3-Unit Office
New
For Sale
$850,000
8708 Justice Avenue Unit C5C6C7, Elmhurst, NY 11373
Ground-floor suites sit near the Broadway and Queens Boulevard commercial district.
Property Size1,359 SF
Price / SF$625.46
Days on Market5
Property Features for 8708 Justice Avenue Unit C5C6C7
General Information
Standard status
Active
Size
1,359 SF
Total Parking Spaces
1
Property subtype
Office
Additional Details
Floor
Ground Level
Public Transit
Yes
Office Units
3
Taxes and HOA fees
Annual Taxes
$10,717
Building Details
Building Size
1,359 SF
Year Built
1986
Tenancy
Multi
Listing Agency:
Chase Global Realty Corp
Listed By:
Xi Li · License #10401274964
(718) 355-8788
Source:
Barbieliteam
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:33PM
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 Chase Global Realty Corp
Investment Insights
Based on property information with market context.
This office condominium combines three ground-level units totaling 1359 SF, with individual areas of 379, 490, and 490 square feet. The property also includes one parking space and was built in 1986.
The suites are steps from Broadway and Queens Boulevard’s commercial district. Nearby transit includes the M and R trains, along with the Q58, Q59, and Q47 bus routes; shopping is also close by.
The suites are steps from Broadway and Queens Boulevard’s commercial district. Nearby transit includes the M and R trains, along with the Q58, Q59, and Q47 bus routes; shopping is also close by.
Key Highlights
- Three office condominium units totaling 1359 SF (379+490+490)
- One parking space included
- Ground‑level configuration
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
$44,743
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
5.26%
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%
$894,860
$894.9K
Cap Rate 7%
$639,186
$639.2K
Cap Rate 9%
$497,144
$497.1K
Market Conditions
NOI Build-Up for 1,359 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
$68.5K $50.40/SF
− Vacancy
−$8.8K −$6.50/SF
EGI
$59.7K $43.90/SF
− OpEx
−$14.9K −$10.97/SF
NOI
$44.7K $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%
$894,860
Cap Rate 7%
$639,186
Cap Rate 9%
$497,144
Alternative Uses
Best Use
Office B
$639.2K
$559.3K – $745.7K
NOI $44,743 @ 7.0% cap · market cap 5.26%
Second Best
Healthcare Medical
$447.7K
$391.7K – $522.3K
NOI $31,336 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$1.00M
$876.6K – $1.17M
NOI $70,131 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,354
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office units - Ground-floor suites sit near the Broadway and Queens Boulevard commercial district.
Where is this office units located?
The property is located at 8708 Justice Avenue Unit C5C6C7 Elmhurst, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three office condominium units totaling 1359 SF (379+490+490); One parking space included; Ground‑level configuration
