Three-Unit Medical Office
For Sale
$850,000
8708 Justice Avenue #C5C6C7, Elmhurst, NY 11373
Ground-level condominium space combines three units and includes one parking space.
Property Size1,359 SF
Price / SF$625.46
Days on Market32
Property Features for 8708 Justice Avenue #C5C6C7
General Information
Standard status
Active
Size
1,359 SF
Total Parking Spaces
1
Property subtype
Commercial
Additional Details
Floor
Ground Floor
Gross Income
$93,780
Public Transit
Yes
Office Units
3
Tenant in Place
Yes
Property Use
Professional Office/Medical Suite/Community Facility
Taxes and HOA fees
Annual Taxes
$10,717
Building Details
Building Size
1,359 SF
Year Built
1986
Units
3
Tenancy
Multi
Listing Agency:
Chase Global Realty Corp
(718) 355-8788
Listed By:
Xi Li · License #10401274964
(917) 650-0731
Source:
Croninreale
Added: Sep 23
Changed: Oct 23
Last Checked: Oct 23 at 3:51PM
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 Chase Global Realty Corp
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Investment Insights
Based on property information with market context.
This medical office condominium comprises three combined ground-level units totaling 1,359 square feet. The individual spaces measure 379, 490 and 490 square feet, and the property includes one parking space.
The Elmhurst property is close to the Broadway and Queens Boulevard commercial district, with access to the M and R trains and Q58, Q59 and Q47 bus routes. Shopping is also nearby.
The Elmhurst property is close to the Broadway and Queens Boulevard commercial district, with access to the M and R trains and Q58, Q59 and Q47 bus routes. Shopping is also nearby.
Key Highlights
- Three combined medical office units totaling 1,359 SF
- Unit areas of 379 SF, 490 SF and 490 SF
- Ground‑level condominium space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,743
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$894,860
$894.9K
Cap Rate 7%
$639,186
$639.2K
Cap Rate 9%
$497,144
$497.1K
Market Conditions
NOI Build-Up for 1,359 SF
Gross rent
$68.5K $50.40/SF
− Vacancy
−$8.8K −$6.50/SF
EGI
$59.7K $43.90/SF
− OpEx
−$14.9K −$10.97/SF
NOI
$44.7K $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 Rate 5%
$894,860
Cap Rate 7%
$639,186
Cap Rate 9%
$497,144
Alternative Uses
Best Use
Office B
$639.2K
$559.3K – $745.7K
NOI $44,743 @ 7.0% cap · market cap 5.26%
Second Best
Healthcare Medical
$447.7K
$391.7K – $522.3K
NOI $31,336 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$1.00M
$876.6K – $1.17M
NOI $70,131 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,354
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Similar Off Market Nearby
- UThai — 63-55 Wetherole St, Queens, NY 11374
- Spay Neuter Clinic/Veterinary Surgery — 9229 Queens Blvd, Queens, NY 11374
- Vet In Queens/USDA Vet — CD, 9229 Queens Blvd, Queens, NY 11374
- Petco Vaccination Clinic — 6135 Junction Blvd, Rego Park, NY 11374
- Elmhurst Animal Hospital — 87-06 Queens Blvd, Elmhurst, NY 11373
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-level condominium space combines three units and includes one parking space.
Where is this medical office space located?
The property is located at 8708 Justice Avenue #C5C6C7 Elmhurst, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three combined medical office units totaling 1,359 SF; Unit areas of 379 SF, 490 SF and 490 SF; Ground‑level condominium space
