Live-Work Medical Office
For Sale
$2,950,000
144-49 70th Avenue, Kew Garden Hills, NY 11367
Street-level wheelchair-accessible legal medical office with reception, waiting room, exam rooms, and multiple bathrooms.
Property Size5,280 SF
Price / SF$558.71
Days on Market74
Property Features for 144-49 70th Avenue
General Information
Standard status
Active
Size
5,280 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$20,402
Building Details
Year Built
1935
Listing Agency:
Astor Brokerage Ltd
(516) 992-2888
Listed By:
Yehudis Weiss (Deedee.weiss@gmail.com)
Source:
Iaquintarealestate
Added: Jun 25
Changed: Aug 8
Last Checked: Sep 5 at 8:25AM
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 Astor Brokerage Ltd
Investment Insights
Based on property information with market context.
This center-hall Colonial offers a street-level, wheelchair-accessible legal medical office setup, designed for client intake and care. The professional suite includes a reception area, a large waiting room, 2 bathrooms, 6 exam rooms, and several additional flexible rooms that can be configured for a variety of needs.
The residence portion features multiple living and entertaining spaces, including a formal living room, a formal dining room with access to a patio, a study, and a guest bedroom with a full bathroom. The eat-in kitchen flows into a family room that opens to a second patio. A dedicated office with a built-in succah completes the main level.
Upstairs, there are 6 bedrooms and 4 full bathrooms, including two primary suites each with its own en-suite bathroom. A second-floor laundry room is also included. The property is positioned on a corner lot in Kew Gardens Hills, with convenient access to shops, buses, and schools.
The residence portion features multiple living and entertaining spaces, including a formal living room, a formal dining room with access to a patio, a study, and a guest bedroom with a full bathroom. The eat-in kitchen flows into a family room that opens to a second patio. A dedicated office with a built-in succah completes the main level.
Upstairs, there are 6 bedrooms and 4 full bathrooms, including two primary suites each with its own en-suite bathroom. A second-floor laundry room is also included. The property is positioned on a corner lot in Kew Gardens Hills, with convenient access to shops, buses, and schools.
Key Highlights
- 1935 center hall Colonial with a street‑level, wheelchair‑accessible legal medical office
- Medical office includes reception, large waiting room, 6 exam rooms, and 2 bathrooms
- Flexible office suite offers additional rooms that can be tailored to your needs
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
$173,838
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
5.89%
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%
$3,476,760
$3.5M
Cap Rate 7%
$2,483,400
$2.5M
Cap Rate 9%
$1,931,533
$1.9M
Market Conditions
NOI Build-Up for 5,280 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
$266.1K $50.40/SF
− Vacancy
−$34.3K −$6.50/SF
EGI
$231.8K $43.90/SF
− OpEx
−$57.9K −$10.97/SF
NOI
$173.8K $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%
$3,476,760
Cap Rate 7%
$2,483,400
Cap Rate 9%
$1,931,533
Alternative Uses
Best Use
Office B
$2.48M
$2.17M – $2.90M
NOI $173,838 @ 7.0% cap · market cap 5.89%
Second Best
Healthcare Medical
$1.74M
$1.52M – $2.03M
NOI $121,746 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$3.89M
$3.41M – $4.54M
NOI $272,473 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,084
Businesses Nearby
Explore this area
Business Placement
Demographics for 11367, NY
43,112
Population
15,693
Households
2.7
Avg Household Size
37
Median Age
46%
College-Educated
84%
High-School Grad
1.9 sq mi
ZIP Area
22,691
Density / Sq Mi
$75,804
Median Household Income
$45,052
Median Earnings
$1,774
Median Rent
$519,800
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?
Live-work space - Street-level wheelchair-accessible legal medical office with reception, waiting room, exam rooms, and multiple bathrooms.
Where is this live-work space located?
The property is located at 144-49 70th Avenue Kew Garden Hills, NY.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 1935 center hall Colonial with a street‑level, wheelchair‑accessible legal medical office; Medical office includes reception, large waiting room, 6 exam rooms, and 2 bathrooms; Flexible office suite offers additional rooms that can be tailored to your needs
