Renovated Medical Office
For Sale
$398,000
14923 Sanford Avenue, Flushing, NY 11355
Commercial Sale, Flushing, NY
Property Size944 SF
Price / SF$421.61
Days on Market93
Property Features for 14923 Sanford Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R5
Rooms
Basement
Elementary school district
Contact Agent
Middle school district
Contact Agent
High school district
Contact Agent
Standard status
Active
APN
05055-1002
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9600
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
2004
Building materials
Brick
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Qiu Fen Li
(917) 880-8223
Added: May 22
Changed: Aug 21
Last Checked: Aug 22 at 9:06AM
MLS# 1003533
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 fully renovated medical office space offers approximately 944 SF of usable area in a lower-level configuration. Windows provide natural light, while good ventilation supports a comfortable interior environment. The unit is delivered vacant and includes brick construction, baseboard heating, and electricity available. Public water and public sewer serve the property, which was built in 2004.
The property is within walking distance of Main Street and the 7 Train in Flushing, with shopping, restaurants, medical offices, and neighborhood amenities nearby. R5 zoning and the existing community facility office configuration support a range of healthcare and community-oriented uses identified for the space, including medical office, physical therapy, rehabilitation, acupuncture, daycare, tutoring, and community service operations.
The property is within walking distance of Main Street and the 7 Train in Flushing, with shopping, restaurants, medical offices, and neighborhood amenities nearby. R5 zoning and the existing community facility office configuration support a range of healthcare and community-oriented uses identified for the space, including medical office, physical therapy, rehabilitation, acupuncture, daycare, tutoring, and community service operations.
Key Highlights
- Approximately 944 SF of usable space in a lower‑level unit
- Fully renovated interior delivered vacant for immediate occupancy
- Windows provide natural light with good ventilation
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
$31,080
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
7.81%
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%
$621,600
$621.6K
Cap Rate 7%
$444,000
$444.0K
Cap Rate 9%
$345,333
$345.3K
Market Conditions
NOI Build-Up for 944 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
$47.6K $50.40/SF
− Vacancy
−$6.1K −$6.50/SF
EGI
$41.4K $43.90/SF
− OpEx
−$10.4K −$10.97/SF
NOI
$31.1K $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%
$621,600
Cap Rate 7%
$444,000
Cap Rate 9%
$345,333
Alternative Uses
Best Use
Office B
$444.0K
$388.5K – $518.0K
NOI $31,080 @ 7.0% cap · market cap 7.81%
Second Best
Healthcare Medical
$311.0K
$272.1K – $362.8K
NOI $21,767 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$695.9K
$608.9K – $811.9K
NOI $48,715 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,128
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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 - Vacant lower-level unit with windows, natural light, and ventilation for immediate occupancy.
Where is this medical office space located?
The property is located at 14923 Sanford Avenue Flushing, NY.
What is the asking price?
The asking price for this property is $398,000.
What are key features of this property?
This property features: Approximately 944 SF of usable space in a lower‑level unit; Fully renovated interior delivered vacant for immediate occupancy; Windows provide natural light with good ventilation
