Office Condo with Central
For Sale
$3,910,000
42-35 Main Street, New York, NY 11355
Condo office in a mixed-use building with central air and on-site building services.
Property Size5,656 SF
Price / SF$691.30
Days on Market120
Property Features for 42-35 Main Street
General Information
Standard status
Active
Size
5,656 SF
Property subtype
Office
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
doormen
security guards
on-site superintendents
handyman
Central Air
3
Parking.
Garage, On Street.
Building Details
Year Built
2013
Listing Agency:
All County Realty & Mgmt Corp
(917) 863-4342
Listed By:
Mei Juan
(917) 863-4342
Source:
Xome
Added: Apr 23
Changed: Aug 20
Last Checked: Aug 20 at 5:00AM
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 All County Realty & Mgmt Corp
Investment Insights
Based on property information with market context.
This office condominium contains 5,656 square feet within a mixed-use building completed in 2013. Central air is installed, and the property includes access to building services such as doormen, security personnel, an on-site superintendent, and handyman support. Ground-floor retail occupies the building, while garage and on-street parking are available. An existing tenant may remain or vacate, providing flexibility for an owner-occupant or investor.
The property is located at 42-35 Main Street in Downtown Flushing, New York. Transportation options include the #7 subway line, express and local buses, commuter minibuses, the LIRR, and access to major highways and airports. Banks, a post office, stores, restaurants, supermarkets, and the botanical garden are located nearby. The building also carries a 15-year ICAP tax abatement.
The property is located at 42-35 Main Street in Downtown Flushing, New York. Transportation options include the #7 subway line, express and local buses, commuter minibuses, the LIRR, and access to major highways and airports. Banks, a post office, stores, restaurants, supermarkets, and the botanical garden are located nearby. The building also carries a 15-year ICAP tax abatement.
Key Highlights
- 5,656‑square‑foot office condominium in a mixed‑use building
- Constructed in 2013 with central air
- 280 garage parking spaces available, plus on‑street parking
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
$177,105
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
4.53%
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%
$3,542,100
$3.5M
Cap Rate 7%
$2,530,071
$2.5M
Cap Rate 9%
$1,967,833
$2.0M
Market Conditions
NOI Build-Up for 5,656 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
$291.2K $51.48/SF
− Vacancy
−$55.0K −$9.73/SF
EGI
$236.1K $41.75/SF
− OpEx
−$59.0K −$10.44/SF
NOI
$177.1K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /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%
$3,542,100
Cap Rate 7%
$2,530,071
Cap Rate 9%
$1,967,833
Alternative Uses
Best Use
Office B
$2.53M
$2.21M – $2.95M
NOI $177,105 @ 7.0% cap · market cap 4.53%
Second Best
Healthcare Medical
$2.41M
$2.11M – $2.81M
NOI $168,594 @ 7.0% cap · market cap 4.31%
Theoretical Best
Specialty Retail
$14.08M
$12.32M – $16.43M
NOI $985,501 @ 7.0% cap · market cap 25.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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?
Office units - Condo office in a mixed-use building with central air and on-site building services.
Where is this office units located?
The property is located at 42-35 Main Street New York, NY.
What is the asking price?
The asking price for this property is $3,910,000.
What are key features of this property?
This property features: 5,656‑square‑foot office condominium in a mixed‑use building; Constructed in 2013 with central air; 280 garage parking spaces available, plus on‑street parking
