Ground-Floor Medical
For Sale
$1,900,000
38-34 Parsons Boulevard #CF2/1B, Flushing, NY 11354
Street-level medical layout with reception, exam rooms, private offices, bathrooms, and storage.
Property Size2,189 SF
Days on Market203
Property Features for 38-34 Parsons Boulevard #CF2/1B
General Information
Standard status
Active
Size
2,189 SF
Property subtype
Commercial
Zoning
R6
Taxes and HOA fees
Annual Taxes
$27,266
Building Details
Building Size
2,189 SF
Year Built
2008
Stories
7
Units
1
Listing Agency:
Meerae Realty Corp
Listed By:
Daniel J. Park CBR
(646) 785-1001
Source:
Mydreamhomerealty
Added: Feb 12
Changed: Aug 30
Last Checked: Aug 31 at 5:10PM
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 2200-square-foot medical office condominium occupies the ground floor and provides a functional clinical layout. The space includes a reception area, four exam rooms, two offices, two bathrooms, and a storage room, with direct street-level access. Built in 2008, the unit is designated R6.
The property is located in downtown Flushing at the intersection of Parsons Boulevard and Roosevelt Avenue. Two deeded parking spaces are associated with the condominium and may be sold separately.
The property is located in downtown Flushing at the intersection of Parsons Boulevard and Roosevelt Avenue. Two deeded parking spaces are associated with the condominium and may be sold separately.
Key Highlights
- 2200 Sqft ground‑floor medical office condominium
- Four exam rooms, two offices, two bathrooms, and a storage room
- Street‑level unit with reception area
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
$72,070
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
3.79%
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%
$1,441,400
$1.4M
Cap Rate 7%
$1,029,571
$1.0M
Cap Rate 9%
$800,778
$800.8K
Market Conditions
NOI Build-Up for 2,189 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
$110.3K $50.40/SF
− Vacancy
−$14.2K −$6.50/SF
EGI
$96.1K $43.90/SF
− OpEx
−$24.0K −$10.97/SF
NOI
$72.1K $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%
$1,441,400
Cap Rate 7%
$1,029,571
Cap Rate 9%
$800,778
Alternative Uses
Best Use
Office B
$1.03M
$900.9K – $1.20M
NOI $72,070 @ 7.0% cap · market cap 3.79%
Second Best
Healthcare Medical
$721.1K
$630.9K – $841.2K
NOI $50,474 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,963 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 medical layout 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: 2200 Sqft ground‑floor medical office condominium; Four exam rooms, two offices, two bathrooms, and a storage room; Street‑level unit with reception area
