Standalone Medical Office
New
For Sale
$3,690,000
38 Northern Boulevard, Great Neck, NY 11021
Commercial Sale, Great Neck, NY
Property Size8,600 SF
Lot Size0.18 Acres
Price / SF$429.07
Days on Market4
Property Features for 38 Northern Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Basement
Finished
Elementary school
Lakeville Elementary School
Middle school
Great Neck South Middle School
High school
Great Neck South High School
Elementary school district
Great Neck
Middle school district
Great Neck
High school district
Great Neck
Directions
Go Along Northern Boulvard from Queens to Nassau, and The Building will be on Your Right Hand.
Standard status
Active
APN
2289-02-055-00-0673-0
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
46458
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Building materials
Brick
Listing Agency:
Lin Pan Realty Group LLC
(516) 693-9888
Listed By:
Xing Zheng · License #10401395641
(917) 902-3898
Added: Sep 18
Last Checked: Sep 21 at 9:06PM
MLS# 1052892
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 standalone medical office property is a three-story brick building constructed in 1986 and delivered 100% vacant. The facility includes an 800 Amp electrical service, medical-grade plumbing, dual redundant HVAC serving 5 zones, an OTIS passenger elevator, and a private rear staircase. A 2-year-old concrete and rubber roof, along with separate dry and wet fire sprinkler systems, supports the building’s existing medical configuration. Natural gas heating, central air, public water, and public sewer are in place.
The property is located on Northern Boulevard at the Queens and Nassau County border in Great Neck. It includes 21 dedicated on-site parking spaces and offers access to bus and LIRR train commuting. The prior cardiology and radiology configuration provides a factual basis for continued medical or clinical use, subject to applicable approvals.
The property is located on Northern Boulevard at the Queens and Nassau County border in Great Neck. It includes 21 dedicated on-site parking spaces and offers access to bus and LIRR train commuting. The prior cardiology and radiology configuration provides a factual basis for continued medical or clinical use, subject to applicable approvals.
Key Highlights
- 100% vacant three‑story medical office building
- 800 Amp heavy‑duty electrical service and medical‑grade plumbing
- Dual redundant HVAC systems serving 5 zones
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
$150,876
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
4.09%
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%
$3,017,520
$3.0M
Cap Rate 7%
$2,155,371
$2.2M
Cap Rate 9%
$1,676,400
$1.7M
Market Conditions
NOI Build-Up for 8,600 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
$292.1K $33.96/SF
− Vacancy
−$40.6K −$4.72/SF
EGI
$251.5K $29.24/SF
− OpEx
−$100.6K −$11.70/SF
NOI
$150.9K $17.54/SF
Area
Nassau County, NY
Vacancy
13.90%
Lease Rate
$33.96 /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%
$3,017,520
Cap Rate 7%
$2,155,371
Cap Rate 9%
$1,676,400
Alternative Uses
Best Use
Healthcare Medical
$2.16M
$1.89M – $2.51M
NOI $150,876 @ 7.0% cap · market cap 4.09%
Second Best
Office B
$2.11M
$1.85M – $2.46M
NOI $147,880 @ 7.0% cap · market cap 4.01%
Theoretical Best
Specialty Retail
$5.69M
$4.98M – $6.63M
NOI $398,030 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,130
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11021, NY
19,376
Population
8,705
Households
2.2
Avg Household Size
46
Median Age
65%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
8,073
Density / Sq Mi
$122,390
Median Household Income
$74,401
Median Earnings
$2,184
Median Rent
$734,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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
- Petco Vaccination Clinic — 25451 Horace Harding Expy, Little Neck, NY 11362
- Little Neck Veterinary Clinic — 24825 Northern Blvd #2e, Queens, NY 11362
- Animal Medicine and Surgery of Little Neck — 47-41 Little Neck Pkwy, Little Neck, NY 11362
- Parver Edward DVM — 4741 Little Neck Pkwy, Little Neck, NY 11362
- Long Island Bird & Exotics Veterinary Clinic — 333 Great Neck Rd, Great Neck, NY 11021
Frequently Asked Questions
What type of property is this?
Medical Office Space - Vacant three-story facility with medical infrastructure, elevator access, dedicated parking, and flexible owner-user potential.
Where is this medical office space located?
The property is located at 38 Northern Boulevard Great Neck, NY.
What is the asking price?
The asking price for this property is $3,690,000.
What are key features of this property?
This property features: 100% vacant three‑story medical office building; 800 Amp heavy‑duty electrical service and medical‑grade plumbing; Dual redundant HVAC systems serving 5 zones
