Street-Level Medical Office
For Sale
$1,900,000
2941 PARSONS BLVD, Flushing, NY 11354
Ground-floor medical office condominium with reception, four exam rooms, and two deeded parking spaces.
Property Size2,189 SF
Price / SF$867.98
Days on Market180
Property Features for 2941 PARSONS BLVD
General Information
Standard status
Active
Size
2,189 SF
Total Parking Spaces
2
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$27,266
Amenities
Central Air
3
Building Details
Year Built
2008
Listing Agency:
Meerae Realty Corp
(646) 785-1001
Listed By:
Daniel Park · License #10311200557
(646) 785-1001
Source:
Xome
Added: Feb 10
Changed: Aug 8
Last Checked: Aug 9 at 5:05AM
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 Meerae Realty Corp
Investment Insights
Based on property information with market context.
This ground-floor commercial condominium is offered as a medical office setup, totaling approximately 2,200 square feet. The interior includes a reception area, four exam rooms, two offices, two bathrooms, and a dedicated storage room. The unit is located at street level for convenient access.
The property is situated in a downtown area on Parsons Blvd & Roosevelt Ave in Flushing, NY. Two deeded parking spaces are available and can be sold separately.
As configured, the space is designed to support medical office operations with a clear patient flow from reception into multiple exam rooms, along with offices, restrooms, and storage for day-to-day use.
The property is situated in a downtown area on Parsons Blvd & Roosevelt Ave in Flushing, NY. Two deeded parking spaces are available and can be sold separately.
As configured, the space is designed to support medical office operations with a clear patient flow from reception into multiple exam rooms, along with offices, restrooms, and storage for day-to-day use.
Key Highlights
- 2,200 SF ground‑floor commercial condominium set up as a medical office
- Layout includes reception area, 4 exam rooms, 2 offices, 2 bathrooms, and a storage room
- Central air cooling and heating (Heating: 3)
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
$72,070
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
3.79%
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%
$1,441,400
$1.4M
Cap Rate 7%
$1,029,571
$1.0M
Cap Rate 9%
$800,778
$800.8K
Market Conditions
NOI Build-Up for 2,189 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
$110.3K $50.40/SF
− Vacancy
−$14.2K −$6.50/SF
EGI
$96.1K $43.90/SF
− OpEx
−$24.0K −$10.97/SF
NOI
$72.1K $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%
$1,441,400
Cap Rate 7%
$1,029,571
Cap Rate 9%
$800,778
Alternative Uses
Best Use
Office B
$1.03M
$900.9K – $1.20M
NOI $72,070 @ 7.0% cap · market cap 3.79%
Second Best
Healthcare Medical
$721.1K
$630.9K – $841.2K
NOI $50,474 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,963 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
9,630
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
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 - Ground-floor medical office condominium with reception, four exam rooms, and two deeded parking spaces.
Where is this medical office space located?
The property is located at 2941 PARSONS BLVD Flushing, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 2,200 SF ground‑floor commercial condominium set up as a medical office; Layout includes reception area, 4 exam rooms, 2 offices, 2 bathrooms, and a storage room; Central air cooling and heating (Heating: 3)
