First-Floor Medical Office
For Sale
$389,000
35-24 78th Street, Jackson Heights, NY 11372
SINGLE_FAMILY - Jackson Heights, NY
Property Size1,200 SF
Price / SF$324.17
Days on Market108
Property Features for 35-24 78th Street
General Information
Property type
Residential
Property subtype
Office
Standard status
Active
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Building materials
Brick
Listing Agency:
Benjamin Realty Since 1980
(718) 263-1600
Listed By:
Oren Rikin SRS ABR
(917) 435-7989
Added: Apr 28
Changed: Aug 1
Last Checked: Aug 13 at 7:06AM
MLS# 991241
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.
A 1,200 SF first-floor medical office suite located in the Berkeley Co-op in the heart of Jackson Heights, Queens. The space is in need of a total renovation and is being offered with the layout in place for customization by a tenant’s architect and contractor.
The current layout includes a spacious reception/waiting area, three exam rooms, one consultation room, one laboratory, one bathroom, and a kitchen. Cooling is provided by wall/window units and window units. The building materials are brick, and utilities include public water and public sewer.
Monthly maintenance is listed as part of the co-op arrangement. The floor plan is well-suited for a physician practice seeking to own an office space and build out a personalized clinical setting.
The current layout includes a spacious reception/waiting area, three exam rooms, one consultation room, one laboratory, one bathroom, and a kitchen. Cooling is provided by wall/window units and window units. The building materials are brick, and utilities include public water and public sewer.
Monthly maintenance is listed as part of the co-op arrangement. The floor plan is well-suited for a physician practice seeking to own an office space and build out a personalized clinical setting.
Key Highlights
- 1,200 SF first‑floor medical office space in the Berkeley Co‑op
- Includes reception/waiting area, 3 exam rooms, consultation room, and laboratory
- One bathroom and a kitchen included in the current layout
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
$27,670
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
7.11%
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%
$553,400
$553.4K
Cap Rate 7%
$395,286
$395.3K
Cap Rate 9%
$307,444
$307.4K
Market Conditions
NOI Build-Up for 1,200 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
$50.4K $42.00/SF
− Vacancy
−$4.3K −$3.57/SF
EGI
$46.1K $38.43/SF
− OpEx
−$18.4K −$15.37/SF
NOI
$27.7K $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%
$553,400
Cap Rate 7%
$395,286
Cap Rate 9%
$307,444
Alternative Uses
Best Use
Office B
$564.4K
$493.9K – $658.5K
NOI $39,509 @ 7.0% cap · market cap 10.16%
Second Best
Healthcare Medical
$395.3K
$345.9K – $461.2K
NOI $27,670 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$884.7K
$774.1K – $1.03M
NOI $61,926 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
7,725
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11372, NY
68,000
Population
26,613
Households
2.6
Avg Household Size
41
Median Age
35%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
97,143
Density / Sq Mi
$77,133
Median Household Income
$44,415
Median Earnings
$1,795
Median Rent
$454,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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- AmbuVet Pet Ambulance — 81st St, Queens, NY 11372
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- Petco Vaccination Clinic — 7507 31st Ave, East Elmhurst, NY 11370
Frequently Asked Questions
What type of property is this?
Medical Office Space - First-floor medical office with reception, exam rooms, a laboratory, and kitchen, requiring a total renovation.
Where is this medical office space located?
The property is located at 35-24 78th Street Jackson Heights, NY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 1,200 SF first‑floor medical office space in the Berkeley Co‑op; Includes reception/waiting area, 3 exam rooms, consultation room, and laboratory; One bathroom and a kitchen included in the current layout
