Medical Office with Treatment
New
For Sale
$449,000
212-30 23 ave l2, Queens, NY 11360
Former dental practice with dedicated entry, private office, laboratory, and central air conditioning.
Property Size1,500 SF
Days on Market4
Property Features for 212-30 23 ave l2
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
Lobby floor
HOA Fee
$1,700
Taxes and HOA fees
Annual Taxes
$9,000
Amenities
dedicated entrance
central air conditioning
Building Details
Building Size
1,500 SF
Year Built
1963
Stories
1
Units
1
Listing Agency:
Keystone Realty USA
Listed By:
Lisa Tai
(631) 486-1126
Source:
Elliman
Added: Sep 16
Last Checked: Sep 18 at 9:10AM
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 Keystone Realty USA
Investment Insights
Based on property information with market context.
This medical office property at 212-30 23 Ave, L2, includes five treatment rooms, one laboratory, one private office, and 1.5 baths. The former dental practice has its own dedicated entrance and is located in a building with central air conditioning. Constructed in 1963, the building is described as well maintained.
The property is positioned in the Bay Terrace section of Bayside, near residential condominiums and cooperatives, Bay Terrace Shopping Mall, and a public library. Fort Totten Park is within walking distance. Access is available via Cross Island Parkway, Bell Boulevard, and the Long Island Expressway. An express bus stop serving the Q13 and Q28 routes is a one-minute walk away, while the LIRR on Bell Boulevard provides access to Flushing and the 7 subway line.
The property is positioned in the Bay Terrace section of Bayside, near residential condominiums and cooperatives, Bay Terrace Shopping Mall, and a public library. Fort Totten Park is within walking distance. Access is available via Cross Island Parkway, Bell Boulevard, and the Long Island Expressway. An express bus stop serving the Q13 and Q28 routes is a one-minute walk away, while the LIRR on Bell Boulevard provides access to Flushing and the 7 subway line.
Key Highlights
- Five treatment rooms, one laboratory, one private office, and 1.5 baths
- Dedicated entrance for the former dental office
- Central air conditioning in a 1963 building
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
$34,587
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
7.70%
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%
$691,740
$691.7K
Cap Rate 7%
$494,100
$494.1K
Cap Rate 9%
$384,300
$384.3K
Market Conditions
NOI Build-Up for 1,500 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
$63.0K $42.00/SF
− Vacancy
−$5.4K −$3.57/SF
EGI
$57.6K $38.43/SF
− OpEx
−$23.1K −$15.37/SF
NOI
$34.6K $23.06/SF
Area
Queens County, NY
Vacancy
8.50%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
40.00%
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%
$691,740
Cap Rate 7%
$494,100
Cap Rate 9%
$384,300
Alternative Uses
Best Use
Office B
$705.5K
$617.3K – $823.1K
NOI $49,386 @ 7.0% cap · market cap 11.00%
Second Best
Healthcare Medical
$494.1K
$432.3K – $576.5K
NOI $34,587 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$1.11M
$967.6K – $1.29M
NOI $77,407 @ 7.0% cap · market cap 17.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,116
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11360, NY
20,039
Population
9,874
Households
2
Avg Household Size
52
Median Age
49%
College-Educated
87%
High-School Grad
1.4 sq mi
ZIP Area
14,314
Density / Sq Mi
$100,250
Median Household Income
$67,810
Median Earnings
$2,329
Median Rent
$692,600
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 - Former dental practice with dedicated entry, private office, laboratory, and central air conditioning.
Where is this medical office space located?
The property is located at 212-30 23 ave l2 Queens, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Five treatment rooms, one laboratory, one private office, and 1.5 baths; Dedicated entrance for the former dental office; Central air conditioning in a 1963 building
