Medical Office Space with Seven
For Sale
$599,000
99-04 57th Ave L1, Queens, NY 11368
Established clinical layout includes treatment rooms, reception, patient waiting, storage, and two bathrooms.
Property Size1,236 SF
Price / SF$484.63
Days on Market41
Property Features for 99-04 57th Ave L1
General Information
Standard status
Active
Size
1,236 SF
Elevators
Yes
Property subtype
Commercial
Financials
Asking Price
$599,000
Cap Rate
8.7%
Gross Income
$51,912
HOA Fee
$940.39
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$570
Amenities
doorman
concierge
live-in superintendent
Building Details
Building Size
1,236 SF
Year Built
1962
Buildings
1
Listing Agency:
(646) 217-8119
Listed By:
Edward A. Penafiel CBR
(646) 217-8119
Source:
Elliman
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 1:42PM
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 Edward A. Penafiel CBR
Investment Insights
Based on property information with market context.
Unit #LH at 99-04 57th Ave L1 is a 1,236-square-foot medical office within The Jefferson, a 1962 co-op building. The seven-room layout includes multiple treatment operatories, a patient waiting area, reception and front desk, a closet, and two bathrooms. Separate front and rear entrances support patient circulation, and the space has operated as a dental practice for over 30 years.
Building services include a doorman, concierge, live-in superintendent, modern elevator banks, and an indoor cellar-level parking garage. The property is in Corona with access to the Long Island Expressway and Grand Central Parkway, along with major MTA transit lines. Ownership includes 570 shares in Sherwood Owners Corp., and purchase requires co-op board approval. A 24-hour notice is required for private showings.
Building services include a doorman, concierge, live-in superintendent, modern elevator banks, and an indoor cellar-level parking garage. The property is in Corona with access to the Long Island Expressway and Grand Central Parkway, along with major MTA transit lines. Ownership includes 570 shares in Sherwood Owners Corp., and purchase requires co-op board approval. A 24-hour notice is required for private showings.
Key Highlights
- 1,236‑square‑foot medical office with 7 professionally configured rooms
- Multiple treatment operatories, patient waiting area, reception, closet, and 2 bathrooms
- Separate front and rear entry doors support patient flow
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
$40,694
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
6.79%
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%
$813,880
$813.9K
Cap Rate 7%
$581,343
$581.3K
Cap Rate 9%
$452,156
$452.2K
Market Conditions
NOI Build-Up for 1,236 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
$62.3K $50.40/SF
− Vacancy
−$8.0K −$6.50/SF
EGI
$54.3K $43.90/SF
− OpEx
−$13.6K −$10.97/SF
NOI
$40.7K $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%
$813,880
Cap Rate 7%
$581,343
Cap Rate 9%
$452,156
Alternative Uses
Best Use
Office B
$581.3K
$508.7K – $678.2K
NOI $40,694 @ 7.0% cap · market cap 6.79%
Second Best
Healthcare Medical
$407.1K
$356.3K – $475.0K
NOI $28,500 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$911.2K
$797.3K – $1.06M
NOI $63,784 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,548
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
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 - Established clinical layout includes treatment rooms, reception, patient waiting, storage, and two bathrooms.
Where is this medical office space located?
The property is located at 99-04 57th Ave L1 Queens, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,236‑square‑foot medical office with 7 professionally configured rooms; Multiple treatment operatories, patient waiting area, reception, closet, and 2 bathrooms; Separate front and rear entry doors support patient flow
