Renovated Medical Office
For Sale
$8,800,000
26-19 Francis Lewis Boulevard, Flushing, NY 11358
SINGLE_FAMILY - Flushing, NY
Property Size10,530 SF
Lot Size0.25 Acres
Price / SF$835.71
Days on Market77
Property Features for 26-19 Francis Lewis Boulevard
General Information
Property type
Residential
Property subtype
Office
Rooms
Basement
Parking
17
Basement
Finished, Full
Elementary school district
Queens 26
Middle school district
Queens 26
High school district
Queens 26
Standard status
Active
APN
059610033
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
73922
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Geothermal (Heating)
Cooling system
Central Air
Water source
Public
Amenities
geothermal heating and air conditioning system
Building Details
Year built
2008
Floors in Building
3
Number of units
4
Flooring type
Hardwood, Tile - Ceramic
Building materials
Brick
Listing Agency:
Keller Williams Rlty Landmark · Keller Williams Realty
(718) 475-2700
Listed By:
Champion Wu
(646) 251-8886
Added: Jun 1
Changed: Aug 7
Last Checked: Aug 16 at 10:06AM
MLS# 1007685
Copyright © 2026 OneKey MLS. 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 medical office building at 26-19 Francis Lewis Boulevard provides a purpose-built healthcare layout across the basement through third floor. The property includes 27 examination rooms, 10 consultation offices, three reception and waiting areas, an elevator, and approximately 400 SF of third-floor storage reserved for landlord use. The building was completely renovated in 2008 and features geothermal heating and air conditioning, central air, hardwood and ceramic tile flooring, public water, and public sewer.
The property comprises two lots totaling 10,985 SF, with a 10,530 SF building and private parking for 17 cars. It is located in Flushing, NY, and carries C1-3 / R4 & R2A zoning. The building can be delivered vacant, supporting continued medical-office use or another use permitted by the applicable zoning.
The property comprises two lots totaling 10,985 SF, with a 10,530 SF building and private parking for 17 cars. It is located in Flushing, NY, and carries C1-3 / R4 & R2A zoning. The building can be delivered vacant, supporting continued medical-office use or another use permitted by the applicable zoning.
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 with 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
3.94%
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 3.94%
Second Best
Healthcare Medical
$3.47M
$3.04M – $4.05M
NOI $242,801 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$7.76M
$6.79M – $9.06M
NOI $543,399 @ 7.0% cap · market cap 6.17%
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
919
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 elevator, private parking, and dedicated examination and consultation 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 $8,800,000.
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 with elevator service
