Fully Leased Medical Office
For Sale
$15,000,000
228-02 Merrick Boulevard, Queens, NY 11413
Commercial, Queens, NY
Property Size21,000 SF
Lot Size0.23 Acres
Price / SF$699.46
Days on Market153
Property Features for 228-02 Merrick Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R3-2, C1-3
Basement
Finished, Full
Subdivision
Laurelton
Standard status
Active
Size
21,445 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
243485
Amenities
ADA-compliant
Building Details
Number of units
2
Building materials
Block, Brick, Masonry, Steel
Roof type
Flat
Listing Agency:
Lucblue Realty LLC
Listed By:
Lucy Badwan · License #LB4461
(718) 500-1919
Added: Apr 14
Changed: Sep 7
Last Checked: Sep 13 at 11:06AM
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 medical office property contains 21,445 square feet within a 10,000-square-foot lot measuring 100 feet by 100 feet. The building features modern medical improvements, an elevator, ADA-compliant elements, block, brick, masonry, and steel construction, plus a flat roof. NYU Langone Medical Associates occupies the property under the current lease arrangement.
The corner building is located at 228-02 Merrick Boulevard in Queens, New York, along a major commercial corridor within a high-density residential area. The property carries R3-2 and C1-3 zoning designations and is positioned within the Laurelton medical corridor.
The corner building is located at 228-02 Merrick Boulevard in Queens, New York, along a major commercial corridor within a high-density residential area. The property carries R3-2 and C1-3 zoning designations and is positioned within the Laurelton medical corridor.
Key Highlights
- 21,445‑square‑foot medical office building on a 10,000‑square‑foot lot
- Fully leased to NYU Langone Medical Associates
- Corner position at 228‑02 Merrick Boulevard in Queens
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
$706,051
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
4.71%
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%
$14,121,020
$14.1M
Cap Rate 7%
$10,086,443
$10.1M
Cap Rate 9%
$7,845,011
$7.8M
Market Conditions
NOI Build-Up for 21,445 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
$1.08M $50.40/SF
− Vacancy
−$139.4K −$6.50/SF
EGI
$941.4K $43.90/SF
− OpEx
−$235.4K −$10.97/SF
NOI
$706.1K $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%
$14,121,020
Cap Rate 7%
$10,086,443
Cap Rate 9%
$7,845,011
Alternative Uses
Best Use
Office B
$10.09M
$8.83M – $11.77M
NOI $706,051 @ 7.0% cap · market cap 4.71%
Second Best
Healthcare Medical
$7.06M
$6.18M – $8.24M
NOI $494,479 @ 7.0% cap · market cap 3.30%
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,075
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11413, NY
42,978
Population
14,485
Households
3
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
3.0 sq mi
ZIP Area
14,326
Density / Sq Mi
$114,766
Median Household Income
$50,525
Median Earnings
$2,038
Median Rent
$631,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical build-out includes an elevator and ADA-compliant features.
Where is this medical office space 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: 21,445‑square‑foot medical office building on a 10,000‑square‑foot lot; Fully leased to NYU Langone Medical Associates; Corner position at 228‑02 Merrick Boulevard in Queens
