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    80-15 164 St Queens, NY 11432

    Sponsored
    For Sale
    $12,900,000

    30,000 SF, 45 parking spaces, high NOI.

    Property size:
    30,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a 30,000-square-foot office building situated on a 19,500-square-foot lot in Queens, New York. The property, located at 80-15 and 80-21 164th Street, zip code 11432, comprises two buildings, each two stories high, constructed in 1953 and renovated in 2015. Currently, the building boasts a 65% occupancy rate with five tenants, including NYU Langone, under a net lease agreement with credit-rated tenants. The asking price is $12,900,000, translating to $430 per square foot. The property features 45 parking spaces and offers a current NOI of $850,000, with a pro-forma NOI projected at $1,000,000, resulting in a current cap rate of 6.59% and a pro-forma cap rate of 7.75%. The property is zoned R4, C1-3, allowing for diverse uses. The building is conveniently located near major transportation arteries, including the Grand Central Parkway and Union Turnpike, and within close proximity to several neighborhoods, including Kew Garden Hills, Fresh Meadows, Hillcrest, and Jamaica. The anticipated occupancy date is March 1, 2024, and rent bumps are included in the lease agreements. This property presents a compelling owner-user or investment opportunity with significant upside potential.

    Property Features for 80-15 164 St

    General Information

    Property type
    Medical offices
    Square Feet
    30,000 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1953/2015
    Buildings
    2
    Stories
    2
    Property Profile Location Intelligence

    Current Use by Public Records

    Bruckner & Orbuch Dentist Comprehensive Clinical Development Mental Health Service NYU LANGONE Doctor

    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
    -73.80440451133
    Latitude
    40.721040899526

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    FAQs

    What type of property is this?
    Medical office - 30,000 SF, 45 parking spaces, high NOI.
    Where is this medical office located?
    The property is located at 80-15 164 St Queens, NY.
    What is the asking price?
    The asking price for this property is $12,900,000.
    Request Owner's contact information
    80-15 164 St Queens, NY 11432
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    Queens, NY 11432
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    Realmo Value Estimation

    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.

    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.

    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
    80-15 164 St Queens, NY 11432
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