Turn-Key Office Suite in
For Sale
$300,000
98-120 Queens Boulevard, Queens, NY 11374
First-floor office suite in Rego Park, near transportation and amenities.
Property Size877 SF
Price / SF$342.08
Days on Market514
Property Features for 98-120 Queens Boulevard
General Information
Standard status
Active
Size
877 SF
Building Details
Year Built
1939
Listing Agency:
Brooklyn Heights
Listed By:
Henze Marvin · License #10401251103
(415) 420-2438
Source:
Corcoran
Added: Apr 21, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 Brooklyn Heights
Investment Insights
Based on property information with market context.
This turn-key office suite, totaling 877 square feet, is located on the first floor of a renovated co-op building with direct access to Queens Boulevard. The suite features 6 separate meeting/patient rooms and a large, updated bathroom. The property is centrally located in Rego Park, neighboring Forest Hills and Flushing. The location offers a bus stop on the block, Mount Sinai building across the street, a 24-hour CVS on the corner, and convenient delis and shops. It is also located only half a block from the M/R train at 67th Ave. The suite is currently built out as office space but could be converted back to residential use. It could be suitable for a medical, dental, or therapist's office, or a small business with growth potential. Heat and hot water are included. There is a short-term assessment ending in December 2025 ($283.26).
Key Highlights
- Prime Rego Park location with high foot traffic, near Forest Hills and Flushing, and half a block to the M/R train.
- Turn‑key office suite with 6 rooms, large updated bathroom, ready for immediate use.**
- Potential for expansion with 3 additional units available on the same floor.
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
$20,222
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
6.74%
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%
$404,440
$404.4K
Cap Rate 7%
$288,886
$288.9K
Cap Rate 9%
$224,689
$224.7K
Market Conditions
NOI Build-Up for 877 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
$36.8K $42.00/SF
− Vacancy
−$3.1K −$3.57/SF
EGI
$33.7K $38.43/SF
− OpEx
−$13.5K −$15.37/SF
NOI
$20.2K $23.06/SF
Area
Queens County, NY
Vacancy
8.50%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
40.00%
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%
$404,440
Cap Rate 7%
$288,886
Cap Rate 9%
$224,689
Alternative Uses
Best Use
Office B
$412.5K
$360.9K – $481.2K
NOI $28,874 @ 7.0% cap · market cap 9.62%
Second Best
Healthcare Medical
$288.9K
$252.8K – $337.0K
NOI $20,222 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$646.5K
$565.7K – $754.3K
NOI $45,257 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,784
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - First-floor office suite in Rego Park, near transportation and amenities.
Where is this medical office space located?
The property is located at 98-120 Queens Boulevard Queens, NY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Prime Rego Park location with high foot traffic, near Forest Hills and Flushing, and half a block to the M/R train.; Turn‑key office suite with 6 rooms, large updated bathroom, ready for immediate use.**; Potential for expansion with 3 additional units available on the same floor.
