Turnkey Medical Office
New
For Sale
$299,000
98-120 Queens Blvd 1B, Queens, NY 11374
Five private rooms, reception space, central air, and accessibility features support a range of professional services.
Property Size1,000 SF
Price / SF$299
Days on Market4
Property Features for 98-120 Queens Blvd 1B
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
Street Level
Building Details
Building Size
1,000 SF
Listing Agency:
Metro Garden Realty Inc
Listed By:
Roger Mashihi
(347) 489-6828
Source:
Elliman
Added: Sep 16
Last Checked: Sep 18 at 10:20AM
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 Metro Garden Realty Inc
Investment Insights
Based on property information with market context.
This 1000-square-foot medical office co-op occupies a street-level position at 98-120 Queens Blvd, Unit 1B, in a prewar building. The layout includes five private offices or exam rooms, a waiting and reception area, a windowed bathroom, an eat-in kitchen, storage closets, and central air. The space has been renovated and includes network wiring, cameras, intercoms, and workstations, with optional furnishings available. ADA accessibility is also provided.
The property is in Rego Park near Forest Hills, within a busy commercial district and a high-density residential setting. The R/M subway station is at the corner, with local and express bus service nearby. Queens Boulevard provides direct street access, while the Grand Central Parkway, Long Island Expressway, and Van Wyck Expressway are minutes away. Maintenance and common charges include property taxes, building maintenance, trash removal, heat, and hot and cold water.
The property is in Rego Park near Forest Hills, within a busy commercial district and a high-density residential setting. The R/M subway station is at the corner, with local and express bus service nearby. Queens Boulevard provides direct street access, while the Grand Central Parkway, Long Island Expressway, and Van Wyck Expressway are minutes away. Maintenance and common charges include property taxes, building maintenance, trash removal, heat, and hot and cold water.
Key Highlights
- 1000‑square‑foot medical office co‑op
- Five offices or private exam rooms
- Street‑level walk‑in access on Queens Blvd
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
$23,058
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
7.71%
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%
$461,160
$461.2K
Cap Rate 7%
$329,400
$329.4K
Cap Rate 9%
$256,200
$256.2K
Market Conditions
NOI Build-Up for 1,000 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
$42.0K $42.00/SF
− Vacancy
−$3.6K −$3.57/SF
EGI
$38.4K $38.43/SF
− OpEx
−$15.4K −$15.37/SF
NOI
$23.1K $23.06/SF
Area
Queens County, NY
Vacancy
8.50%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
40.00%
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%
$461,160
Cap Rate 7%
$329,400
Cap Rate 9%
$256,200
Alternative Uses
Best Use
Office B
$470.3K
$411.6K – $548.7K
NOI $32,924 @ 7.0% cap · market cap 11.01%
Second Best
Healthcare Medical
$329.4K
$288.2K – $384.3K
NOI $23,058 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$737.2K
$645.1K – $860.1K
NOI $51,605 @ 7.0% cap · market cap 17.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,784
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11374, NY
47,129
Population
21,197
Households
2.2
Avg Household Size
43
Median Age
51%
College-Educated
90%
High-School Grad
0.9 sq mi
ZIP Area
52,366
Density / Sq Mi
$86,333
Median Household Income
$58,309
Median Earnings
$1,957
Median Rent
$484,500
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Five private rooms, reception space, central air, and accessibility features support a range of professional services.
Where is this medical office space located?
The property is located at 98-120 Queens Blvd 1B Queens, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1000‑square‑foot medical office co‑op; Five offices or private exam rooms; Street‑level walk‑in access on Queens Blvd
