First-Floor Medical
For Sale
$389,000
35-24 78th Street #B-14, Jackson Heights, NY 11372
The suite includes reception space, three exam rooms, a consultation room, laboratory, bathroom, and kitchen.
Property Size1,200 SF
Price / SF$324.17
Days on Market124
Property Features for 35-24 78th Street #B-14
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Commercial
Property Condition
Severity
Major Repairs Needed
Evidence
needs a total renovation
Additional Details
Floor
First Floor
HOA Fee
$1,172
Office Units
1
Building Details
Building Size
1,200 SF
Listing Agency:
Benjamin Realty Since 1980
(917) 435-7989
Listed By:
Oren Rikin SRS ABR
(917) 435-7989
Source:
Maurafinnegan
Added: Apr 28
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 Benjamin Realty Since 1980
Investment Insights
Based on property information with market context.
Located on the first floor of the Berkeley Co-op at 35-24 78th Street, Suite B-14 is a 1,200-square-foot medical office space in Jackson Heights. The existing configuration includes a reception and waiting area, three exam rooms, one consultation room, one laboratory, one bathroom, and a kitchen.
The interior requires a total renovation, providing an opportunity to rework the space with an architect or contractor. The property is identified as medical office space and is offered for sale.
The interior requires a total renovation, providing an opportunity to rework the space with an architect or contractor. The property is identified as medical office space and is offered for sale.
Key Highlights
- 1,200 SF medical office space
- First‑floor location in the Berkeley Co‑op
- Existing layout includes reception and waiting area, 3 exam rooms, consultation room, laboratory, bathroom, and kitchen
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
2,057
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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Similar Off Market Nearby
- Lawrence Animal Hospital — 7610 34th Ave # 6D, Jackson Heights, NY 11372
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- Petco Vaccination Clinic — 7507 31st Ave, East Elmhurst, NY 11370
- Faber dog grooming — 21-47 78th St, Queens, NY 11370
Frequently Asked Questions
What type of property is this?
Medical Office Space - The suite includes reception space, three exam rooms, a consultation room, laboratory, bathroom, and kitchen.
Where is this medical office space located?
The property is located at 35-24 78th Street #B-14 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 medical office space; First‑floor location in the Berkeley Co‑op; Existing layout includes reception and waiting area, 3 exam rooms, consultation room, laboratory, bathroom, and kitchen
