Ground-Floor Medical Office
For Sale
$1,900,000
38-34 Parsons Boulevard, Flushing, NY 11354
SINGLE_FAMILY - Flushing, NY
Property Size2,200 SF
Lot Size0.28 Acres
Price / SF$863.64
Days on Market182
Property Features for 38-34 Parsons Boulevard
General Information
Property type
Residential
Property subtype
Office
Zoning
R6
Directions
Parsons Blvd & Roosevelt Ave
Standard status
Active
APN
05022-1502
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
27266
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2008
Floors in Building
1
Number of units
1
Building materials
Advanced Framing Technique
Listing Agency:
Meerae Realty Corp
(646) 785-1001
Listed By:
Daniel J. Park CBR · License #10311200557
(646) 785-1001
Added: Feb 12
Changed: Aug 2
Last Checked: Aug 13 at 4:06AM
MLS# 960776
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 ground-floor commercial condominium offers 2,200 SF of medical office space designed for patient-facing flow and efficient administration. The layout includes a reception area, four exam rooms, two offices, two bathrooms, and a storage room. The unit is located at street level.
The property is situated at 38-34 Parsons Boulevard in Flushing, Queens, with zoning listed as R6. Building systems include forced air heat with natural gas and central air cooling. Water service is public, and sewer is public sewer.
The unit includes two deeded parking spaces, which can be sold separately. The condominium building was constructed in 2008, supporting a more modern baseline for medical-office improvements.
The property is situated at 38-34 Parsons Boulevard in Flushing, Queens, with zoning listed as R6. Building systems include forced air heat with natural gas and central air cooling. Water service is public, and sewer is public sewer.
The unit includes two deeded parking spaces, which can be sold separately. The condominium building was constructed in 2008, supporting a more modern baseline for medical-office improvements.
Key Highlights
- 2,200 SF ground‑floor medical office condominium at street level
- Reception area plus four exam rooms, two offices, two bathrooms, and storage room
- R6 zoning
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
$72,432
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
3.81%
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%
$1,448,640
$1.4M
Cap Rate 7%
$1,034,743
$1.0M
Cap Rate 9%
$804,800
$804.8K
Market Conditions
NOI Build-Up for 2,200 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
$110.9K $50.40/SF
− Vacancy
−$14.3K −$6.50/SF
EGI
$96.6K $43.90/SF
− OpEx
−$24.1K −$10.97/SF
NOI
$72.4K $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%
$1,448,640
Cap Rate 7%
$1,034,743
Cap Rate 9%
$804,800
Alternative Uses
Best Use
Office B
$1.03M
$905.4K – $1.21M
NOI $72,432 @ 7.0% cap · market cap 3.81%
Second Best
Healthcare Medical
$724.7K
$634.1K – $845.5K
NOI $50,728 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,531 @ 7.0% cap · market cap 5.98%
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
10,652
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor medical office condo with reception, exam rooms, central air, and 2 deeded parking spaces in an R6-zoned setting.
Where is this medical office space located?
The property is located at 38-34 Parsons Boulevard 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 medical office condominium at street level; Reception area plus four exam rooms, two offices, two bathrooms, and storage room; R6 zoning
