Street-Level Medical Office
For Sale
$1,900,000
38-34 Parsons Boulevard Cf2/1b, Flushing, NY 11354
Street-level condominium configured with reception, exam rooms, private offices, bathrooms, and storage.
Property Size2,200 SF
Price / SF$863.64
Days on Market21
Property Features for 38-34 Parsons Boulevard Cf2/1b
General Information
Standard status
Active
Size
2,200 SF
Additional Details
Floor
Ground Floor
Road Access
Yes
Office Units
1
Building Details
Year Built
2008
Listing Agency:
Meerae Realty Corp
(646) 785-1001
Listed By:
Daniel J. Park CBR
Source:
Benny.agcorerealty
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 29 at 11:50AM
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 Meerae Realty Corp
Investment Insights
Based on property information with market context.
This 2,200-square-foot commercial condominium occupies the ground floor and is configured for medical office use. The existing layout includes a reception area, 4 exam rooms, 2 private offices, 2 bathrooms, and a storage room, providing a defined arrangement for patient-facing and administrative functions.
The unit is positioned at street level near the intersection of Parsons Boulevard and Roosevelt Avenue in Flushing. The condominium was built in 2008. Two deeded parking spaces are associated with the property and may be purchased separately.
The unit is positioned at street level near the intersection of Parsons Boulevard and Roosevelt Avenue in Flushing. The condominium was built in 2008. Two deeded parking spaces are associated with the property and may be purchased separately.
Key Highlights
- 2,200‑square‑foot ground‑floor commercial condominium
- Medical office layout with reception area, 4 exam rooms, and 2 offices
- 2 bathrooms plus a dedicated storage room
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
Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
150
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 - Street-level condominium configured with reception, exam rooms, private offices, bathrooms, and storage.
Where is this medical office space located?
The property is located at 38-34 Parsons Boulevard Cf2/1b 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‑square‑foot ground‑floor commercial condominium; Medical office layout with reception area, 4 exam rooms, and 2 offices; 2 bathrooms plus a dedicated storage room
