Ground-Level Medical Office Condo with Two
For Sale
$939,000
94-18 59th Avenue Unit E3, Elmhurst, NY 11373
Ground-level medical office condo with two separate entrances, currently operating as a long-running dental practice.
Property Size1,850 SF
Days on Market63
Property Features for 94-18 59th Avenue Unit E3
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Office
Additional Details
Floor
Ground
HOA Fee
$848
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$22,400
Building Details
Building Size
1,850 SF
Year Built
1964
Tenancy
Single
Listing Agency:
LAFFEY REAL ESTATE
Listed By:
Armen H. Caprielian
(516) 625-0944
Source:
Serhant
Added: Jul 15
Changed: Sep 13
Last Checked: Sep 15 at 8:40AM
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 LAFFEY REAL ESTATE
Investment Insights
Based on property information with market context.
Ground-level medical office condo currently home to a successful dental practice that has served the community for over 40 years. The unit offers more than 1,800 square feet of versatile office space and features two separate entrances, providing flexible access for a variety of professional medical uses. The condo unit is being used as a dental office, and the building itself is a stock cooperative.
The property is located in Elmhurst, Queens, in one of the area’s busiest commercial corridors. It is convenient to the subway and multiple bus lines, with a surrounding mix of residential and commercial buildings. It is also near Queens Center Mall and Queens Place Mall, supporting visibility and day-to-day accessibility.
Built in 1964, the property presents an established commercial setting suited to medical office tenants seeking a ground-level arrangement with dual entry points.
The property is located in Elmhurst, Queens, in one of the area’s busiest commercial corridors. It is convenient to the subway and multiple bus lines, with a surrounding mix of residential and commercial buildings. It is also near Queens Center Mall and Queens Place Mall, supporting visibility and day-to-day accessibility.
Built in 1964, the property presents an established commercial setting suited to medical office tenants seeking a ground-level arrangement with dual entry points.
Key Highlights
- More than 1,800 square feet of versatile office space
- Two separate entrances for flexible patient/client access
- Currently operating dental practice with over 40 years of 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
$60,909
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
6.49%
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%
$1,218,180
$1.2M
Cap Rate 7%
$870,129
$870.1K
Cap Rate 9%
$676,767
$676.8K
Market Conditions
NOI Build-Up for 1,850 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
$93.2K $50.40/SF
− Vacancy
−$12.0K −$6.50/SF
EGI
$81.2K $43.90/SF
− OpEx
−$20.3K −$10.97/SF
NOI
$60.9K $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%
$1,218,180
Cap Rate 7%
$870,129
Cap Rate 9%
$676,767
Alternative Uses
Best Use
Office B
$870.1K
$761.4K – $1.02M
NOI $60,909 @ 7.0% cap · market cap 6.49%
Second Best
Healthcare Medical
$609.4K
$533.2K – $711.0K
NOI $42,657 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,469 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,387
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- A Animal Clinic of Queens: Thomas Robert W DVM — 6512 Fresh Pond Rd, Flushing, NY 11385
- Antelyes Animal Hospital — 6209 Fresh Pond Rd, Middle Village, NY 11379
- Veterinary Care Group - Middle Village — 6209 Fresh Pond Rd, Middle Village, NY 11379
- Maspeth Animal Hospital — 71-08 Grand Ave, Maspeth, NY 11378
- InstaVet - At Home End of Life Care — 71-08 grand ave, maspeth, ny 11378
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-level medical office condo with two separate entrances, currently operating as a long-running dental practice.
Where is this medical office space located?
The property is located at 94-18 59th Avenue Unit E3 Elmhurst, NY.
What is the asking price?
The asking price for this property is $939,000.
What are key features of this property?
This property features: More than 1,800 square feet of versatile office space; Two separate entrances for flexible patient/client access; Currently operating dental practice with over 40 years of service
