Building Details

Building Size 1,611 SF

Listing Agency: Lin Pan Realty Group LLC Show Phone

Listed By: Lin Pan Show Phone

Source: Croninreale

Added: Feb 12 Changed: Oct 23 Last Checked: Oct 23 at 9:55AM

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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

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Investment Insights

Based on property information with market context.

This 1,611 SF medical office suite in Flushing is arranged with six treatment rooms, two private offices, and a spacious waiting and reception area. The space was fully renovated within the past few years and is described as move-in condition. Building features include elevator access, ample parking, and 24-hour security.

The property is near the #7 subway, buses, express buses, the LIRR, and commuter mini buses serving Manhattan and Brooklyn. Major highways are accessible, and nearby amenities include restaurants, banks, a library, shopping centers, and supermarkets.

Key Highlights

• 1,611 SF medical office suite
• Configured with six treatment rooms, two private offices, and a large reception and waiting area
• Fully renovated within the past few years

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,040

Cap Rate

3.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,060,800 $1.1M

Cap Rate 7%

$757,714 $757.7K

Cap Rate 9%

$589,333 $589.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,611 SF

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 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 (±1% cap)

NOI $53,040 @ 7.0% cap · market cap 3.16%

Second Best

Healthcare Medical

$530.7K

$464.3K – $619.1K (±1% cap)

NOI $37,146 @ 7.0% cap · market cap 2.21%

Theoretical Best

Office A

$1.19M

$1.04M – $1.39M (±1% cap)

NOI $83,135 @ 7.0% cap · market cap 4.95%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Eastern Chinese American ... Medical Clinic Skyview Pharmacy Pharmacy BJ's Bakery Bakery CCACO Medical Clinic Bayard Street Obstetrics ... Physician

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Gym & Fitness Center Nursing Home Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

6,554

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Renovated clinical space includes private offices and a dedicated reception area, with elevator access and 24-hour security.

Where is this medical office space located?

The property is located at 131-07 40th Road Flushing, 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: 1,611 SF medical office suite; Configured with six treatment rooms, two private offices, and a large reception and waiting area; Fully renovated within the past few years