Detached Creative
For Sale
$750,000
5224 35th Street, Long Island City, NY 11101
Commercial Sale, Long Island City, NY
Property Size1,650 SF
Lot Size0.03 Acres
Price / SF$454.55
Days on Market50
Property Features for 5224 35th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M1-1
Rooms
Basement
Basement
Walk-Out Access, Finished
Elementary school district
Contact Agent
Middle school district
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High school district
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Standard status
Active
APN
00303-0027
Lot size
0.03 Acres
Additional Details
Condition
Move-in Ready
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6701
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1931
Building materials
Brick
Buildings
1
Listing Agency:
Real Broker NY LLC
Listed By:
Devon Benedict
(855) 450-0442
Added: Sep 9
Changed: Oct 23
Last Checked: Oct 28 at 7:06AM
MLS# 1049037
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This detached brick creative-space property contains approximately 1,650 square feet across two floors, with about 825 square feet on each level. The vacant building is partially renovated and features exposed brick, wood floors, an updated kitchen with stainless steel appliances, and a basement. M1-1 zoning and an existing Lodge Room (P2) classification are recorded for the property; prospective users should confirm permitted use and suitability with the appropriate professionals.
The property is located on 35th Street in Long Island City, along Van Dam Avenue. Public water and sewer are available, and natural gas is listed as available. The building dates to 1931 and occupies a 0.0266-acre lot.
The property is located on 35th Street in Long Island City, along Van Dam Avenue. Public water and sewer are available, and natural gas is listed as available. The building dates to 1931 and occupies a 0.0266-acre lot.
Key Highlights
- Approximately 1,650 SF across two floors, with 825 SF per floor
- Detached brick building on a 0.0266‑acre lot
- M1‑1 zoning; existing Lodge Room (P2) classification
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,324
Cap Rate
7.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,086,480
$1.1M
Cap Rate 7%
$776,057
$776.1K
Cap Rate 9%
$603,600
$603.6K
Market Conditions
NOI Build-Up for 1,650 SF
Gross rent
$83.2K $50.40/SF
− Vacancy
−$10.7K −$6.50/SF
EGI
$72.4K $43.90/SF
− OpEx
−$18.1K −$10.97/SF
NOI
$54.3K $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%
$1,086,480
Cap Rate 7%
$776,057
Cap Rate 9%
$603,600
Alternative Uses
Best Use
Office B
$776.1K
$679.1K – $905.4K
NOI $54,324 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,148 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Creative space - A vacant, two-level brick property offers a partially updated interior and M1-1 zoning.
Where is this creative space located?
The property is located at 5224 35th Street Long Island City, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Approximately 1,650 SF across two floors, with 825 SF per floor; Detached brick building on a 0.0266‑acre lot; M1‑1 zoning; existing Lodge Room (P2) classification
