Renovated Medical Office
For Sale
$1,950,000
131-07 40th Rd E33, Queens, NY 11354
Turnkey clinical workspace within a mixed-use complex with parking and access to multiple transit options.
Property Size1,989 SF
Days on Market32
Property Features for 131-07 40th Rd E33
General Information
Standard status
Active
Size
1,989 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,335
Building Details
Building Size
1,989 SF
Year Built
2016
Listing Agency:
CPRE Elite Inc
Listed By:
Lina Luo Tsong
(646) 969-3066
Source:
Elliman
Added: Sep 4
Changed: Sep 20
Last Checked: Oct 4 at 11:50AM
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 CPRE Elite Inc
Investment Insights
Based on property information with market context.
Renovated medical office space is offered in the Skyview Parc complex under the Skyview Wellness name. The property is described as being in excellent condition and configured for immediate practice use, limiting the need for additional construction before occupancy.
The office is located in Downtown Flushing at 131-07 40th Rd E33, Queens, NY 11354. Transit access includes the No. 7 subway line, Long Island Rail Road, and multiple major bus routes. On-site parking is available within the complex. The building was constructed in 2016.
The office is located in Downtown Flushing at 131-07 40th Rd E33, Queens, NY 11354. Transit access includes the No. 7 subway line, Long Island Rail Road, and multiple major bus routes. On-site parking is available within the complex. The building was constructed in 2016.
Key Highlights
- Renovated medical office space in excellent condition
- Turnkey setup suited for immediate practice use
- Located within the Skyview Parc complex
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
$65,485
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
3.36%
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%
$1,309,700
$1.3M
Cap Rate 7%
$935,500
$935.5K
Cap Rate 9%
$727,611
$727.6K
Market Conditions
NOI Build-Up for 1,989 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
$100.2K $50.40/SF
− Vacancy
−$12.9K −$6.50/SF
EGI
$87.3K $43.90/SF
− OpEx
−$21.8K −$10.97/SF
NOI
$65.5K $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%
$1,309,700
Cap Rate 7%
$935,500
Cap Rate 9%
$727,611
Alternative Uses
Best Use
Office B
$935.5K
$818.6K – $1.09M
NOI $65,485 @ 7.0% cap · market cap 3.36%
Second Best
Healthcare Medical
$655.2K
$573.3K – $764.4K
NOI $45,862 @ 7.0% cap · market cap 2.35%
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,642 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,666
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
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 - Turnkey clinical workspace within a mixed-use complex with parking and access to multiple transit options.
Where is this medical office space located?
The property is located at 131-07 40th Rd E33 Queens, NY.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Renovated medical office space in excellent condition; Turnkey setup suited for immediate practice use; Located within the Skyview Parc complex
