Medical Office with Separate
For Sale
$400,000
98-120 Queens Boulevard, New York, NY 11375
Co-op medical office currently configured for a doctor's practice along Queens Boulevard in Forest Hills.
Property Size650 SF
Price / SF$615.38
Days on Market21
Property Features for 98-120 Queens Boulevard
General Information
Standard status
Active
Size
650 SF
Property subtype
Office
Amenities
Window/Wall Unit
3
Listing Agency:
Realty Depot LLC
(347) 219-2037
Listed By:
Gregory Yadgaroff
(347) 219-2037
Source:
Xome
Added: Jul 22
Changed: Aug 10
Last Checked: Aug 11 at 4:48AM
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 Realty Depot LLC
Investment Insights
Based on property information with market context.
This medical office is located within a co-op building and is currently configured for use as a doctor's office. A separate entrance provides direct access to the space. The property includes a window or wall unit for climate control.
The building is positioned on Queens Boulevard in Forest Hills. The office may be expanded through the purchase of the neighboring office space, subject to the applicable transaction terms and approvals.
The building is positioned on Queens Boulevard in Forest Hills. The office may be expanded through the purchase of the neighboring office space, subject to the applicable transaction terms and approvals.
Key Highlights
- Medical office in a co‑op building
- Currently configured as a doctor's office
- Separate entrance to the office space
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
$20,353
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
5.09%
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%
$407,060
$407.1K
Cap Rate 7%
$290,757
$290.8K
Cap Rate 9%
$226,144
$226.1K
Market Conditions
NOI Build-Up for 650 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
$33.5K $51.48/SF
− Vacancy
−$6.3K −$9.73/SF
EGI
$27.1K $41.75/SF
− OpEx
−$6.8K −$10.44/SF
NOI
$20.4K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /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%
$407,060
Cap Rate 7%
$290,757
Cap Rate 9%
$226,144
Alternative Uses
Best Use
Office B
$290.8K
$254.4K – $339.2K
NOI $20,353 @ 7.0% cap · market cap 5.09%
Second Best
Healthcare Medical
$276.8K
$242.2K – $322.9K
NOI $19,375 @ 7.0% cap · market cap 4.84%
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,256 @ 7.0% cap · market cap 28.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,347
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11375, NY
72,851
Population
35,415
Households
2.1
Avg Household Size
43
Median Age
61%
College-Educated
93%
High-School Grad
2.4 sq mi
ZIP Area
30,355
Density / Sq Mi
$104,319
Median Household Income
$75,149
Median Earnings
$2,126
Median Rent
$572,800
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
- Bond Vets - Forest Hills — 70-38 Austin St, Forest Hills, NY 11375
- Steinway Court Veterinarian hospital — 107-28 71st Rd, Queens, NY 11375
- Bond Vet - Forest Hills — 70-38 Austin St, Forest Hills, NY 11375
- Premier Veterinary Medical Group - Forest Hills — 11249 Queens Blvd, Forest Hills, NY 11375
- Petco Vaccination Clinic — 9111 Metropolitan Ave, Rego Park, NY 11374
Frequently Asked Questions
What type of property is this?
Medical Office Space - Co-op medical office currently configured for a doctor's practice along Queens Boulevard in Forest Hills.
Where is this medical office space located?
The property is located at 98-120 Queens Boulevard New York, NY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Medical office in a co‑op building; Currently configured as a doctor's office; Separate entrance to the office space
