Medical Office Condo with 4
For Sale
$1,300,000
59-04 Junction Boulevard, Rego Park, NY 11374
COMMERCIAL - Rego Park, NY
Property Size1,200 SF
Price / SF$1,083
Days on Market240
Property Features for 59-04 Junction Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Res
Directions
LIE to Junction Blvd
Standard status
Active
APN
01912-1028
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6559
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
LAFFEY REAL ESTATE
(516) 328-3233
Listed By:
Hemant Shah · License #10301206464
(516) 263-9624
Added: Dec 19, 2025
Changed: Aug 4
Last Checked: Aug 16 at 10:06AM
MLS# 945249
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.
Investment Insights
Based on property information with market context.
Medical office condo currently operating as a dental practice in Rego Park. The 1,200 SF unit includes four operatories, a waiting room with a reception desk, a private room/office, a staff room, a sterilization room, and one bathroom. All equipment is in working condition, and furniture and fixtures are included in the sale.
The practice has been in business for 35 years and currently operates three days per week for a total of 18 hours. Brick construction and public utilities are in place, including public water and public sewer.
Zoning is listed as Res, and the unit is described as part of a condo setting. Maintenance is provided by the association, and a parking spot is included.
The practice has been in business for 35 years and currently operates three days per week for a total of 18 hours. Brick construction and public utilities are in place, including public water and public sewer.
Zoning is listed as Res, and the unit is described as part of a condo setting. Maintenance is provided by the association, and a parking spot is included.
Key Highlights
- 1,200 SF medical office condo with four operatories
- Dental practice has been in business for 35 years
- Open three days per week totaling 18 hours
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
$39,509
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
3.04%
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%
$790,180
$790.2K
Cap Rate 7%
$564,414
$564.4K
Cap Rate 9%
$438,989
$439.0K
Market Conditions
NOI Build-Up for 1,200 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
$60.5K $50.40/SF
− Vacancy
−$7.8K −$6.50/SF
EGI
$52.7K $43.90/SF
− OpEx
−$13.2K −$10.97/SF
NOI
$39.5K $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%
$790,180
Cap Rate 7%
$564,414
Cap Rate 9%
$438,989
Alternative Uses
Best Use
Office B
$564.4K
$493.9K – $658.5K
NOI $39,509 @ 7.0% cap · market cap 3.04%
Second Best
Healthcare Medical
$395.3K
$345.9K – $461.2K
NOI $27,670 @ 7.0% cap · market cap 2.13%
Theoretical Best
Office A
$884.7K
$774.1K – $1.03M
NOI $61,926 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,343
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11374, NY
47,129
Population
21,197
Households
2.2
Avg Household Size
43
Median Age
51%
College-Educated
90%
High-School Grad
0.9 sq mi
ZIP Area
52,366
Density / Sq Mi
$86,333
Median Household Income
$58,309
Median Earnings
$1,957
Median Rent
$484,500
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?
Medical Office Space - Dental practice condo featuring four operatories, waiting/reception, private office, sterilization room, and one bathroom.
Where is this medical office space located?
The property is located at 59-04 Junction Boulevard Rego Park, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 1,200 SF medical office condo with four operatories; Dental practice has been in business for 35 years; Open three days per week totaling 18 hours
