Renovated Flex Space
New
For Sale
$780,000
5224 35th Street, Long Island City, NY 11101
Commercial Sale, Long Island City, NY
Property Size1,500 SF
Lot Size0.03 Acres
Price / SF$520
Days on Market2
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
Contact Agent
High school district
Contact Agent
Standard status
Active
APN
00303-0027
Lot size
0.03 Acres
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
Listing Agency:
Real Broker NY LLC
(855) 450-0442
Listed By:
Devon Benedict
(203) 936-7390
Added: Sep 9
Last Checked: Sep 10 at 8:06PM
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.
Investment Insights
Based on property information with market context.
This detached commercial building offers a renovated interior with exposed brick walls, engineered wood flooring, and an updated kitchen with stainless appliances. The property includes a basement and has a Lodge Room (P2) classification, providing a foundation for meeting, event, studio, and creative workspace concepts.
M1-1 zoning supports office, studio, eating and drinking, and recreation or assembly uses. The property also has public water and public sewer, with natural gas available. Located in Long Island City at 5224 35th Street, the building is positioned near the area's transit corridors. Specific occupancy and use requirements should be confirmed with an architect or code consultant.
M1-1 zoning supports office, studio, eating and drinking, and recreation or assembly uses. The property also has public water and public sewer, with natural gas available. Located in Long Island City at 5224 35th Street, the building is positioned near the area's transit corridors. Specific occupancy and use requirements should be confirmed with an architect or code consultant.
Key Highlights
- M1‑1 zoning supports office, studio, eating and drinking, and recreation or assembly uses
- Existing Lodge Room (P2) classification
- 1,324 sq. ft. lot with a detached commercial building
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
Flex RnD
$340.1K
$297.6K – $396.8K
NOI $23,810 @ 7.0% cap · market cap 3.05%
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
Well-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - Detached commercial property with M1-1 zoning, exposed brick, wood flooring, and an updated kitchen.
Where is this flex 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 $780,000.
What are key features of this property?
This property features: M1‑1 zoning supports office, studio, eating and drinking, and recreation or assembly uses; Existing Lodge Room (P2) classification; 1,324 sq. ft. lot with a detached commercial building
