Medical Office
For Sale
$398,000
14923 Sanford Avenue Unit B-C, Flushing, NY 11355
Functional condominium space for licensed medical-related practices in a 2004 building.
Property Size944 SF
Price / SF$421.61
Days on Market101
Property Features for 14923 Sanford Avenue Unit B-C
General Information
Standard status
Active
Size
944 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$9,600
Building Details
Building Size
944 SF
Year Built
2004
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Qiu Fen Li
Source:
Cbwarburg
Added: May 22
Changed: Aug 29
Last Checked: Aug 26 at 8:23AM
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 medical office condominium is configured for professional and healthcare use, with a functional layout that can accommodate a doctor’s office, dental practice, physical therapy operation, acupuncture practice, or another licensed medical-related practice. The property is located at 14923 Sanford Avenue B-C in Flushing and was built in 2004. R5 zoning is identified for the property.
The location is described as being near transportation, shopping, and major commercial corridors. The condominium can support either an owner-user seeking professional space or an investor evaluating a medical office asset.
The location is described as being near transportation, shopping, and major commercial corridors. The condominium can support either an owner-user seeking professional space or an investor evaluating a medical office asset.
Key Highlights
- Medical office condominium at 14923 Sanford Avenue B‑C, Flushing, NY 11355
- Built in 2004
- R5 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
$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 - Functional condominium space for licensed medical-related practices in a 2004 building.
Where is this medical office space located?
The property is located at 14923 Sanford Avenue Unit B-C 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: Medical office condominium at 14923 Sanford Avenue B‑C, Flushing, NY 11355; Built in 2004; R5 zoning
