Flushing Parking Garage
For Sale
Contact for pricing
Pending
135-17 Northern Blvd, Queens, NY 11354
Two-story parking garage in downtown Flushing available for sale.
Property Size11,392 SF
Days on Market1526
Property Features for 135-17 Northern Blvd
General Information
Standard status
Pending
Size
11,392 SF
Property subtype
Special Purpose
Building Details
Year Built
2013
Buildings
1
Stories
2
Listing Agency:
E Realty International Corp.
(718) 886-8110
Listed By:
Frank Ko · License #NY 10301215711
Source:
Crexi
Added: Jun 28, 2022
Changed: Aug 25
Last Checked: Aug 30 at 7:01PM
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 property is a two-story parking garage located in the heart of downtown Flushing. The property size is 11392 square feet. It is suitable for use as a parking lot, automotive property, retail space, or general commercial real estate. This property presents a significant investment opportunity.
Key Highlights
- Two‑story parking garage
- Located in the heart of downtown Flushing
- Built in 2013
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
$203,347
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
7.39%
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%
$4,066,940
$4.1M
Cap Rate 7%
$2,904,957
$2.9M
Cap Rate 9%
$2,259,411
$2.3M
Market Conditions
NOI Build-Up for 11,392 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
$341.8K $30.00/SF
− Vacancy
−$51.3K −$4.50/SF
EGI
$290.5K $25.50/SF
− OpEx
−$87.1K −$7.65/SF
NOI
$203.3K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,066,940
Cap Rate 7%
$2,904,957
Cap Rate 9%
$2,259,411
Alternative Uses
Best Use
Retail
$2.90M
$2.54M – $3.39M
NOI $203,347 @ 7.0% cap · market cap 7.39%
Second Best
Industrial
$1.02M
$895.8K – $1.19M
NOI $71,666 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$8.40M
$7.35M – $9.80M
NOI $587,882 @ 7.0% cap · market cap 21.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,666
Businesses Nearby
127k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Hotels & Casinos 23%
Dining 21%
Groceries 16%
Key Food Supermarkets
Groceries
20,650 visits/mo
0.5 miles
Bank of America
Shops & Services
12,249 visits/mo
0.5 miles
BP
Shops & Services
11,939 visits/mo
0.3 miles
Starbucks
Dining
11,749 visits/mo
0.4 miles
Dunkin' Donuts
Dining
9,306 visits/mo
0.5 miles
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
Median Home Value
Market
Vacancy Rate% for Retail 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?
Parking lot & garage - Two-story parking garage in downtown Flushing available for sale.
Where is this parking lot & garage located?
The property is located at 135-17 Northern Blvd Queens, NY.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Two‑story parking garage; Located in the heart of downtown Flushing; Built in 2013
