Freestanding Flex
For Sale
$2,800,000
80-12 51st Avenue, Elmhurst, NY 11373
COMMERCIAL - Elmhurst, NY
Property Size3,300 SF
Lot Size0.12 Acres
Price / SF$848.48
Days on Market85
Property Features for 80-12 51st Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
4
Elementary school
Ps 102 Bayview
Middle school
Is 73 Frank Sansivieri Intermediate School (The)
High school
Newtown High School
Elementary school district
Queens 24
Middle school district
Queens24
High school district
Queens24
Directions
See Google Maps
Standard status
Active
APN
02472-0002
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
24442
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
private bathroom
interior glass separation
Building Details
Year built
1961
Building materials
Block, Brick
Listing Agency:
Royalux Realty LLC
(718) 666-6066
Listed By:
Linying Zheng · License #10401262819
(516) 777-0887
Added: May 27
Changed: Aug 18
Last Checked: Aug 19 at 7:06AM
MLS# 1004924
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 freestanding flex property includes approximately 3,300 square feet of warehouse and office/showroom area on a 5,300-square-foot lot. Improvements include a new roof, HVAC replacement, an updated electrical panel, sprinkler protection, and a remodeled office with glass-partitioned interiors and a private bathroom. The building was constructed in 1961 and has block and brick construction, natural gas forced-air heat, central air, public water, and public sewer.
The property carries R4-1 zoning with a C1-2 commercial overlay. Architectural plans have been prepared for a possible expansion to approximately 12,000 square feet, with a potential configuration of up to three stories plus a basement or cellar. Existing zoning may support residential or community facility space on upper floors, while the ground floor and basement together total approximately 6,500 square feet of commercial area. Development capacity and proposed uses should be confirmed by a licensed architect or other qualified professional.
The property is near Queens Boulevard with access to I-495, I-278, and I-678. E, M, and R subway service, bus routes, and airports are also identified in the surrounding transportation network.
The property carries R4-1 zoning with a C1-2 commercial overlay. Architectural plans have been prepared for a possible expansion to approximately 12,000 square feet, with a potential configuration of up to three stories plus a basement or cellar. Existing zoning may support residential or community facility space on upper floors, while the ground floor and basement together total approximately 6,500 square feet of commercial area. Development capacity and proposed uses should be confirmed by a licensed architect or other qualified professional.
The property is near Queens Boulevard with access to I-495, I-278, and I-678. E, M, and R subway service, bus routes, and airports are also identified in the surrounding transportation network.
Key Highlights
- Approximately 3,300 square feet of warehouse and office/showroom space
- 5,300‑square‑foot lot with R4‑1 zoning and a C1‑2 commercial overlay
- Plans prepared for possible expansion to approximately 12,000 square feet
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
$108,649
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
3.88%
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%
$2,172,980
$2.2M
Cap Rate 7%
$1,552,129
$1.6M
Cap Rate 9%
$1,207,211
$1.2M
Market Conditions
NOI Build-Up for 3,300 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
$166.3K $50.40/SF
− Vacancy
−$21.5K −$6.50/SF
EGI
$144.9K $43.90/SF
− OpEx
−$36.2K −$10.97/SF
NOI
$108.6K $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%
$2,172,980
Cap Rate 7%
$1,552,129
Cap Rate 9%
$1,207,211
Alternative Uses
Best Use
Office B
$1.55M
$1.36M – $1.81M
NOI $108,649 @ 7.0% cap · market cap 3.88%
Second Best
Flex RnD
$748.3K
$654.8K – $873.0K
NOI $52,381 @ 7.0% cap · market cap 1.87%
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,296 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,641
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Existing warehouse and showroom space with upgraded building systems and a renovated office component.
Where is this flex space located?
The property is located at 80-12 51st Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Approximately 3,300 square feet of warehouse and office/showroom space; 5,300‑square‑foot lot with R4‑1 zoning and a C1‑2 commercial overlay; Plans prepared for possible expansion to approximately 12,000 square feet
