Medical Office
For Sale
$1,123,200
4104 27th Street, Long Island City, NY 11101
Commercial Sale, Long Island City, NY
Property Size1,404 SF
Lot Size0.11 Acres
Price / SF$800
Days on Market47
Property Features for 4104 27th Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Elementary school district
Contact Agent
Middle school district
Contact Agent
High school district
Contact Agent
Standard status
Active
APN
00415-1501
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3684
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
2015
Listing Agency:
B Square Realty
(718) 939-8388
Listed By:
Yiwen Zhu · License #1027686
(929) 366-6682
Added: Jul 17
Changed: Aug 19
Last Checked: Sep 1 at 10:06AM
MLS# 1027693
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.
Units S3 and S4 comprise approximately 1,404 square feet of medical office space within a condominium property built in 2015. The combined space is occupied by an established dental practice, providing an existing medical-office configuration for ownership consideration. Electric heating and central air conditioning serve the property.
The property is located at 4104 27th Street in Long Island City, Queens County, with access to the E, F, M, R, and 7 subway lines. An ICAP tax abatement is in place, contributing to the property’s operating structure.
The property is located at 4104 27th Street in Long Island City, Queens County, with access to the E, F, M, R, and 7 subway lines. An ICAP tax abatement is in place, contributing to the property’s operating structure.
Key Highlights
- Approximately 1,404 SF combined across Units S3 and S4
- Occupied by an established dental practice
- Medical office condominium built in 2015
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
$46,225
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
4.12%
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%
$924,500
$924.5K
Cap Rate 7%
$660,357
$660.4K
Cap Rate 9%
$513,611
$513.6K
Market Conditions
NOI Build-Up for 1,404 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
$70.8K $50.40/SF
− Vacancy
−$9.1K −$6.50/SF
EGI
$61.6K $43.90/SF
− OpEx
−$15.4K −$10.97/SF
NOI
$46.2K $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%
$924,500
Cap Rate 7%
$660,357
Cap Rate 9%
$513,611
Alternative Uses
Best Use
Office B
$660.4K
$577.8K – $770.4K
NOI $46,225 @ 7.0% cap · market cap 4.12%
Second Best
Healthcare Medical
$462.5K
$404.7K – $539.6K
NOI $32,373 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$1.04M
$905.7K – $1.21M
NOI $72,453 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,446
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
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 - Combined condominium units are occupied by an established dental practice.
Where is this medical office space located?
The property is located at 4104 27th Street Long Island City, NY.
What is the asking price?
The asking price for this property is $1,123,200.
What are key features of this property?
This property features: Approximately 1,404 SF combined across Units S3 and S4; Occupied by an established dental practice; Medical office condominium built in 2015
