First-Floor Medical
For Sale
$389,000
35-24 78th Street, Jackson Heights, NY 11372
Commercial Sale, Jackson Heights, NY
Property Size1,200 SF
Price / SF$324.17
Days on Market131
Property Features for 35-24 78th Street
General Information
Property type
Commercial Sale
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: Sep 1
Last Checked: Sep 5 at 1:06PM
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.
This first-floor medical office at 35-24 78th Street contains 1200 Sq Ft within the Berkeley Co-op. The existing configuration includes a reception and waiting area, three exam rooms, a consultation room, laboratory, bathroom, and kitchen. The space requires a total renovation, allowing the interior arrangement and finishes to be reworked for a medical practice.
The property is served by public water and public sewer. Cooling is provided through window and wall/window units, and the building’s construction materials include brick. Its Jackson Heights location places the office within Queens County and ZIP Code 11372.
The property is served by public water and public sewer. Cooling is provided through window and wall/window units, and the building’s construction materials include brick. Its Jackson Heights location places the office within Queens County and ZIP Code 11372.
Key Highlights
- 1200 Sq Ft first‑floor medical office
- Existing layout includes three exam rooms and one consultation room
- Reception and waiting area, 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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Lawrence Animal Hospital — 7610 34th Ave # 6D, Jackson Heights, NY 11372
- AmbuVet Pet Ambulance — 81st St, Queens, NY 11372
- 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 - Medical office condominium with multiple treatment rooms, administrative areas, and renovation needs.
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: 1200 Sq Ft first‑floor medical office; Existing layout includes three exam rooms and one consultation room; Reception and waiting area, laboratory, bathroom, and kitchen
