Street-Level Medical Office
For Sale
$388,000
6940 Yellowstone Boulevard, Forest Hills, NY 11375
Commercial Sale, Forest Hills, NY
Property Size1,326 SF
Price / SF$292.61
Days on Market48
Property Features for 6940 Yellowstone Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Basement
Full
Elementary school
Ps 196 Grand Central Parkway
Middle school
Jhs 157 Stephen A Halsey
High school
Forest Hills High School
Elementary school district
Queens 28
Middle school district
Queens 28
High school district
Queens 28
Standard status
Active
APN
02141-0001-06940-000-0000910
Taxes and HOA fees
Tax Year
2026
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Building Details
Building materials
Brick
Listing Agency:
Mitra Hakimi Realty Group LLC
Listed By:
Etan Hakimi · License #1014541
(718) 268-5588
Added: Jul 28
Changed: Aug 19
Last Checked: Sep 13 at 3:06PM
MLS# 1031137
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 9 and 10 are combined into a 1,326-square-foot street-level professional suite currently operating as a dental office. A private entrance opens to a reception and waiting area, with multiple treatment or consultation rooms, private offices, utility space, two bathrooms, storage, and numerous closets. The building features brick construction, public water, and public sewer.
The property is at 6940 Yellowstone Boulevard in Forest Hills, near the Austin Street shopping and dining district. Forest Hills Stadium and Forest Park provide additional nearby amenities. Forest Hills-71 Av Station, served by the E, F, M, and R subway lines, and the Forest Hills LIRR station are within walking distance. Bus service includes the Q23 and express routes to Midtown.
The property is at 6940 Yellowstone Boulevard in Forest Hills, near the Austin Street shopping and dining district. Forest Hills Stadium and Forest Park provide additional nearby amenities. Forest Hills-71 Av Station, served by the E, F, M, and R subway lines, and the Forest Hills LIRR station are within walking distance. Bus service includes the Q23 and express routes to Midtown.
Key Highlights
- 1,326 SF combined medical office suite in Units 9 and 10
- Private street‑level entrance at 6940 Yellowstone Boulevard
- Current dental office configuration with multiple treatment or consultation rooms
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
$30,575
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
7.88%
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%
$611,500
$611.5K
Cap Rate 7%
$436,786
$436.8K
Cap Rate 9%
$339,722
$339.7K
Market Conditions
NOI Build-Up for 1,326 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
$55.7K $42.00/SF
− Vacancy
−$4.7K −$3.57/SF
EGI
$51.0K $38.43/SF
− OpEx
−$20.4K −$15.37/SF
NOI
$30.6K $23.06/SF
Area
Queens County, NY
Vacancy
8.50%
Lease Rate
$42.00 /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%
$611,500
Cap Rate 7%
$436,786
Cap Rate 9%
$339,722
Alternative Uses
Best Use
Office B
$623.7K
$545.7K – $727.6K
NOI $43,657 @ 7.0% cap · market cap 11.25%
Second Best
Healthcare Medical
$436.8K
$382.2K – $509.6K
NOI $30,575 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$977.5K
$855.4K – $1.14M
NOI $68,428 @ 7.0% cap · market cap 17.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,754
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11375, NY
72,851
Population
35,415
Households
2.1
Avg Household Size
43
Median Age
61%
College-Educated
93%
High-School Grad
2.4 sq mi
ZIP Area
30,355
Density / Sq Mi
$104,319
Median Household Income
$75,149
Median Earnings
$2,126
Median Rent
$572,800
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Combined professional suite with a private entrance, treatment rooms, offices, storage, and two bathrooms.
Where is this medical office space located?
The property is located at 6940 Yellowstone Boulevard Forest Hills, NY.
What is the asking price?
The asking price for this property is $388,000.
What are key features of this property?
This property features: 1,326 SF combined medical office suite in Units 9 and 10; Private street‑level entrance at 6940 Yellowstone Boulevard; Current dental office configuration with multiple treatment or consultation rooms
