Renovated Mixed-Use
New
For Sale
$780,000
5224 35th Street, Long Island City, NY 11101
Detached commercial structure with M1-1 zoning, exposed brick, wood flooring, and an updated kitchen.
Property Size1,500 SF
Lot Size0.03 Acres
Price / SF$520
Days on Market4
Property Features for 5224 35th Street
General Information
Standard status
Active
Size
1,500 SF
Lot size
0.03 Acres
Property subtype
Business
Zoning
M1-1
Taxes and HOA fees
Annual Taxes
$6,701
Building Details
Building Size
1,500 SF
Year Built
1931
Buildings
1
Stories
1
Listing Agency:
Real Broker NY LLC
Listed By:
Devon Benedict · License #1049037
(203) 936-7390
Source:
Serhant
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 11 at 6:50AM
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 Real Broker NY LLC
Investment Insights
Based on property information with market context.
Located at 5224 35th Street in Long Island City, this fully detached commercial building provides approximately 1500 square feet of renovated interior space on a 1,324 sq. ft. lot. The interior combines exposed brick walls, engineered wood flooring, and an updated kitchen with stainless appliances, creating a distinctive setting for office, studio, or creative workspace use.
The property carries M1-1 zoning and an existing Lodge Room (P2) classification. Supported use categories identified for the site include fitness and meditation studios, private meeting or banquet space, creative production, technology workspace, design or contractor studios, restaurant and café operations, catering kitchens, nonprofit meetings, and religious or fraternal clubs. The building is positioned near Long Island City transit corridors and was built in 1931.
The property carries M1-1 zoning and an existing Lodge Room (P2) classification. Supported use categories identified for the site include fitness and meditation studios, private meeting or banquet space, creative production, technology workspace, design or contractor studios, restaurant and café operations, catering kitchens, nonprofit meetings, and religious or fraternal clubs. The building is positioned near Long Island City transit corridors and was built in 1931.
Key Highlights
- Approximately 1500 square feet of renovated commercial interior space
- Fully detached building on a 1,324 sq. ft. lot
- M1‑1 zoning supports office, studio, eating/drinking, and recreation/assembly uses
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
$49,386
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
6.33%
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%
$987,720
$987.7K
Cap Rate 7%
$705,514
$705.5K
Cap Rate 9%
$548,733
$548.7K
Market Conditions
NOI Build-Up for 1,500 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
$75.6K $50.40/SF
− Vacancy
−$9.8K −$6.50/SF
EGI
$65.8K $43.90/SF
− OpEx
−$16.5K −$10.97/SF
NOI
$49.4K $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 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%
$987,720
Cap Rate 7%
$705,514
Cap Rate 9%
$548,733
Alternative Uses
Best Use
Office B
$705.5K
$617.3K – $823.1K
NOI $49,386 @ 7.0% cap · market cap 6.33%
Second Best
Mixed Use
$275.8K
$241.3K – $321.8K
NOI $19,305 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$1.11M
$967.6K – $1.29M
NOI $77,407 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Detached commercial structure with M1-1 zoning, exposed brick, wood flooring, and an updated kitchen.
Where is this mixed-use property 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 $780,000.
What are key features of this property?
This property features: Approximately 1500 square feet of renovated commercial interior space; Fully detached building on a 1,324 sq. ft. lot; M1‑1 zoning supports office, studio, eating/drinking, and recreation/assembly uses
