Medical Office Condo
For Sale
$250,000
8708 JUSTICE AVE, Flushing, NY 11373
Condo unit at Queens Center Plaza in a multi-provider medical building with HOA and low taxes.
Property Size416 SF
Price / SF$600.96
Days on Market134
Property Features for 8708 JUSTICE AVE
General Information
Standard status
Active
Size
416 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$3,278
Amenities
Window/Wall Unit
3
Building Details
Year Built
1986
Listing Agency:
Prime Realty
(646) 243-2821
Listed By:
Aislyn Zhu · License #10401305922
(646) 243-2821
Source:
Xome
Added: Mar 29
Changed: Aug 8
Last Checked: Aug 9 at 4:37AM
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 Prime Realty
Investment Insights
Based on property information with market context.
This sale offering is for an individual condo unit (Unit C2) within Queens Center Plaza. The property is described as an affordable option for either retail or medical office use, and it is part of a larger, multi-provider medical condo building.
Public remarks identify Queens Center Plaza as a major medical hub with numerous healthcare providers on-site, including Northwell Health Physician Partners (Ob/Gyn), MB Medical Associates, and Elmhurst Digestive and Liver Diseases, along with various specialists. The building is positioned near Broadway and Queens Blvd, with easy access to the M/R trains and bus lines Q53, Q58, Q59, and Q60.
HOA is listed as $332.50 per month, and the unit is described as having low taxes. If you are looking for a medical-focused condo environment with established provider occupancy, this Unit C2 offering is a fit to review.
Public remarks identify Queens Center Plaza as a major medical hub with numerous healthcare providers on-site, including Northwell Health Physician Partners (Ob/Gyn), MB Medical Associates, and Elmhurst Digestive and Liver Diseases, along with various specialists. The building is positioned near Broadway and Queens Blvd, with easy access to the M/R trains and bus lines Q53, Q58, Q59, and Q60.
HOA is listed as $332.50 per month, and the unit is described as having low taxes. If you are looking for a medical-focused condo environment with established provider occupancy, this Unit C2 offering is a fit to review.
Key Highlights
- Condo unit at Queens Center Plaza (multi‑provider medical building) at 87‑08 Justice Ave in Elmhurst
- HOA is $332.50 per month
- Major medical condo building with numerous healthcare providers, including Northwell Health Physician Partners (Ob/Gyn), MB Medical Associates, and Elmhurst Digestive and Liver Diseases
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
$13,696
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
5.48%
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%
$273,920
$273.9K
Cap Rate 7%
$195,657
$195.7K
Cap Rate 9%
$152,178
$152.2K
Market Conditions
NOI Build-Up for 416 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
$21.0K $50.40/SF
− Vacancy
−$2.7K −$6.50/SF
EGI
$18.3K $43.90/SF
− OpEx
−$4.6K −$10.97/SF
NOI
$13.7K $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 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%
$273,920
Cap Rate 7%
$195,657
Cap Rate 9%
$152,178
Alternative Uses
Best Use
Office B
$195.7K
$171.2K – $228.3K
NOI $13,696 @ 7.0% cap · market cap 5.48%
Second Best
Healthcare Medical
$137.0K
$119.9K – $159.9K
NOI $9,592 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$306.7K
$268.4K – $357.8K
NOI $21,468 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- UThai — 63-55 Wetherole St, Queens, NY 11374
- Vet In Queens/USDA Vet — CD, 9229 Queens Blvd, Queens, NY 11374
- Elmhurst Animal Hospital — 87-06 Queens Blvd, Elmhurst, NY 11373
- Petco Vaccination Clinic — 6135 Junction Blvd, Rego Park, NY 11374
- Spay Neuter Clinic/Veterinary Surgery — 9229 Queens Blvd, Queens, NY 11374
Frequently Asked Questions
What type of property is this?
Medical Office Space - Condo unit at Queens Center Plaza in a multi-provider medical building with HOA and low taxes.
Where is this medical office space located?
The property is located at 8708 JUSTICE AVE Flushing, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Condo unit at Queens Center Plaza (multi‑provider medical building) at 87‑08 Justice Ave in Elmhurst; HOA is $332.50 per month; Major medical condo building with numerous healthcare providers, including Northwell Health Physician Partners (Ob/Gyn), MB Medical Associates, and Elmhurst Digestive and Liver Diseases
