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    168-30 89 Ave Queens, NY 11432

    Sponsored
    For Lease
    $50 SF/Yr ($14,583 /Mo)

    Jamaica, Queens Medical Office Space

    Lot size:
    3,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional two-story, 3,500-square-foot medical office building, situated on a 5,000-square-foot lot in the heart of Jamaica, Queens, presents a unique investment opportunity. Currently configured as a licensed healthcare facility offering a range of services including nursing, home health aide, personal care, physical therapy, medical social work, and surgical supplies sales, the property boasts four suites, with a minimum divisible space of 900 square feet. Built in 1957, the building includes ten parking spaces, a significant advantage in this location. The property is zoned R6A and enjoys excellent accessibility, being just two blocks from the F train line, providing a 40-minute commute to Manhattan. Public transportation options also include proximity to the Q-17 bus and other major routes. Furthermore, the location offers convenient access to JFK Airport (15-minute drive), Saint John's University (8-minute bus ride), York College (7-minute bus ride), and various public services including a police precinct, DMV, library, and post office. The surrounding area is vibrant, with numerous amenities including a Planet Fitness, Home Depot, and various shops and restaurants within a two-block radius. The property's strategic location, bordering five neighborhoods and near several ongoing development projects, makes it an attractive prospect for a long-term NNN tenant. Subletting will be considered. All zoning information should be independently verified.

    Property Features for 168-30 89 Ave

    General Information

    Property type
    Coworking space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    3,500 SF
    Total Rate
    14583.33

    Building Details

    Year Built
    1957
    Stories
    2

    Unit(s) available at that property

    Space
    Size
    3,500 SF
    Rate per SF
    $72

    We can help!

    Listing Contact
    Christos Lolis
    Christos Lolis

    Learn more

    HighLights

    • 3,500 SF medical office building on a 5,000 SF lot in Jamaica, Queens.
    • Four suites, minimum 900 SF divisible space, currently operating as a multi‑service healthcare facility.
    • Ten parking spaces.
    • R6A zoning, two blocks from the F train, near Q‑17 bus, and major roadways.
    • Convenient access to JFK Airport, Saint John's University, York College, and numerous amenities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Heron Surgical Supply ... Medical Supply Store

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.7927707
    Latitude
    40.7088377

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    FAQs

    What type of property is this?
    Coworking space - Jamaica, Queens Medical Office Space
    Where is this coworking space located?
    The property is located at 168-30 89 Ave Queens, NY.
    What is the lease rate?
    The lease rate is $72 SF/Yr.
    What are key features of this property?
    This property features: 3,500 SF medical office building on a 5,000 SF lot in Jamaica, Queens.; Four suites, minimum 900 SF divisible space, currently operating as a multi-service healthcare facility.; Ten parking spaces.
    Request Owner's contact information
    168-30 89 Ave Queens, NY 11432
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    Queens, NY 11432
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    168-30 89 Ave Queens, NY 11432
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    We can help!
    Listing Contact
    Christos Lolis
    Christos Lolis
    Real Estate License ID: 10991229709
    Learn more
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