Storefront Property with Transit
For Sale
$3,600,000
Pending
81-08 37th Ave, Queens, NY 11372
Built in 1931, the property offers strong walkability, bicycle access, and public transportation connectivity.
Property Size4,400 SF
Days on Market61
Property Features for 81-08 37th Ave
General Information
Standard status
Pending
Size
4,400 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$66,468
Building Details
Building Size
4,400 SF
Year Built
1931
Units
4
Listing Agency:
E REALTY INTERNATIONAL CORP.
(917) 582-9990
Listed By:
Lisa Lei · License #10401285008
(917) 582-9990
Source:
Elliman
Added: Jul 3
Changed: Aug 31
Last Checked: Aug 30 at 9:38PM
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 E REALTY INTERNATIONAL CORP.
Investment Insights
Based on property information with market context.
This storefront property at 81-08 37th Ave in Queens, NY 11372 dates to 1931. The available information identifies the asset as a storefront property, with no additional building configuration or interior specifications provided.
The location records a walk score of 90, classified as Very Walkable, along with a bike score of 84, classified as Very Bikeable. Its transit score is 80, rated Excellent Transit, providing a measurable combination of pedestrian, bicycle, and public transportation access.
The location records a walk score of 90, classified as Very Walkable, along with a bike score of 84, classified as Very Bikeable. Its transit score is 80, rated Excellent Transit, providing a measurable combination of pedestrian, bicycle, and public transportation access.
Key Highlights
- Walk score of 90, classified as Very Walkable
- Transit score of 80, rated Excellent Transit
- Bike score of 84, classified as Very Bikeable
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
$144,865
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
4.02%
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%
$2,897,300
$2.9M
Cap Rate 7%
$2,069,500
$2.1M
Cap Rate 9%
$1,609,611
$1.6M
Market Conditions
NOI Build-Up for 4,400 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
$221.8K $50.40/SF
− Vacancy
−$28.6K −$6.50/SF
EGI
$193.2K $43.90/SF
− OpEx
−$48.3K −$10.97/SF
NOI
$144.9K $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%
$2,897,300
Cap Rate 7%
$2,069,500
Cap Rate 9%
$1,609,611
Alternative Uses
Best Use
Office B
$2.07M
$1.81M – $2.41M
NOI $144,865 @ 7.0% cap · market cap 4.02%
Second Best
Healthcare Medical
$1.45M
$1.27M – $1.69M
NOI $101,455 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$3.24M
$2.84M – $3.78M
NOI $227,061 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,621
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 11372, NY
68,000
Population
26,613
Households
2.6
Avg Household Size
41
Median Age
35%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
97,143
Density / Sq Mi
$77,133
Median Household Income
$44,415
Median Earnings
$1,795
Median Rent
$454,400
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?
Storefront property - Built in 1931, the property offers strong walkability, bicycle access, and public transportation connectivity.
Where is this storefront property located?
The property is located at 81-08 37th Ave Queens, NY.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Walk score of 90, classified as Very Walkable; Transit score of 80, rated Excellent Transit; Bike score of 84, classified as Very Bikeable
