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    311 St Nicholas Ave Queens, NY 11385

    Sponsored
    For Sale
    $2,055,000

    High-yield medical office, 100% leased.

    Property size:
    5,870 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    395
    This exceptional investment opportunity presents a fully equipped and furnished 5,870 square foot medical office condo in Ridgewood, Queens. Located at 311 St Nicholas Ave, 11385, this Class B property boasts a 9.01% cap rate and a strong net operating income (NOI) of $185,124. Currently 100% occupied with a multi-tenant lease structure (six tenants), the property offers a gross lease type with built-in 3% annual rent bumps. The building was constructed in 2011 and includes two parking spaces. The asking price is $2,055,000, translating to a price per square foot of $350.09. Significant improvements, including furniture, equipment, and an ADA-compliant elevator, totaling approximately $700,000 in investment, have been made. Conveniently located near the L and M train lines at Myrtle Avenue-Wyckoff Avenue station, this stabilized investment offers a significant advantage with a $300,000 assumable mortgage at a 3% interest rate, maturing in 2035. This is a rare opportunity to acquire a high-performing medical office building with substantial upside potential.

    Property Features for 311 St Nicholas Ave

    General Information

    Property type
    Medical offices
    Square Feet
    5,870 SF
    Class
    B

    Building Details

    Year Built
    2011

    HighLights

    • 5,870 SF fully equipped & furnished medical office condo in Ridgewood, Queens.
    • Ground floor unit, subdivided into six tenant spaces, with two parking spaces.
    • Excellent transit access: Steps from the L & M trains at Myrtle Avenue‑Wyckoff Avenue.
    • $700,000 invested in recent improvements including furniture, equipment, and an ADA‑compliant elevator.
    • Asking price: $2,055,000 ($350.09/SF).
    • Strong financials: $185,124 NOI, 9% cap rate, and 3% annual rent increases.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis Gift Shop Party City Party Store Skunk Funk Wholesaler Carl's Trading Co Hat Shop Bushka's Kitchen LLC Outdoor Clothing And Equipment Shop

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store 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
    -73.9106761
    Latitude
    40.7013743

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    FAQs

    What type of property is this?
    Medical office - High-yield medical office, 100% leased.
    Where is this medical office 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: 5,870 SF fully equipped & furnished medical office condo in Ridgewood, Queens.; Ground floor unit, subdivided into six tenant spaces, with two parking spaces.; Excellent transit access: Steps from the L & M trains at Myrtle Avenue-Wyckoff Avenue.
    Request Owner's contact information
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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
    311 St Nicholas Ave Queens, NY 11385
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