size:
    1.33 Acres
    Added:
    Sep 5, 2024
    Days on Market:
    606
    Last Refresh:
    Apr 5 at 10:06 pm

    Property Features for 3808 Union St

    General Information

    Standard status
    Active
    Size
    1,832 SF
    Lot size
    1.33 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 3808 Union St Contact us

    We can help!

    Listing Contact
    Allen Wang
    Allen Wang

    Listing agent Allen Wang

    Listing office Project Queens

    Listing date Sep 5, 2024

    Source Moodyscre

    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 Project Queens

    Overview

    Retail Space in Flushing Commons

    Located in Downtown Flushing, Flushing Commons is a newly built flagship development. It features 53,000 square feet of retail space, 164,000 square feet of medical and professional offices, and a proposed 598 residential units. The development also includes 1,600 parking spaces and a 1.5-acre open-air public plaza with outdoor cafes, restaurants, and shops, creating a central gathering place. Downtown Flushing is a busy transit hub in Queens, serving as the last stop for the 7 subway line and connecting to over 20 bus lines. The available retail space measures 1,832 square feet. Downtown Flushing has the 3rd most foot traffic in New York City.
    Location Intelligence

    Current Use by Public Records

    Wu Law Group, ... Law Firm Blue Sky Creative ... Advertising Agency Kim Juston K Law Firm Vincent Deramo Ophthalmologist Smriti Zalpuri Physician

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Sky View Parc Luxury Condominiums — 40-22 College Point Blvd, Flushing, NY 11354
    • The Shops at SkyView — 40-24 College Point Blvd, Queens, NY 11354
    • Flushing Center Mall — 135-15 Roosevelt Ave, Queens, NY 11354
    • Sky View Center Management Office — 13107 40th Rd #10, Flushing, NY 11354
    • XYZ The One LLC — Kissena Blvd, Queens, NY 11355

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.8269
    Latitude
    40.7608

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    FAQs

    What type of property is this?
    Shopping center - Prime retail space in a flagship development with high foot traffic.
    Where is this shopping center located?
    The property is located at 3808 Union St Flushing, NY.
    What are key features of this property?
    This property features: Located in **Flushing Commons**, a newly built flagship development in Downtown Flushing.; Prime location in Downtown Flushing, the busiest transit hub in Queens.; **Dense foot traffic, ranking 3rd highest in New York City.**
    (917) 661-8061 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Allen Wang
    Allen Wang
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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