Renovated Medical Office
For Sale
$1,380,000
14238 37th Avenue #2H, Flushing, NY 11354
R6-zoned medical office space in a 2018 building serving Flushing’s professional healthcare market.
Property Size1,660 SF
Price / SF$831.33
Days on Market153
Property Features for 14238 37th Avenue #2H
General Information
Standard status
Active
Size
1,660 SF
Property subtype
Commercial
Zoning
R6
Taxes and HOA fees
Annual Taxes
$2,517
Building Details
Building Size
1,660 SF
Year Built
2018
Listing Agency:
E Realty International Corp
(917) 330-0885
Listed By:
Hok L. Chow · License #10401297420
(917) 330-0885
Source:
Maurafinnegan
Added: Mar 31
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
This 1,660-square-foot medical office space was newly renovated and is located at 14238 37th Avenue, Suite 2H. The property is positioned in Flushing and offers a dedicated setting for medical office operations.
Constructed in 2018, the space carries R6 zoning and is situated in Queens. Its medical-office classification and renovated condition provide a focused format for healthcare practitioners and groups seeking office space in the area.
Constructed in 2018, the space carries R6 zoning and is situated in Queens. Its medical-office classification and renovated condition provide a focused format for healthcare practitioners and groups seeking office space in the area.
Key Highlights
- 1,660 SF medical office space
- Newly renovated interior
- R6 zoning
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - R6-zoned medical office space in a 2018 building serving Flushing’s professional healthcare market.
Where is this medical office space located?
The property is located at 14238 37th Avenue #2H 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 SF medical office space; Newly renovated interior; R6 zoning
