Medical Office Building with
For Sale
$9,000,000
26-19 Francis Lewis Boulevard, Flushing, NY 11358
Renovated medical facility with private parking, examination rooms, consultation offices, and multiple reception areas.
Property Size10,530 SF
Lot Size0.25 Acres
Price / SF$854.70
Days on Market88
Property Features for 26-19 Francis Lewis Boulevard
General Information
Standard status
Active
Size
10,530 SF
Total Parking Spaces
17
Elevators
Yes
Lot size
0.25 Acres
Property subtype
Office
Zoning
C1-3 / R4 & R2A
Additional Details
Asking Price
$9,000,000
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$73,922
Building Details
Building Size
10,530 SF
Year Built
2008
Year Renovated
2008
Buildings
1
Stories
3
Listing Agency:
Keller Williams Rlty Landmark
(718) 358-4000
Listed By:
Champion Wu
Source:
Yourhomesoldguaranteedrealty-therealmccoyteam
Added: Jun 2
Changed: Aug 28
Last Checked: Aug 28 at 6:51AM
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 Keller Williams Rlty Landmark
Investment Insights
Based on property information with market context.
This medical office property at 26-19 Francis Lewis Boulevard in Flushing, NY, contains 10,530 SF across a building positioned on two lots totaling 10,985 SF. The facility includes 27 examination rooms, 10 consultation offices, three reception and waiting areas, an elevator, and approximately 400 SF of third-floor landlord storage. Medical and office areas extend through the first floor, second floor, and basement, with the property described as suitable for medical or hospital operations.
The building provides private parking for 17 cars and is zoned C1-3 / R4 & R2A. Heating and cooling are provided by geothermal systems. The property was built and completely renovated from the basement through the third floor in 2008 and can be delivered vacant.
The building provides private parking for 17 cars and is zoned C1-3 / R4 & R2A. Heating and cooling are provided by geothermal systems. The property was built and completely renovated from the basement through the third floor in 2008 and can be delivered vacant.
Key Highlights
- 10,530 SF medical office building on two lots totaling 10,985 SF
- 27 examination rooms and 10 consultation offices
- Three reception and waiting areas plus elevator service
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
$346,688
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
3.85%
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%
$6,933,760
$6.9M
Cap Rate 7%
$4,952,686
$5.0M
Cap Rate 9%
$3,852,089
$3.9M
Market Conditions
NOI Build-Up for 10,530 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
$530.7K $50.40/SF
− Vacancy
−$68.5K −$6.50/SF
EGI
$462.3K $43.90/SF
− OpEx
−$115.6K −$10.97/SF
NOI
$346.7K $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%
$6,933,760
Cap Rate 7%
$4,952,686
Cap Rate 9%
$3,852,089
Alternative Uses
Best Use
Office B
$4.95M
$4.33M – $5.78M
NOI $346,688 @ 7.0% cap · market cap 3.85%
Second Best
Healthcare Medical
$3.47M
$3.04M – $4.05M
NOI $242,801 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$7.76M
$6.79M – $9.06M
NOI $543,399 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,528
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11358, NY
40,435
Population
13,806
Households
2.9
Avg Household Size
43
Median Age
37%
College-Educated
84%
High-School Grad
2.0 sq mi
ZIP Area
20,218
Density / Sq Mi
$88,729
Median Household Income
$46,875
Median Earnings
$2,086
Median Rent
$967,200
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 - Renovated medical facility with private parking, examination rooms, consultation offices, and multiple reception areas.
Where is this medical office space located?
The property is located at 26-19 Francis Lewis Boulevard Flushing, NY.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 10,530 SF medical office building on two lots totaling 10,985 SF; 27 examination rooms and 10 consultation offices; Three reception and waiting areas plus elevator service
