Corner Medical Office
228-02 Merrick Boulevard Queens, NY 11413
For Sale
$15,000,000
COMMERCIAL - Queens, NY
Property Size21,445 SF
Lot Size0.23 Acres
Price / SF$699.46
Days on Market108
Property Features for 228-02 Merrick Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R3-2, C1-3
Basement
Finished, Full
Standard status
Active
Size
21,445 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
243485
Building Details
Number of units
2
Building materials
Block, Brick, Masonry, Steel
Roof type
Flat
Listing Agency:
Lucblue Realty LLC
(718) 500-1919
Listed By:
Lucy Badwan · License #LB4461
(718) 500-1919
Added: Apr 14
Changed: Jul 12
Last Checked: Jul 30 at 4:06AM
MLS# 500485
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 leased corner medical office building is configured for healthcare use and includes an elevator and ADA-compliant features. The property is reported to have a modern medical build-out and totals approximately 21,000+ square feet, set on a 10,000 square foot (100' x 100') lot.
Located at 228-02 Merrick Boulevard in Queens, the building sits along a major commercial corridor and is described as offering strong visibility and positioning. The property is reported to be fully leased to NYU Langone Medical Associates.
The subject property is presented as an institutional-quality NYU Medical investment, with additional financials and lease details available upon request.
Located at 228-02 Merrick Boulevard in Queens, the building sits along a major commercial corridor and is described as offering strong visibility and positioning. The property is reported to be fully leased to NYU Langone Medical Associates.
The subject property is presented as an institutional-quality NYU Medical investment, with additional financials and lease details available upon request.
Key Highlights
- Fully leased to NYU Langone Medical Associates, providing stable, long‑term cash flow.
- Generates over $1M+ in annual gross income, representing a compelling, low‑risk investment.
- Prime corner location on Merrick Blvd in Laurelton, Queens, offering strong visibility.
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $900.7k | $42.00 |
| − Vacancy | −$76.6k | −$3.57 |
| EGI | $824.1k | $38.43 |
| − OpEx | −$329.7k | −$15.37 |
| NOI | $494.5k | $23.06 |
21,445 SF · lease $42.00/SF/yr · vacancy 8.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$7.06M
$6.18M – $8.24M
NOI $494,479 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.81M
$13.83M – $18.44M
NOI $1,106,665 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Medical center - Fully leased medical office building with elevator and ADA-compliant features on a prime corner site.
Where is this medical center located?
The property is located at 228-02 Merrick Boulevard Queens, NY.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: Fully leased to NYU Langone Medical Associates, providing stable, long‑term cash flow.; Generates over $1M+ in annual gross income, representing a compelling, low‑risk investment.; Prime corner location on Merrick Blvd in Laurelton, Queens, offering strong visibility.
