Mixed-Use Medical Office and
For Sale
$1,897,000
4010 Forley Street, Elmhurst, NY 11373
COMMERCIAL - Elmhurst, NY
Property Size3,060 SF
Lot Size0.05 Acres
Price / SF$619.93
Days on Market49
Property Features for 4010 Forley Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Elmhurst
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #24
Directions
Britton Avenue to Forley Street
Standard status
Active
Size
3,060 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
38172
Utilities
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1955
Floors in Building
3
Listing Agency:
NY SUPERIOR REALTY
(718) 205-7770
Listed By:
Nora Avalos
Added: Jul 14
Changed: Aug 4
Last Checked: Aug 31 at 7:06PM
MLS# 11885517
Copyright © 2026 My State 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 three-story solid brick mixed-use property includes a first-floor medical office, a second-floor office, and a third-floor three-bedroom apartment. The second-floor office is described as deliverable vacant, and the third-floor apartment can be delivered vacant, supporting flexible owner-user or investment use. The building also includes two front parking spaces.
The property is located in Elmhurst, Queens, a few blocks from Roosevelt Avenue. Public transit access is noted near the 7 train and Q32 and Q29 bus lines.
Estimated market rents are provided for each space: $5,000/month for the first-floor medical office, $4,000/month for the second-floor office, and $3,500/month for the third-floor apartment, for approximately $150,000 annual gross potential. Actual yearly expenses are listed as $52,872.
The property is located in Elmhurst, Queens, a few blocks from Roosevelt Avenue. Public transit access is noted near the 7 train and Q32 and Q29 bus lines.
Estimated market rents are provided for each space: $5,000/month for the first-floor medical office, $4,000/month for the second-floor office, and $3,500/month for the third-floor apartment, for approximately $150,000 annual gross potential. Actual yearly expenses are listed as $52,872.
Key Highlights
- Mixed‑use brick building (built 1955) with medical office on the first floor, office on the second floor, and a 3‑bedroom apartment on the third floor.
- Second‑floor office will be delivered vacant; third‑floor 3‑bedroom apartment can be delivered vacant for flexible owner‑user or tenant use.
- Estimated market rents: first‑floor medical office $5,000/mo, second‑floor office $4,000/mo, and third‑floor apartment $3,500/mo (about $150,000 annual gross potential).
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
$100,747
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
5.31%
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%
$2,014,940
$2.0M
Cap Rate 7%
$1,439,243
$1.4M
Cap Rate 9%
$1,119,411
$1.1M
Market Conditions
NOI Build-Up for 3,060 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
$154.2K $50.40/SF
− Vacancy
−$19.9K −$6.50/SF
EGI
$134.3K $43.90/SF
− OpEx
−$33.6K −$10.97/SF
NOI
$100.7K $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%
$2,014,940
Cap Rate 7%
$1,439,243
Cap Rate 9%
$1,119,411
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $100,747 @ 7.0% cap · market cap 5.31%
Second Best
Healthcare Medical
$1.01M
$882.0K – $1.18M
NOI $70,557 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$2.26M
$1.97M – $2.63M
NOI $157,911 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
8,506
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
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 - Three-story brick building offers a first-floor medical office, second-floor office, and third-floor three-bedroom apartment plus two front parking spaces.
Where is this medical office space located?
The property is located at 4010 Forley Street Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,897,000.
What are key features of this property?
This property features: Mixed‑use brick building (built 1955) with medical office on the first floor, office on the second floor, and a 3‑bedroom apartment on the third floor.; Second‑floor office will be delivered vacant; third‑floor 3‑bedroom apartment can be delivered vacant for flexible owner‑user or tenant use.; Estimated market rents: first‑floor medical office $5,000/mo, second‑floor office $4,000/mo, and third‑floor apartment $3,500/mo (about $150,000 annual gross potential).
