Brick Mixed-Use Property with Medical
For Sale
$1,589,000
8501 67th Drive, Rego Park, NY 11374
Includes two residential apartments and a separately accessed professional office with accessible entry.
Property Size3,012 SF
Days on Market36
Property Features for 8501 67th Drive
General Information
Standard status
Active
Size
3,012 SF
Total Parking Spaces
2
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$10,846
Building Details
Building Size
3,012 SF
Year Built
1940
Units
3
Listing Agency:
Parkside Realty of Queens Inc
(718) 846-3008
Listed By:
Regina L. Santoro Schaefer
(917) 734-9784
Source:
Cohenandcohenrealty
Added: Aug 15
Changed: Sep 18
Last Checked: Sep 18 at 3:37PM
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 Parkside Realty of Queens Inc
Investment Insights
Based on property information with market context.
This brick, semi-attached mixed-use property combines two two-bedroom apartments with a dedicated medical office. The residential units and professional space are described as ready for occupancy, creating a clear separation between living and office functions.
The office has its own entrance from Woodhaven Blvd and includes a waiting room, four office spaces, a private doctor’s office, and two half baths. Handicap access is provided. The property also includes rear parking for two cars and was built in 1940.
The office has its own entrance from Woodhaven Blvd and includes a waiting room, four office spaces, a private doctor’s office, and two half baths. Handicap access is provided. The property also includes rear parking for two cars and was built in 1940.
Key Highlights
- Two 2‑bedroom apartments
- Separate medical office with private entrance from Woodhaven Blvd
- Office includes a waiting room, 4 office spaces, and a private doctor’s office
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
$99,166
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
6.24%
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%
$1,983,320
$2.0M
Cap Rate 7%
$1,416,657
$1.4M
Cap Rate 9%
$1,101,844
$1.1M
Market Conditions
NOI Build-Up for 3,012 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
$151.8K $50.40/SF
− Vacancy
−$19.6K −$6.50/SF
EGI
$132.2K $43.90/SF
− OpEx
−$33.1K −$10.97/SF
NOI
$99.2K $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%
$1,983,320
Cap Rate 7%
$1,416,657
Cap Rate 9%
$1,101,844
Alternative Uses
Best Use
Office B
$1.42M
$1.24M – $1.65M
NOI $99,166 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$1.05M
$920.3K – $1.23M
NOI $73,627 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,434 @ 7.0% cap · market cap 9.78%
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
Location Intelligence
Trade Area within ½ mile
2,413
Businesses Nearby
Explore this area
Business Placement
Demographics for 11374, NY
47,129
Population
21,197
Households
2.2
Avg Household Size
43
Median Age
51%
College-Educated
90%
High-School Grad
0.9 sq mi
ZIP Area
52,366
Density / Sq Mi
$86,333
Median Household Income
$58,309
Median Earnings
$1,957
Median Rent
$484,500
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes two residential apartments and a separately accessed professional office with accessible entry.
Where is this mixed-use property located?
The property is located at 8501 67th Drive Rego Park, NY.
What is the asking price?
The asking price for this property is $1,589,000.
What are key features of this property?
This property features: Two 2‑bedroom apartments; Separate medical office with private entrance from Woodhaven Blvd; Office includes a waiting room, 4 office spaces, and a private doctor’s office
