Medical Condo with Assumable
311 St Nicholas Ave Queens, NY 11385
311 St Nicholas Ave, Queens, NY, 11385
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For Sale
Contact for pricing
Fully equipped medical condo with six tenants and assumable mortgage.
Property Size5,870 SF
Price / SF$350.09
Days on Market757
Property Features for 311 St Nicholas Ave
General Information
- Standard status
- Active
- Size
- 5,870 SF
- Property subtype
- Office
Building Details
- Year Built
- 2011
Listing Agency
Highcap Group
Listed by
Anthony Volman · License #NY
Source
Crexi
Added: Jun 21, 2024 Checked: Jul 16 at 10:31 am
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 Highcap Group
Investment Insights
Based on property information with market context.
This is a lower-level medical condo unit, fully equipped and furnished, with a capitalization rate of 9%. The property has a 3% assumable mortgage. The single, low-level unit is subdivided and contains 5,870 square feet. It is furnished and equipped. There are six tenants and two parking spaces. The property is located steps from the L and M lines at the Myrtle Avenue-Wyckoff Avenue station. Approximately $700,000 has been invested in improvements, furniture, equipment, and an ADA elevator. The net operating income is $185,124, with a capitalization rate of 9%. The seller has a $300,000 transferable/assumable mortgage at 3% with a 2035 maturity. The price per square foot is $391.
Key Highlights
- 9% CAP Rate
- Assumable $300,000 Mortgage at 3% with 2035 Maturity
- Fully Equipped and Furnished Medical Condo
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $246.5k | $42.00 |
| − Vacancy | −$21.0k | −$3.57 |
| EGI | $225.6k | $38.43 |
| − OpEx | −$90.2k | −$15.37 |
| NOI | $135.4k | $23.06 |
5,870 SF · lease $42.00/SF/yr · vacancy 8.50% · expense 40.00%
Alternative Uses
Best Use
Office B
$2.76M
$2.42M – $3.22M
NOI $193,263 @ 7.0% cap · market cap 9.40%
Second Best
Healthcare Medical
$1.93M
$1.69M – $2.26M
NOI $135,350 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$4.33M
$3.79M – $5.05M
NOI $302,920 @ 7.0% cap · market cap 14.74%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Isalis
(Bike/Boat/Book/etc) Store
Party City
Party Supply Store
Skunk Funk
Big Box & Wholesale Store
Carl's Trading Co
Hat Shop
Bushka's Kitchen LLC
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
Similar Off Market Nearby
- A Animal Clinic of Queens: Thomas Robert W DVM — 6512 Fresh Pond Rd, Flushing, NY 11385
- Queens Veterinary Behavior Service — 67-40 Myrtle Ave, Glendale, NY 11385
- Holistic Animal Care — 67-27 Cooper Ave, Ridgewood, NY 11385
- Glendale Veterinary Clinic — 67-40 Myrtle Ave, Queens, NY 11385
FAQs
What type of property is this?
Medical Office Space - Fully equipped medical condo with six tenants and assumable mortgage.
Where is this medical office space located?
The property is located at 311 St Nicholas Ave Queens, NY.
What is the asking price?
The asking price for this property is $2,055,000.
What are key features of this property?
This property features: 9% CAP Rate; Assumable $300,000 Mortgage at 3% with 2035 Maturity; **Fully Equipped and Furnished Medical Condo**
