Multi-Room Office
For Sale
$450,000
92-29 Queens Boulevard, Rego Park, NY 11374
Commercial Sale, Rego Park, NY
Property Size1,000 SF
Price / SF$450
Days on Market124
Property Features for 92-29 Queens Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
R7
Elementary school district
Queens 28
Middle school district
Queens 28
High school district
Queens 28
Standard status
Active
APN
020751079
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7912
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1987
Building materials
Block, Brick
Listing Agency:
E Z Sell Realty
Listed By:
Igor Rafailov · License #31RA1009124
(718) 396-6666
Added: May 11
Changed: Aug 19
Last Checked: Sep 11 at 5:06PM
MLS# 997708
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 office unit features a multi-room layout suited to administrative or medical office functions identified for the property. The space includes central air conditioning and baseboard heating, with block and brick construction dating to 1987. Electricity is available, and the property is served by public water and public sewer.
Located at 92-29 Queens Boulevard in Rego Park, the property is one block from the M and R trains and within a 5-minute walk of Queens Center Mall. The surrounding setting is described as having substantial pedestrian and vehicle traffic, with access to public transportation and major highways.
Located at 92-29 Queens Boulevard in Rego Park, the property is one block from the M and R trains and within a 5-minute walk of Queens Center Mall. The surrounding setting is described as having substantial pedestrian and vehicle traffic, with access to public transportation and major highways.
Key Highlights
- Multi‑room office layout
- R7 zoning
- Central air conditioning and baseboard heating
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
$32,924
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
7.32%
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%
$658,480
$658.5K
Cap Rate 7%
$470,343
$470.3K
Cap Rate 9%
$365,822
$365.8K
Market Conditions
NOI Build-Up for 1,000 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
$50.4K $50.40/SF
− Vacancy
−$6.5K −$6.50/SF
EGI
$43.9K $43.90/SF
− OpEx
−$11.0K −$10.97/SF
NOI
$32.9K $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%
$658,480
Cap Rate 7%
$470,343
Cap Rate 9%
$365,822
Alternative Uses
Best Use
Office B
$470.3K
$411.6K – $548.7K
NOI $32,924 @ 7.0% cap · market cap 7.32%
Second Best
Healthcare Medical
$329.4K
$288.2K – $384.3K
NOI $23,058 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$737.2K
$645.1K – $860.1K
NOI $51,605 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,847
Businesses Nearby
Explore this area
Business Placement
Demographics for 11374, NY
47,129
Population
21,197
Households
2.2
Avg Household Size
43
Median Age
51%
College-Educated
90%
High-School Grad
0.9 sq mi
ZIP Area
52,366
Density / Sq Mi
$86,333
Median Household Income
$58,309
Median Earnings
$1,957
Median Rent
$484,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - R7-zoned office property with central air, baseboard heat, and public water and sewer.
Where is this office units located?
The property is located at 92-29 Queens Boulevard Rego Park, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Multi‑room office layout; R7 zoning; Central air conditioning and baseboard heating
