Medical Office Suite with Meeting
For Sale
Contact for pricing
98-120 Queens Boulevard 1F, Rego Park, NY 11374
First-floor suite in a renovated co-op building with six separate meeting or patient rooms and an updated bathroom.
Property Size877 SF
Price / SF$342.08
Days on Market56
Property Features for 98-120 Queens Boulevard 1F
General Information
Standard status
Active
Size
877 SF
Property subtype
Office
Additional Details
Floor
1
Public Transit
Yes
Building Details
Year Built
1939
Stories
6
Units
73
Listing Agency:
Corcoran
Listed By:
Henze Marvin · License #10401251103
(415) 420-2438
Source:
Crexi
Added: Jul 23
Changed: Sep 13
Last Checked: Sep 15 at 8:07AM
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 Corcoran
Investment Insights
Based on property information with market context.
Sprawling, turn-key medical office suite built out with six separate meeting/patient rooms and a large updated bathroom. The suite is currently configured for office use, with the option to convert back to residential use. Located on the first floor of a renovated co-op building, it offers direct access to Queens Blvd. Heat and hot water are included.
The suite is centrally located in Rego Park. Surrounding conveniences include a Mount Sinai building across the street, a 24-hour CVS on the corner, and nearby delis and shops. Public transit access is described as including a bus stop on the block and being only 1/2 block to the M/R train at 67th Ave.
Built in 1939, this space is positioned for medical, dental, and therapy office use or a small business, with the noted possibility of growth. Heat and hot water inclusion may help support day-to-day operating needs.
The suite is centrally located in Rego Park. Surrounding conveniences include a Mount Sinai building across the street, a 24-hour CVS on the corner, and nearby delis and shops. Public transit access is described as including a bus stop on the block and being only 1/2 block to the M/R train at 67th Ave.
Built in 1939, this space is positioned for medical, dental, and therapy office use or a small business, with the noted possibility of growth. Heat and hot water inclusion may help support day-to-day operating needs.
Key Highlights
- Six separate meeting/patient rooms in a built‑out medical office suite
- Large updated bathroom
- First‑floor suite in a renovated co‑op building with direct access to 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
$20,222
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
6.74%
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%
$404,440
$404.4K
Cap Rate 7%
$288,886
$288.9K
Cap Rate 9%
$224,689
$224.7K
Market Conditions
NOI Build-Up for 877 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
$36.8K $42.00/SF
− Vacancy
−$3.1K −$3.57/SF
EGI
$33.7K $38.43/SF
− OpEx
−$13.5K −$15.37/SF
NOI
$20.2K $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%
$404,440
Cap Rate 7%
$288,886
Cap Rate 9%
$224,689
Alternative Uses
Best Use
Office B
$412.5K
$360.9K – $481.2K
NOI $28,874 @ 7.0% cap · market cap 9.62%
Second Best
Healthcare Medical
$288.9K
$252.8K – $337.0K
NOI $20,222 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$646.5K
$565.7K – $754.3K
NOI $45,257 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,847
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - First-floor suite in a renovated co-op building with six separate meeting or patient rooms and an updated bathroom.
Where is this medical office space located?
The property is located at 98-120 Queens Boulevard 1F Rego Park, NY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Six separate meeting/patient rooms in a built‑out medical office suite; Large updated bathroom; First‑floor suite in a renovated co‑op building with direct access to Queens Blvd
