Multi-Tenant Medical Office
For Sale
$12,900,000
80-15 164th Street, Fresh Meadows, NY 11432
SINGLE_FAMILY - Fresh Meadows, NY
Property Size30,500 SF
Lot Size0.08 Acres
Price / SF$422.95
Days on Market402
Property Features for 80-15 164th Street
General Information
Property type
Residential
Property subtype
Office
Standard status
Active
APN
07015-0030
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8128
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Building materials
Brick
Listing Agency:
Astor Brokerage Ltd
(718) 263-4500
Listed By:
Mordechai Striks · License #0000
(917) 722-1338
Added: Jul 7, 2025
Changed: Jul 16
Last Checked: Aug 12 at 10:06PM
MLS# 886260
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.
A multi-tenant medical office building of approximately 30,000–30,500 square feet with on-site parking. Originally constructed in 1973 and significantly renovated in 2008, the property is affiliated with NYU Langone and is positioned to serve a healthcare-focused tenant mix. The listing notes a pro forma demonstrating above-average market returns, including a stated 7% cap rate if fully leased.
The building is located at 80-15 164th Street in Fresh Meadows, Queens, on a major thoroughfare. The remarks describe strong visibility with prominent signage and excellent access, and indicate it is within 1 to 3 blocks of Kew Garden Hills, Fresh Meadows, Hillcrest, and Jamaica. Additional proximity mentioned includes major hospitals such as Queens Hospital Center, St. John’s University, and connections to Grand Central Parkway, schools, airports, and public transportation.
The offering is presented as a medical investment opportunity with two additional tenants needed to reach the fully leased scenario referenced in the remarks.
The building is located at 80-15 164th Street in Fresh Meadows, Queens, on a major thoroughfare. The remarks describe strong visibility with prominent signage and excellent access, and indicate it is within 1 to 3 blocks of Kew Garden Hills, Fresh Meadows, Hillcrest, and Jamaica. Additional proximity mentioned includes major hospitals such as Queens Hospital Center, St. John’s University, and connections to Grand Central Parkway, schools, airports, and public transportation.
The offering is presented as a medical investment opportunity with two additional tenants needed to reach the fully leased scenario referenced in the remarks.
Key Highlights
- 7% CAP Rate potential when fully tenanted, indicating strong investment returns.
- 30,500 Sq.Ft. medical building affiliated with NYU Langone, enhancing prestige and attracting tenants.
- Strategic location on a major thoroughfare with high visibility, prominent signage, and excellent access.
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
$1,004,176
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
7.78%
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%
$20,083,520
$20.1M
Cap Rate 7%
$14,345,371
$14.3M
Cap Rate 9%
$11,157,511
$11.2M
Market Conditions
NOI Build-Up for 30,500 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
$1.54M $50.40/SF
− Vacancy
−$198.3K −$6.50/SF
EGI
$1.34M $43.90/SF
− OpEx
−$334.7K −$10.97/SF
NOI
$1.00M $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%
$20,083,520
Cap Rate 7%
$14,345,371
Cap Rate 9%
$11,157,511
Alternative Uses
Best Use
Office B
$14.35M
$12.55M – $16.74M
NOI $1,004,176 @ 7.0% cap · market cap 7.78%
Second Best
Healthcare Medical
$10.05M
$8.79M – $11.72M
NOI $703,269 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$22.48M
$19.67M – $26.23M
NOI $1,573,946 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 11432, NY
65,743
Population
21,618
Households
3
Avg Household Size
39
Median Age
36%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
32,872
Density / Sq Mi
$75,395
Median Household Income
$37,385
Median Earnings
$1,841
Median Rent
$826,100
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 center - Multi-tenant medical building with parking, built in 1973 and renovated in 2008, affiliated with NYU Langone.
Where is this medical center located?
The property is located at 80-15 164th Street Fresh Meadows, NY.
What is the asking price?
The asking price for this property is $12,900,000.
What are key features of this property?
This property features: 7% CAP Rate potential when fully tenanted, indicating strong investment returns.; 30,500 Sq.Ft. medical building affiliated with NYU Langone, enhancing prestige and attracting tenants.; Strategic location on a major thoroughfare with high visibility, prominent signage, and excellent access.
