Renovated Medical Office
For Sale
$1,688,000
131-07 40th Rd #E06, Queens, NY 11354
Move-in ready suite with six treatment rooms and a large waiting area, supported by building security and elevators.
Property Size1,611 SF
Price / SF$1,047
Days on Market94
Property Features for 131-07 40th Rd #E06
General Information
Standard status
Active
Size
1,611 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,980
Building Details
Building Size
1,611 SF
Listing Agency:
Great Ocean Realty
Listed By:
Guangyun Xiao · License #10401279517
(718) 687-8329
Source:
Elliman
Added: Jun 3
Changed: Aug 25
Last Checked: Sep 4 at 12:54PM
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 Great Ocean Realty
Investment Insights
Based on property information with market context.
This renovated office suite is in move-in condition and laid out for client-facing use. The interior features six treatment rooms, two offices, and a large waiting room, making the space workable for medical, dental, beauty, or professional office uses. Elevators are available in the building, and security guard service supports day-to-day operations.
The property is located in the center of Flushing and is described as being in a landmark building of Skyview. Access is supported by nearby transit options, including the #7 subway train, buses, express buses, LIRR, and commuter mini-buses to Manhattan and Brooklyn. The area also includes restaurants, a library, banks, shopping, and supermarkets, with major highways nearby.
With its clinic-style room count and waiting area, the suite is a practical fit for operators seeking a turn-key space rather than a buildout. The configuration also supports office alternatives beyond healthcare, including law office or general professional office use, subject to applicable approvals and use requirements.
The property is located in the center of Flushing and is described as being in a landmark building of Skyview. Access is supported by nearby transit options, including the #7 subway train, buses, express buses, LIRR, and commuter mini-buses to Manhattan and Brooklyn. The area also includes restaurants, a library, banks, shopping, and supermarkets, with major highways nearby.
With its clinic-style room count and waiting area, the suite is a practical fit for operators seeking a turn-key space rather than a buildout. The configuration also supports office alternatives beyond healthcare, including law office or general professional office use, subject to applicable approvals and use requirements.
Key Highlights
- 1611 SF office suite in Landmark Building of Skyview, offered move‑in ready
- Completely renovated in recent years and ready to occupy
- Includes six treatment rooms and a large waiting room
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
3.14%
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 3.14%
Second Best
Healthcare Medical
$530.7K
$464.3K – $619.1K
NOI $37,146 @ 7.0% cap · market cap 2.20%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,135 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,666
Businesses Nearby
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?
Office units - Move-in ready suite with six treatment rooms and a large waiting area, supported by building security and elevators.
Where is this office units located?
The property is located at 131-07 40th Rd #E06 Queens, NY.
What is the asking price?
The asking price for this property is $1,688,000.
What are key features of this property?
This property features: 1611 SF office suite in Landmark Building of Skyview, offered move‑in ready; Completely renovated in recent years and ready to occupy; Includes six treatment rooms and a large waiting room
