Medical Condo with Assumable
For Sale
Contact for pricing
311 St Nicholas Ave, Long Island City, NY 11385
Fully equipped medical condo with six tenants and assumable mortgage.
Property Size5,870 SF
Price / SF$350.09
Days on Market803
Property Features for 311 St Nicholas Ave
General Information
Standard status
Active
Size
5,870 SF
Class
B
Property subtype
Office
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$185,124
Building Details
Year Built
2011
Tenancy
Multi
Listing Agency:
Highcap Group
Listed By:
Anthony Volman · License #NY
Source:
Crexi
Added: Jun 21, 2024
Changed: Aug 19
Last Checked: Aug 29 at 8:52PM
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 Highcap Group
Investment Insights
Based on property information with market context.
This is a lower-level medical condo unit, fully equipped and furnished, with a capitalization rate of 9%. The property has a 3% assumable mortgage. The single, low-level unit is subdivided and contains 5,870 square feet. It is furnished and equipped. There are six tenants and two parking spaces. The property is located steps from the L and M lines at the Myrtle Avenue-Wyckoff Avenue station. Approximately $700,000 has been invested in improvements, furniture, equipment, and an ADA elevator. The net operating income is $185,124, with a capitalization rate of 9%. The seller has a $300,000 transferable/assumable mortgage at 3% with a 2035 maturity. The price per square foot is $391.
Key Highlights
- 9% CAP Rate
- Assumable $300,000 Mortgage at 3% with 2035 Maturity
- Fully Equipped and Furnished Medical Condo**
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
$135,350
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
6.59%
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%
$2,707,000
$2.7M
Cap Rate 7%
$1,933,571
$1.9M
Cap Rate 9%
$1,503,889
$1.5M
Market Conditions
NOI Build-Up for 5,870 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
$246.5K $42.00/SF
− Vacancy
−$21.0K −$3.57/SF
EGI
$225.6K $38.43/SF
− OpEx
−$90.2K −$15.37/SF
NOI
$135.4K $23.06/SF
Area
Queens County, NY
Vacancy
8.50%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
40.00%
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%
$2,707,000
Cap Rate 7%
$1,933,571
Cap Rate 9%
$1,503,889
Alternative Uses
Best Use
Office B
$2.76M
$2.42M – $3.22M
NOI $193,263 @ 7.0% cap · market cap 9.40%
Second Best
Healthcare Medical
$1.93M
$1.69M – $2.26M
NOI $135,350 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$4.33M
$3.79M – $5.05M
NOI $302,920 @ 7.0% cap · market cap 14.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,275
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
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.
Similar Off Market Nearby
- Holistic Animal Care — 67-27 Cooper Ave, Ridgewood, NY 11385
- Queens Veterinary Behavior Service — 67-40 Myrtle Ave, Glendale, NY 11385
- Glendale Veterinary Clinic — 67-40 Myrtle Ave, Queens, NY 11385
- A Animal Clinic of Queens: Thomas Robert W DVM — 6512 Fresh Pond Rd, Flushing, NY 11385
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully equipped medical condo with six tenants and assumable mortgage.
Where is this medical office space located?
The property is located at 311 St Nicholas Ave Long Island City, NY.
What is the asking price?
The asking price for this property is $2,055,000.
What are key features of this property?
This property features: 9% CAP Rate; Assumable $300,000 Mortgage at 3% with 2035 Maturity; Fully Equipped and Furnished Medical Condo**
