Queens Medical Office Building For
For Sale
Contact for pricing
79-21 Queens Blvd, Queens, NY 11373
Single-tenant medical office building in Queens, NY.
Property Size7,563 SF
Lot Size0.20 Acres
Price / SF$1,113
Days on Market1394
Property Features for 79-21 Queens Blvd
General Information
Standard status
Active
Size
7,563 SF
Lot size
0.20 Acres
Property subtype
Office
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$475,713
Building Details
Year Renovated
2021
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Northmarq Capital, LLC
Listed By:
Scott Briggs · License #OK 160500
Source:
Crexi
Added: Oct 28, 2022
Changed: Aug 11
Last Checked: Aug 20 at 8:23PM
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 Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
A single-tenant medical office facility is available for sale. The property is a one-story, 7,563-square-foot medical office building that was retrofit-to-suit in 2021. The property is located on 0.20 acres along Queens Boulevard, north of the interchange with the Long Island Expressway, and south of LaGuardia International Airport, and west of Citi Field and the Billie Jean King National Tennis Center. The surrounding area has an estimated population of 2.52 million within a five-mile radius, with an average household income exceeding $111,000 annually. The tenant completed a comprehensive retrofit to meet the standards of a new prototype, focusing on patient quality and energy efficiency. The initial lease term is for fifteen years, with three five-year renewal options. The lease is a standard form used across the tenant's locations, offering minimal expense exposure due to the new construction. The lease includes rental increases of ten percent every five years.
Key Highlights
- Single‑tenant medical office facility in Queens, NY with a 15‑year initial lease term and three 5‑year renewal options.
- Tenant completed a comprehensive retrofit‑to‑suit in 2021 to meet high patient‑quality and energy‑efficiency standards.
- Located on Queens Boulevard (54k VPD) near the Long Island Expressway (182k VPD) and LaGuardia Airport.
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
$249,003
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
2.96%
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%
$4,980,060
$5.0M
Cap Rate 7%
$3,557,186
$3.6M
Cap Rate 9%
$2,766,700
$2.8M
Market Conditions
NOI Build-Up for 7,563 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
$381.2K $50.40/SF
− Vacancy
−$49.2K −$6.50/SF
EGI
$332.0K $43.90/SF
− OpEx
−$83.0K −$10.97/SF
NOI
$249.0K $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%
$4,980,060
Cap Rate 7%
$3,557,186
Cap Rate 9%
$2,766,700
Alternative Uses
Best Use
Office B
$3.56M
$3.11M – $4.15M
NOI $249,003 @ 7.0% cap · market cap 2.96%
Second Best
Healthcare Medical
$2.49M
$2.18M – $2.91M
NOI $174,388 @ 7.0% cap · market cap 2.07%
Theoretical Best
Office A
$5.58M
$4.88M – $6.50M
NOI $390,287 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,632
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
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
- The Veterinarians at Court Square — 27-19 44th Dr, Queens, NY 11101
- InstaVet - Veterinary Care Center — 44-16 23rd St, Queens, NY 11101
- Veterinary Eye Center of New York City (Long Island City) — 5 Ct Square W, Queens, NY 11101
- Skillman Animal Clinic — 45-12 Skillman Ave, Queens, NY 11104
- The Sunnyside Pet Healthcare & Dental Center — 47-04 Greenpoint Ave, Queens, NY 11104
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant medical office building in Queens, NY.
Where is this medical office space located?
The property is located at 79-21 Queens Blvd Queens, NY.
What is the asking price?
The asking price for this property is $8,419,694.
What are key features of this property?
This property features: Single‑tenant medical office facility in Queens, NY with a 15‑year initial lease term and three 5‑year renewal options.; Tenant completed a comprehensive retrofit‑to‑suit in 2021 to meet high patient‑quality and energy‑efficiency standards.; Located on Queens Boulevard (54k VPD) near the Long Island Expressway (182k VPD) and LaGuardia Airport.
