Ground-Floor Medical Office
For Sale
$299,000
11045 71ST RD, Forest Hills, NY 11375
Ground-floor office suite with two private offices, a waiting area, and recently renovated interiors.
Property Size600 SF
Price / SF$498.33
Days on Market180
Property Features for 11045 71ST RD
General Information
Standard status
Active
Size
600 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,547
Amenities
Window/Wall Unit
3
Parking.
On Street.
Building Details
Year Built
1955
Listing Agency:
RE/MAX City Square
(917) 733-7740
Listed By:
Mabel Sung · License #10401361033
(917) 733-7740
Source:
Xome
Added: Feb 10
Changed: Aug 7
Last Checked: Aug 9 at 5:38AM
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 RE/MAX City Square
Investment Insights
Based on property information with market context.
This ground-floor professional office suite is laid out with two private offices and a dedicated waiting area, designed for consultative use. The space has been fully renovated with fresh paint, new flooring, new doors, and a renovated bathroom. It is also equipped with security cameras wired directly to the offices for easy, uninterrupted viewing.
The suite provides convenient street-level entry within the well-maintained Versailles building. It is served by multiple bus lines and is near major public transportation, including proximity to the 71st–Continental Avenue subway station and Forest Hills LIRR.
For brokers and tenants seeking move-in-ready space, this suite offers a clean, appointment-friendly interior configuration supported by its dedicated waiting area and secure camera setup.
The suite provides convenient street-level entry within the well-maintained Versailles building. It is served by multiple bus lines and is near major public transportation, including proximity to the 71st–Continental Avenue subway station and Forest Hills LIRR.
For brokers and tenants seeking move-in-ready space, this suite offers a clean, appointment-friendly interior configuration supported by its dedicated waiting area and secure camera setup.
Key Highlights
- Ground‑floor professional office suite in the Versailles building with convenient street‑level entry
- Layout includes two private offices plus a dedicated waiting area
- Recently upgraded interiors with fresh paint, new flooring, new doors, and a renovated bathroom
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
$19,754
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
6.61%
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%
$395,080
$395.1K
Cap Rate 7%
$282,200
$282.2K
Cap Rate 9%
$219,489
$219.5K
Market Conditions
NOI Build-Up for 600 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
$30.2K $50.40/SF
− Vacancy
−$3.9K −$6.50/SF
EGI
$26.3K $43.90/SF
− OpEx
−$6.6K −$10.97/SF
NOI
$19.8K $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%
$395,080
Cap Rate 7%
$282,200
Cap Rate 9%
$219,489
Alternative Uses
Best Use
Office B
$282.2K
$246.9K – $329.2K
NOI $19,754 @ 7.0% cap · market cap 6.61%
Second Best
Healthcare Medical
$197.6K
$172.9K – $230.6K
NOI $13,835 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$442.3K
$387.0K – $516.1K
NOI $30,963 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,472
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11375, NY
72,851
Population
35,415
Households
2.1
Avg Household Size
43
Median Age
61%
College-Educated
93%
High-School Grad
2.4 sq mi
ZIP Area
30,355
Density / Sq Mi
$104,319
Median Household Income
$75,149
Median Earnings
$2,126
Median Rent
$572,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor office suite with two private offices, a waiting area, and recently renovated interiors.
Where is this medical office space located?
The property is located at 11045 71ST RD Forest Hills, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Ground‑floor professional office suite in the Versailles building with convenient street‑level entry; Layout includes two private offices plus a dedicated waiting area; Recently upgraded interiors with fresh paint, new flooring, new doors, and a renovated bathroom
