Street-Level Medical Office
For Sale
$1,900,000
38-34 Parsons Boulevard, Flushing, NY 11354
Commercial Sale, Flushing, NY
Property Size2,200 SF
Lot Size0.28 Acres
Price / SF$863.64
Days on Market192
Property Features for 38-34 Parsons Boulevard
General Information
Property type
Commercial Sale
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 20
Last Checked: Aug 23 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 2,200-square-foot ground-floor commercial condominium is arranged for medical office operations, with a reception area, four exam rooms, two offices, two bathrooms, and a storage room. The street-level layout provides direct access from the building frontage, while two deeded parking spaces are associated with the unit and may be sold separately.
Built in 2008, the property has forced-air heating, natural gas service, central air conditioning, public water, and public sewer. It is located at 38-34 Parsons Boulevard in Flushing, near the intersection of Parsons Boulevard and Roosevelt Avenue, and is zoned R6.
Built in 2008, the property has forced-air heating, natural gas service, central air conditioning, public water, and public sewer. It is located at 38-34 Parsons Boulevard in Flushing, near the intersection of Parsons Boulevard and Roosevelt Avenue, and is zoned R6.
Key Highlights
- 2,200‑square‑foot ground‑floor commercial condominium
- Medical office layout with 4 exam rooms, 2 offices, 2 bathrooms, reception, and storage
- Street‑level unit at 38‑34 Parsons Boulevard
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Veterinary Care Group - Whitestone — 14938 14th Ave, Whitestone, NY 11357
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with exam rooms, offices, bathrooms, storage, and a reception area for medical office use.
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‑square‑foot ground‑floor commercial condominium; Medical office layout with 4 exam rooms, 2 offices, 2 bathrooms, reception, and storage; Street‑level unit at 38‑34 Parsons Boulevard
