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    The Largest CRE Database in the US with Over 1 Million Listings

    11045 71St Rd, Unit PS2 Forest Hills, NY 11375

    Sponsored
    For Lease
    $3,500 /Mo

    COMMERCIAL - Forest Hills, NY

    Type:Office
    Days on Market:
    7
    Last Refresh:
    Feb 20 at 3:06 am

    Property Features for 11045 71St Rd

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    APN
    02234-0038-00110-045-0000PS2
    Parking features
    On Street

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Steam
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1955
    Building materials
    Brick

    We can help!

    Listing Contact
    Mabel L. Sung ABR SRS

    RE/MAX City Square (917) 578-9622

    Listing agent Mabel L. Sung ABR SRS (917) 733-7740

    Listing date Feb 14, 2026

    MLS# 961469

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Forest Hills Professional Office Space

    This ground-floor professional office is ideally located near major public transportation and highways, offering excellent visibility. The well-designed layout includes two private offices and a dedicated waiting area, making it suitable for medical, dental, or professional consultations. Recent upgrades include fresh paint, new flooring, doors, and a renovated bathroom, making the space fully renovated and move-in ready. The office is equipped with security cameras wired directly to the offices for uninterrupted, easy viewing. Located in the well-maintained Versailles building, the space features convenient street-level entry and is served by multiple bus lines. It is in Forest Hills, NY, and is close to the 71st-Continental Avenue subway station (E, F, M, R), Forest Hills LIRR, and bus routes Q60, Q23, Q64, Q74, QM11, and QM18. The property is located in Queens County, New York, with the postal code 11375.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Alicia Dellagiovanna LCSW Foster Care Service Feuer & Orlando Law Firm Rosefan Owners Inc Real Estate Agency

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Bond Vets - Forest Hills, Steinway Court Veterinarian hospital, NYC Veterinary Specialists and 24 Hour Animal Emergency - Queens, Bond Vet - Forest Hills, Premier Veterinary Medical Group - Forest Hills

    Location Insight

    • Map
    • Local Demand
    City
    Forest Hills
    County
    Queens
    State
    New York
    Longitude
    -73.839719
    Latitude
    40.722315

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    FAQs

    What type of property is this?
    Medical office - Ground-floor office near transportation, ideal for medical or professional use.
    Where is this medical office located?
    The property is located at 11045 71St Rd, Unit PS2 Forest Hills, NY.
    What are key features of this property?
    This property features: - Prime location near major public transportation (subway, LIRR, multiple bus lines) and highways.; - Fully renovated and move-in ready with fresh paint, new flooring, doors, and renovated bathroom.; - Well-designed layout with **two private offices and a dedicated waiting area.**
    (917) 733-7740
    Request Owner's contact information
    11045 71St Rd, Unit PS2 Forest Hills, NY 11375
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    Forest Hills, NY 11375
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    11045 71St Rd, Unit PS2 Forest Hills, NY 11375
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    We can help!
    Listing Contact
    Mabel L. Sung ABR SRS
    Real Estate License ID: 10401361033
    (917) 733-7740
    Learn more
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