Renovated Medical Office
For Sale
$1,869,000
13521 40TH RD, Flushing, NY 11354
Move-in-ready medical suite with treatment rooms, private offices, and a dedicated reception area.
Property Size1,611 SF
Price / SF$1,160
Days on Market211
Property Features for 13521 40TH RD
General Information
Standard status
Active
Size
1,611 SF
Elevators
Yes
Property subtype
Office
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
HOA Fee
$1,200
Taxes and HOA fees
Annual Taxes
$15,600
Amenities
Central Air
3
Listing Agency:
Lin Pan Realty Group LLC
(516) 693-9888
Listed By:
Lin Pan
(516) 693-9888
Source:
Xome
Added: Jan 31
Changed: Aug 29
Last Checked: Aug 29 at 2:20PM
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
Investment Insights
Based on property information with market context.
This 1,611 SF medical office space in Flushing is configured for clinical and administrative functions, with six treatment rooms, two private offices, and a large waiting and reception area. The suite has been fully renovated within the past few years and includes central air, elevator access, and 24-hour security.
The property is near the #7 subway, local and express buses, LIRR service, and commuter mini buses serving Manhattan and Brooklyn. Major highways, restaurants, banks, a library, shopping centers, and supermarkets are also nearby. Parking is available on site.
The property is near the #7 subway, local and express buses, LIRR service, and commuter mini buses serving Manhattan and Brooklyn. Major highways, restaurants, banks, a library, shopping centers, and supermarkets are also nearby. Parking is available on site.
Key Highlights
- 1,611 SF medical office space in Flushing, NY
- Six treatment rooms, two private offices, and a large waiting/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
2.84%
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 2.84%
Second Best
Healthcare Medical
$530.7K
$464.3K – $619.1K
NOI $37,146 @ 7.0% cap · market cap 1.99%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,135 @ 7.0% cap · market cap 4.45%
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
10,262
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- College Point Veterinary Center — Flushing, NY 11357
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- Dr. Perkins — 33-26 Union St, Queens, NY 11354
Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in-ready medical suite with treatment rooms, private offices, and a dedicated reception area.
Where is this medical office space located?
The property is located at 13521 40TH RD Flushing, NY.
What is the asking price?
The asking price for this property is $1,869,000.
What are key features of this property?
This property features: 1,611 SF medical office space in Flushing, NY; Six treatment rooms, two private offices, and a large waiting/reception area; Fully renovated within the past few years
