Flushing Development Site with Approved
For Sale
Contact for pricing
143-35 Sanford Ave, Flushing, NY 11355
Development site with approved condo plans in prime Flushing location.
Property Size17,000 SF
Lot Size0.16 Acres
Price / SF$587.06
Days on Market2709
Property Features for 143-35 Sanford Ave
General Information
Standard status
Active
Size
17,000 SF
Lot size
0.16 Acres
Property subtype
Land, Multifamily
Zoning
R7-1
Investment Type
Redevelopment
Building Details
Buildings
1
Stories
3
Units
23
Listing Agency:
B Square Realty
(646) 889-9988
Listed By:
Li Barbie Li · License #NY 10301212225
Source:
Crexi
Added: Mar 11, 2019
Changed: Aug 8
Last Checked: Aug 8 at 4:11AM
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 B Square Realty
Investment Insights
Based on property information with market context.
This prime development site is located in the heart of Flushing. Currently, the property features a three-story walk-up building with a full basement situated on the north side of Sanford Avenue. The lot measures approximately 50 ft x 140 ft. Zoned R7-1, the site has approved plans for a 9-story condominium building featuring 39 units, including 38 residential units and one community facility. The approved plan will be delivered with the site, allowing for immediate processing. The existing building is currently occupied by a month-to-month tenant.
Key Highlights
- Approved 9‑story, 39‑unit condo development plan included.
- Prime development site in the heart of Flushing.
- Zoning is R7‑1.
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
$415,555
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
4.16%
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%
$8,311,100
$8.3M
Cap Rate 7%
$5,936,500
$5.9M
Cap Rate 9%
$4,617,278
$4.6M
Market Conditions
NOI Build-Up for 17,000 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
$785.4K $46.20/SF
− Vacancy
−$29.8K −$1.76/SF
EGI
$755.6K $44.44/SF
− OpEx
−$340.0K −$20.00/SF
NOI
$415.6K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
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%
$8,311,100
Cap Rate 7%
$5,936,500
Cap Rate 9%
$4,617,278
Alternative Uses
Best Use
Apartment 5plus
$5.94M
$5.19M – $6.93M
NOI $415,555 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.53M
$10.97M – $14.62M
NOI $877,282 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Development site with approved condo plans in prime Flushing location.
Where is this residential land & home lot located?
The property is located at 143-35 Sanford Ave Flushing, NY.
What is the asking price?
The asking price for this property is $9,980,000.
What are key features of this property?
This property features: Approved 9‑story, 39‑unit condo development plan included.; Prime development site in the heart of Flushing.; Zoning is R7‑1.
