Flushing Medical Office
For Sale
$1,680,000
131-07 40th Rd, Queens, NY 11354
Prime Skyview space in central Flushing, steps from transportation.
Property Size1,611 SF
Price / SF$1,042
Days on Market107
Property Features for 131-07 40th Rd
General Information
Standard status
Active
Size
1,611 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,600
Building Details
Building Size
1,611 SF
Listing Agency:
LIN PAN REALTY GROUP LLC
(917) 902-8853
Listed By:
Lin Pan
(917) 902-8853
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 LIN PAN REALTY GROUP LLC
Investment Insights
Based on property information with market context.
Located in the center of Flushing, NY, this 1,611 square foot space is suitable for medical office or general commercial use. The property is conveniently located steps from the #7 subway, buses, express buses, LIRR, and commuter mini buses to Manhattan and Brooklyn, with easy access to major highways. The location is surrounded by restaurants, banks, a library, shopping centers, and supermarkets. The space features elevator access and 24-hour security. It is in move-in condition and was fully renovated within the past few years. The layout includes six treatment rooms, two private offices, and a large waiting/reception area. Ample parking is available. The common charge is $1200 per month. The location has a bike score of 64, indicating it is bikeable, a walk score of 96, indicating it is a walker's paradise, and a transit score of 100, indicating it is a rider's paradise.
Key Highlights
- Unbeatable Transit Access: Steps from the #7 subway, buses, LIRR, and express buses, plus easy access to major highways.
- Prime Flushing Location: Centrally located in Flushing, surrounded by restaurants, banks, library, shopping centers, and supermarkets.
- Move‑In Ready & Renovated: Fully renovated within the past few years and in move‑in condition.
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
$53,040
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
3.16%
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%
$1,060,800
$1.1M
Cap Rate 7%
$757,714
$757.7K
Cap Rate 9%
$589,333
$589.3K
Market Conditions
NOI Build-Up for 1,611 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
$81.2K $50.40/SF
− Vacancy
−$10.5K −$6.50/SF
EGI
$70.7K $43.90/SF
− OpEx
−$17.7K −$10.97/SF
NOI
$53.0K $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%
$1,060,800
Cap Rate 7%
$757,714
Cap Rate 9%
$589,333
Alternative Uses
Best Use
Office B
$757.7K
$663.0K – $884.0K
NOI $53,040 @ 7.0% cap · market cap 3.16%
Second Best
Healthcare Medical
$530.7K
$464.3K – $619.1K
NOI $37,146 @ 7.0% cap · market cap 2.21%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,135 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,547
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Veterinarians at Court Square — 27-19 44th Dr, Queens, NY 11101
- InstaVet - Veterinary Care Center — 44-16 23rd St, Queens, NY 11101
- InstaVet Urgent Care & Wellness Animal Hospital - LIC Queens Pet Surgery Medical Center — 44-16 23rd St, Queens, NY 11101
- Veterinary Eye Center of New York City (Long Island City) — 5 Ct Square W, Queens, NY 11101
- InstaVet — 44-16 23rd St, Queens, NY 11101
Frequently Asked Questions
What type of property is this?
Medical Office Space - Prime Skyview space in central Flushing, steps from transportation.
Where is this medical office space located?
The property is located at 131-07 40th Rd Queens, NY.
What is the asking price?
The asking price for this property is $1,680,000.
What are key features of this property?
This property features: Unbeatable Transit Access: Steps from the #7 subway, buses, LIRR, and express buses, plus easy access to major highways.; Prime Flushing Location: Centrally located in Flushing, surrounded by restaurants, banks, library, shopping centers, and supermarkets.; Move‑In Ready & Renovated: Fully renovated within the past few years and in move‑in condition.
