Renovated Medical Office
For Sale
$1,680,000
131-07 40th Road, Flushing, NY 11354
Commercial Sale, Flushing, NY
Property Size1,611 SF
Price / SF$1,042
Days on Market192
Property Features for 131-07 40th Road
General Information
Property type
Commercial Sale
Property subtype
Office
Standard status
Active
APN
05066-1205
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
15600
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Amenities
24-hour security
ample parking
Listing Agency:
Lin Pan Realty Group LLC
(516) 693-9888
Listed By:
Lin Pan
(917) 902-8853
Added: Feb 12
Changed: Aug 20
Last Checked: Aug 23 at 2:06AM
MLS# 961161
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,611 SF medical office at 131-07 40th Road is configured for clinical operations, with six treatment rooms, two private offices, and a large waiting and reception area. The space was fully renovated within the past few years and includes central air conditioning, elevator access, ample parking, and 24-hour security.
The property is in central Flushing, steps from the #7 subway, local and express bus service, LIRR access, and commuter minibuses serving Manhattan and Brooklyn. Major highways, restaurants, banks, a library, shopping centers, and supermarkets are nearby. Public water and public sewer serve the property.
The property is in central Flushing, steps from the #7 subway, local and express bus service, LIRR access, and commuter minibuses serving Manhattan and Brooklyn. Major highways, restaurants, banks, a library, shopping centers, and supermarkets are nearby. Public water and public sewer serve the property.
Key Highlights
- 1,611 SF medical office with six treatment rooms
- Two private offices plus a large waiting and reception area
- Fully renovated within the past few years
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Renovated medical office with treatment rooms, private offices, and a reception area.
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 with six treatment rooms; Two private offices plus a large waiting and reception area; Fully renovated within the past few years
