Renovated Medical Office
For Sale
$2,225,000
95-30 Queens Boulevard, Rego Park, NY 11374
Renovated one-story medical office building with an 800 SF mezzanine and 800 SF basement, plus additional air rights.
Property Size2,000 SF
Price / SF$1,112
Days on Market48
Property Features for 95-30 Queens Boulevard
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$30,016
Building Details
Year Built
1933
Stories
2
Listing Agency:
RE/MAX Team
(516) 992-2888
Listed By:
Victor Weinberger (VWremax@gmail.com)
(516) 807-4315
Source:
Iaquintarealestate
Added: Jul 20
Changed: Aug 31
Last Checked: Sep 4 at 7:07AM
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 Team
Investment Insights
Based on property information with market context.
This renovated one-story medical office building offers approximately 2,000 SF of medical office space along with an 800 SF mezzanine and an 800 SF basement. The property also includes an additional 4,800 SF of air rights that can be added without knocking down the existing building. The building can be delivered vacant for user occupancy.
Located on Queens Boulevard, the property benefits from over 22 million annual vehicle trips in front and is about a half block to the 63rd Drive subway station. It is also roughly two blocks to the Long Island Expressway and Queens Center.
The current gross and net income are reported as $180,000 and $142,500, respectively, supporting an income-producing setup for an owner-operator or investor.
Located on Queens Boulevard, the property benefits from over 22 million annual vehicle trips in front and is about a half block to the 63rd Drive subway station. It is also roughly two blocks to the Long Island Expressway and Queens Center.
The current gross and net income are reported as $180,000 and $142,500, respectively, supporting an income-producing setup for an owner-operator or investor.
Key Highlights
- Renovated 1‑story medical office building built in 1933 on Queens Boulevard
- 2,000 SF building includes an 800 SF mezzanine and an 800 SF basement
- Additional 4,800 SF of air rights can be added without knocking down the existing building
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
$65,848
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
2.96%
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%
$1,316,960
$1.3M
Cap Rate 7%
$940,686
$940.7K
Cap Rate 9%
$731,644
$731.6K
Market Conditions
NOI Build-Up for 2,000 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
$100.8K $50.40/SF
− Vacancy
−$13.0K −$6.50/SF
EGI
$87.8K $43.90/SF
− OpEx
−$21.9K −$10.97/SF
NOI
$65.8K $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%
$1,316,960
Cap Rate 7%
$940,686
Cap Rate 9%
$731,644
Alternative Uses
Best Use
Office B
$940.7K
$823.1K – $1.10M
NOI $65,848 @ 7.0% cap · market cap 2.96%
Second Best
Healthcare Medical
$658.8K
$576.5K – $768.6K
NOI $46,116 @ 7.0% cap · market cap 2.07%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,210 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,847
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
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 - Renovated one-story medical office building with an 800 SF mezzanine and 800 SF basement, plus additional air rights.
Where is this medical office space located?
The property is located at 95-30 Queens Boulevard Rego Park, NY.
What is the asking price?
The asking price for this property is $2,225,000.
What are key features of this property?
This property features: Renovated 1‑story medical office building built in 1933 on Queens Boulevard; 2,000 SF building includes an 800 SF mezzanine and an 800 SF basement; Additional 4,800 SF of air rights can be added without knocking down the existing building
