Renovated Medical Office
For Sale
$1,380,000
14238 37TH Avenue, Flushing, NY 11354
Commercial Sale, Flushing, NY
Property Size1,660 SF
Price / SF$831.33
Days on Market147
Property Features for 14238 37TH Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R6
Standard status
Active
APN
05011-1316
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2517
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2018
Building materials
Brick
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Hok L. Chow · License #10401297420
(917) 330-0885
Added: Mar 31
Changed: Aug 20
Last Checked: Aug 24 at 1:06AM
MLS# 979096
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 medical office property offers 1,660 square feet of space within a brick building constructed in 2018. The office has been newly renovated and is positioned for use by doctors, specialists, or medical groups. Public water and public sewer serve the property, and the site carries R6 zoning.
Located at 14238 37th Avenue in Flushing, the property is in Queens County and carries a 11354 postal code. Its medical-office configuration provides a focused commercial setting for healthcare operations.
Located at 14238 37th Avenue in Flushing, the property is in Queens County and carries a 11354 postal code. Its medical-office configuration provides a focused commercial setting for healthcare operations.
Key Highlights
- 1,660 square feet of medical office space
- Newly renovated office suitable for doctors, specialists, or medical groups
- Brick construction; built in 2018
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
$54,654
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
3.96%
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%
$1,093,080
$1.1M
Cap Rate 7%
$780,771
$780.8K
Cap Rate 9%
$607,267
$607.3K
Market Conditions
NOI Build-Up for 1,660 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
$83.7K $50.40/SF
− Vacancy
−$10.8K −$6.50/SF
EGI
$72.9K $43.90/SF
− OpEx
−$18.2K −$10.97/SF
NOI
$54.7K $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%
$1,093,080
Cap Rate 7%
$780,771
Cap Rate 9%
$607,267
Alternative Uses
Best Use
Office B
$780.8K
$683.2K – $910.9K
NOI $54,654 @ 7.0% cap · market cap 3.96%
Second Best
Healthcare Medical
$546.8K
$478.5K – $637.9K
NOI $38,276 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,664 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10,581
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 - Professional medical space with public water and sewer service in Flushing.
Where is this medical office space located?
The property is located at 14238 37TH Avenue Flushing, NY.
What is the asking price?
The asking price for this property is $1,380,000.
What are key features of this property?
This property features: 1,660 square feet of medical office space; Newly renovated office suitable for doctors, specialists, or medical groups; Brick construction; built in 2018
