Updated Medical Office
For Sale
$359,000
132-59 41st Road, New York, NY 11355
Lower-level medical space with multiple consultation rooms, elevator access, and a separate entrance.
Property Size706 SF
Price / SF$508.50
Days on Market106
Property Features for 132-59 41st Road
General Information
Standard status
Active
Size
706 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$7,085
Amenities
3
Building Details
Year Built
2003
Listing Agency:
New Kingdom Real Estate Corp
(872) 222-5333
Listed By:
Eric Wu
(646) 801-4696
Source:
Xome
Added: May 21
Changed: Sep 2
Last Checked: Sep 2 at 1:39PM
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 New Kingdom Real Estate Corp
Investment Insights
Based on property information with market context.
This 706-square-foot medical office occupies a lower-level suite updated for clinical use. The layout includes three consultation rooms, a reception area, waiting space, one bathroom, and storage. Central air conditioning, three large windows, elevator service, and a dedicated entrance add practical functionality. Nearby garage parking is available.
The property is at 132-59 41st Road, Unit CB, in Flushing’s business district. Main Street, the LIRR, the 7 line subway, major bus routes, and major highways are close by, with banks, restaurants, supermarkets, stores, essential services, and residential housing in the surrounding area. The building was constructed in 2003 and includes several established clinics. A long-term tenant is in place through February 2027.
The property is at 132-59 41st Road, Unit CB, in Flushing’s business district. Main Street, the LIRR, the 7 line subway, major bus routes, and major highways are close by, with banks, restaurants, supermarkets, stores, essential services, and residential housing in the surrounding area. The building was constructed in 2003 and includes several established clinics. A long-term tenant is in place through February 2027.
Key Highlights
- 706 SF lower‑level medical office suite
- Three consultation rooms plus reception, waiting area, bathroom, and storage
- Separate entrance, elevator access, and central air conditioning
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
$22,107
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
6.16%
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%
$442,140
$442.1K
Cap Rate 7%
$315,814
$315.8K
Cap Rate 9%
$245,633
$245.6K
Market Conditions
NOI Build-Up for 706 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
$36.3K $51.48/SF
− Vacancy
−$6.9K −$9.73/SF
EGI
$29.5K $41.75/SF
− OpEx
−$7.4K −$10.44/SF
NOI
$22.1K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /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%
$442,140
Cap Rate 7%
$315,814
Cap Rate 9%
$245,633
Alternative Uses
Best Use
Office B
$315.8K
$276.3K – $368.5K
NOI $22,107 @ 7.0% cap · market cap 6.16%
Second Best
Healthcare Medical
$300.6K
$263.1K – $350.7K
NOI $21,044 @ 7.0% cap · market cap 5.86%
Theoretical Best
Specialty Retail
$1.76M
$1.54M – $2.05M
NOI $123,013 @ 7.0% cap · market cap 34.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
9,615
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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
- College Point Veterinary Center — Flushing, NY 11357
Frequently Asked Questions
What type of property is this?
Medical Office Space - Lower-level medical space with multiple consultation rooms, elevator access, and a separate entrance.
Where is this medical office space located?
The property is located at 132-59 41st Road New York, NY.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 706 SF lower‑level medical office suite; Three consultation rooms plus reception, waiting area, bathroom, and storage; Separate entrance, elevator access, and central air conditioning
