Medical Office Condo with Private
For Sale
$975,000
118-82 Metropolitan Ave, Kew Gardens, NY 11415
Commercial Sale, Kew Gardens, NY
Property Size1,500 SF
Price / SF$650
Days on Market65
Property Features for 118-82 Metropolitan Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Mixed Use
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 3, Bedroom 1, Laundry Room, Bedroom 2, Bathroom 2, Bedroom 3
Subdivision
Jamaica
Lot features
Corner Lot
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #28
Directions
At the intersection of Lefferts boulevard and Metropolitan Avenue. Between Jackie Robinson parkway and Van Wyck expressway.
Standard status
Active
APN
000000-000.000-3322-1002.000
Size
1,500 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14230
HOA Fee
$1,435 Monthly
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
polished wood paneled lobby
compactors on every floor
laundry room
video security intercom to lobby
pet friendly
wheelchair ramp
private street entrance
Building Details
Year built
2002
Floors in Building
2
Flooring type
Hardwood
Architectural style
Other
Listing Agency:
HANMI REALTY
(718) 961-8801
Listed By:
Mi Ryoung Chong
(718) 961-8801
Added: Jun 29
Changed: Aug 28
Last Checked: Sep 1 at 10:06AM
MLS# 11858930
Copyright © 2026 My State 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.
This vacant medical office condominium comprises a duplex layout with approximately 1,500 square feet, hardwood flooring, natural-gas baseboard heat, and three bathrooms. Built in 2002, the unit includes a reception or showroom area, three additional rooms, a walk-in closet, laundry facilities, and a private street entrance. Recent improvements include a remodeled kitchen with stainless steel appliances, refreshed paint, updated bathroom finishes, and a Whirlpool washer and dryer.
The property is at 118-82 Metropolitan Ave in Kew Gardens, with access to Q10, QM18, and Q54 bus service. The location also provides proximity to the LIRR Kew Gardens station, subway routes, Forest Park, restaurants, retail, medical services, and major roadways. A wheelchair ramp, visible signage, video intercom security, and one garage parking space add practical functionality.
The property is at 118-82 Metropolitan Ave in Kew Gardens, with access to Q10, QM18, and Q54 bus service. The location also provides proximity to the LIRR Kew Gardens station, subway routes, Forest Park, restaurants, retail, medical services, and major roadways. A wheelchair ramp, visible signage, video intercom security, and one garage parking space add practical functionality.
Key Highlights
- Approximately 1,500 square feet in a vacant duplex condominium
- Built in 2002 with hardwood flooring and natural‑gas baseboard heating
- Private street entrance, wheelchair ramp, and sign visibility
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
$49,386
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
5.07%
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%
$987,720
$987.7K
Cap Rate 7%
$705,514
$705.5K
Cap Rate 9%
$548,733
$548.7K
Market Conditions
NOI Build-Up for 1,500 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
$75.6K $50.40/SF
− Vacancy
−$9.8K −$6.50/SF
EGI
$65.8K $43.90/SF
− OpEx
−$16.5K −$10.97/SF
NOI
$49.4K $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%
$987,720
Cap Rate 7%
$705,514
Cap Rate 9%
$548,733
Alternative Uses
Best Use
Office B
$705.5K
$617.3K – $823.1K
NOI $49,386 @ 7.0% cap · market cap 5.07%
Second Best
Healthcare Medical
$494.1K
$432.3K – $576.5K
NOI $34,587 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$1.11M
$967.6K – $1.29M
NOI $77,407 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15,000 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,928
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11415, NY
20,241
Population
9,794
Households
2.1
Avg Household Size
41
Median Age
53%
College-Educated
89%
High-School Grad
0.6 sq mi
ZIP Area
33,735
Density / Sq Mi
$88,632
Median Household Income
$60,950
Median Earnings
$1,909
Median Rent
$367,900
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 - Vacant duplex condominium offers flexible rooms, updated finishes, transit access, and a wheelchair ramp.
Where is this medical office space located?
The property is located at 118-82 Metropolitan Ave Kew Gardens, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Approximately 1,500 square feet in a vacant duplex condominium; Built in 2002 with hardwood flooring and natural‑gas baseboard heating; Private street entrance, wheelchair ramp, and sign visibility
