Office Condo Near
For Sale
$318,000
8708 Justice Avenue #1D, Elmhurst, NY 11373
Office condominium in an elevator-and-doorman building with medical, financial, and professional use potential.
Property Size455 SF
Days on Market293
Property Features for 8708 Justice Avenue #1D
General Information
Standard status
Active
Size
455 SF
Elevators
Yes
Property subtype
Commercial
Additional Details
HOA Fee
$354
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,319
Amenities
doorman
Building Details
Building Size
455 SF
Year Built
1986
Listing Agency:
CPRE Elite Inc
(917) 532-2039
Listed By:
Andy J. Wu
(917) 532-2039
Source:
Alexandermadisonhomes
Added: Nov 9, 2025
Changed: Aug 27
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 CPRE Elite Inc
Investment Insights
Based on property information with market context.
This office condominium is located in Queens Center Plaza, a 1986 elevator building with doorman service. The space is positioned for medical, financial, or other professional office use and may suit either an owner-user or an investor.
The property is next to Queens Blvd, with the Grand Ave subway station located downstairs. An adjoining unit may also be combined with the condominium, providing an option for additional office area or separate rental use.
The property is next to Queens Blvd, with the Grand Ave subway station located downstairs. An adjoining unit may also be combined with the condominium, providing an option for additional office area or separate rental use.
Key Highlights
- Office condominium in Queens Center Plaza
- Grand Ave subway station downstairs
- Elevator building with doorman service
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
$14,980
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
4.71%
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%
$299,600
$299.6K
Cap Rate 7%
$214,000
$214.0K
Cap Rate 9%
$166,444
$166.4K
Market Conditions
NOI Build-Up for 455 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
$22.9K $50.40/SF
− Vacancy
−$3.0K −$6.50/SF
EGI
$20.0K $43.90/SF
− OpEx
−$5.0K −$10.97/SF
NOI
$15.0K $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%
$299,600
Cap Rate 7%
$214,000
Cap Rate 9%
$166,444
Alternative Uses
Best Use
Office B
$214.0K
$187.3K – $249.7K
NOI $14,980 @ 7.0% cap · market cap 4.71%
Second Best
Healthcare Medical
$149.9K
$131.1K – $174.9K
NOI $10,491 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$335.4K
$293.5K – $391.3K
NOI $23,480 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,354
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Office units - Office condominium in an elevator-and-doorman building with medical, financial, and professional use potential.
Where is this office units located?
The property is located at 8708 Justice Avenue #1D Elmhurst, NY.
What is the asking price?
The asking price for this property is $318,000.
What are key features of this property?
This property features: Office condominium in Queens Center Plaza; Grand Ave subway station downstairs; Elevator building with doorman service
