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    Forest Hills Medical Office Co-op Title is generated by Realmo AI

    110-50 71st Road 1F, Forest Hills, NY 11375

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    For Sale
    $99,000

    900 SF medical office co-op in prime Forest Hills.

    Type:Commercial/Industrial
    Property size:
    900 SF
    Price / SF:
    $110/SF
    Added:
    Dec 10, 2024
    Days on Market:
    527
    Last Refresh:
    May 20 at 12:40 am

    Property Features for 110-50 71st Road 1F

    General Information

    Standard status
    Active
    Size
    900 SF
    Property subtype
    Commercial/Industrial

    We can help!

    Listing Contact
    Susan Clarke

    Listing agent Susan Clarke License #10401291235

    Listing office Keller Williams Legendary

    Listing date Dec 10, 2024

    Source Exitrealty

    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 Keller Williams Legendary

    HighLights

    • Prime Forest Hills location in luxury mid‑rise building, ideal for medical practice.
    • 900 sq. ft. ground floor unit with 2 patient rooms, expansive waiting area, reception desk, full bath, and kitchenette.
    • All utilities included except electric.
    • Building amenities: 24‑hour doorman, surveillance, live‑in super, parking, storage, bike room, and laundry.
    • Excellent transportation access: near E/F express trains and LIRR.
    • Option to convert unit to residential; subletting allowed.

    Overview

    This 900 sq. ft. commercial medical office co-op unit is situated in a luxury mid-rise building in the heart of Forest Hills. Located on the ground floor among other medical office units, the front-facing unit features 2 patient rooms, an expansive waiting area, a built-in L-shaped reception desk, 1 full bath, a kitchenette with a sink, and ample closet space. The shareholder is responsible for electric only, as all other utilities are included. The fire-proof and sound-proof building provides an ideal environment for quiet patient sessions. The building features a modern lobby with a 24-hour doorman, a recorded surveillance system, and a live-in super. Owners have access to parking, storage, a bike room, and a 24-hour laundry room. The building is cat and dog friendly. The property is conveniently located steps away from Queens Blvd. and Austin St., offering a variety of dining and shopping options. Transportation is easily accessible with the express E and F trains located 2 blocks away and the LIRR 0.4 miles away. The new owner can apply for unit conversion from commercial to residential. Subletting is allowed.
    Location Intelligence

    Current Use by Public Records

    Innovative Dental Care: ... Dental Office Professional Hypnosis Center ... Alternative Medicine Practice Professional Couples Counseling ... Family Counselor Kristina Wong, PsyD Physician Forest Hills Psychology ... Physician

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • The Dog & Cat Doctor — 66-15 Woodhaven Blvd, Rego Park, NY 11374
    • Premier Veterinary Medical Group - Forest Hills — 11249 Queens Blvd, Forest Hills, NY 11375
    • Mobile Veterinary Animal Clinic — 105-06 Metropolitan Ave, Forest Hills, NY 11375
    • Veterinary Medical & Surgical — 6615 Woodhaven Blvd, Flushing, NY 11374
    • Petco Vaccination Clinic — 9111 Metropolitan Ave, Rego Park, NY 11374

    Location Insight

    • Map
    • Local Demand
    City
    Forest Hills
    County
    Queens
    State
    New York
    Longitude
    -73.849956
    Latitude
    40.709244

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    FAQs

    What type of property is this?
    Medical Office Space - 900 SF medical office co-op in prime Forest Hills.
    Where is this medical office space located?
    The property is located at 110-50 71st Road 1F Forest Hills, NY.
    What is the asking price?
    The asking price for this property is $99,000.
    What are key features of this property?
    This property features: Prime Forest Hills location in luxury mid‑rise building, ideal for medical practice.; 900 sq. ft. ground floor unit with 2 patient rooms, expansive waiting area, reception desk, full bath, and kitchenette.; All utilities included except electric.
    (347) 393-5374
    We can help!
    Listing Contact
    Susan Clarke
    Real Estate License ID: 10401291235
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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