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15815 Union Tpke 9,748 SF Vacant Retail Building Flushing, NY 11366 $4,000,000 ($410.34/SF) 7.31% Cap Rate
Investment Highlights
- City of Yes changed the zoning for C1-3 district almost any use allowed
- can be a good investment property, north of 7% cap rate
- low price per sqft for the location
Executive Summary
The subject property is a massive 9748sqft sqft ground floor condo with 10 indoor parking spots that allows almost any use including a gym, medical center, office, retail store, bar and nightclub, and 100's of other approved uses under the new City of Yes zoning code. This property can be delivered vacant, perfect for an end user/ business owner. The space has loft like 10ft ceiling, glass offices, a kitchen, and even a warehouse in the back for storage. Priced slightly over $400/sqft, the apartments above this building are selling for over $725/sqft making this commercial/ business condo a steal! Taxes are reasonable at a little over $2/sqft.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$292,440
|
$33.23
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $292,440 |
| Annual Per SF | $33.23 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
9,748 SF
Year Built
2017
Price
$4,000,000
Price Per SF
$410.34
Cap Rate
7.31%
NOI
$292,440
Percent Leased
Vacant
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.46
Lot Size
0.49 AC
Zoning
R5D, C1-3 - C1-3 100's of permitted uses office, medical, retail, bar, gym all allowed under new city of yes
Parking
20 Spaces (2.05 Spaces per 1,000 SF Leased)
Frontage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Air Conditioning North America
- -
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Air Conditioning North America | - | - | - | - |
Walk Score®
Walker's Paradise (90)
Transit Score®
Excellent Transit (75)
Bike Score®
Very Bikeable (75)
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,536,283 (2025) | |
| Land Assessment | $141,923 (2025) | Total Assessment | $1,678,206 (2025) |
Property Taxes
Parcel Numbers
Land Assessment
$141,923 (2025)
Improvements Assessment
$1,536,283 (2025)
Total Assessment
$1,678,206 (2025)
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15815 Union Tpke
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