Medical Office
For Sale
$1,123,200
4104 27th Street #S3&S4, Long Island City, NY 11101
Two connected medical-office units are occupied by a dental practice and benefit from ICAP tax abatement.
Property Size1,570 SF
Price / SF$800
Days on Market43
Property Features for 4104 27th Street #S3&S4
General Information
Standard status
Active
Size
1,570 SF
Property subtype
Commercial
Additional Details
Gross Income
$61,367
Public Transit
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$3,684
Building Details
Building Size
1,570 SF
Year Built
2015
Tenancy
Single
Listing Agency:
B Square Realty
(929) 366-6682
Listed By:
Yiwen Zhu · License #1027686
(929) 366-6682
Source:
Professionalchoicerealty
Added: Jul 17
Changed: Aug 28
Last Checked: Aug 28 at 11:31AM
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 B Square Realty
Investment Insights
Based on property information with market context.
Units S3 and S4 comprise approximately 1,404 SF of medical office space within a commercial condominium at 4104 27th Street in Long Island City. The connected units are occupied by an established dental practice, providing an existing medical-office configuration for an owner or investor. The property was built in 2015 and carries an ICAP tax abatement.
The condominium is positioned in a high-density residential setting near new condominium development and population growth. Transit access includes the E, F, M, R, and 7 subway lines, supporting connectivity throughout Long Island City and the surrounding New York City market.
The condominium is positioned in a high-density residential setting near new condominium development and population growth. Transit access includes the E, F, M, R, and 7 subway lines, supporting connectivity throughout Long Island City and the surrounding New York City market.
Key Highlights
- Approximately 1,404 SF across connected Units S3 and S4
- Occupied by an established dental practice
- ICAP tax abatement in place
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- InstaVet — 44-16 23rd St, Queens, NY 11101
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two connected medical-office units are occupied by a dental practice and benefit from ICAP tax abatement.
Where is this medical office space located?
The property is located at 4104 27th Street #S3&S4 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 across connected Units S3 and S4; Occupied by an established dental practice; ICAP tax abatement in place
