Turn-Key First-Floor Office
For Sale
Contact for pricing
98-120 Queens Boulevard, Flushing, NY 11374
Fully renovated first-floor suite offers five private rooms, a central kitchen, and split-system AC for flexible professional use.
Property Size846 SF
Price / SF$413.71
Days on Market73
Property Features for 98-120 Queens Boulevard
General Information
Standard status
Active
Size
846 SF
Property subtype
Office, Special Purpose
Investment Type
Owner/User
Building Details
Year Built
1939
Units
63
Listing Agency:
Corcoran
Listed By:
Henze Marvin · License #10401251103
(415) 420-2438
Source:
Crexi
Added: Jul 22
Changed: Sep 16
Last Checked: Oct 1 at 11:39AM
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.
This fully renovated, turn-key office suite is located on the first floor of a well-maintained co-op building with direct access to Queens Blvd. The space includes five private rooms, a central kitchen, and a large modern bathroom. Each room features its own split-system AC unit, supporting comfortable, independent temperature control for day-to-day office use. Heat and hot water are included, and the building reports low monthly maintenance. The unit is currently configured as office space with the option to convert back to residential.
Situated in Rego Park, the property is positioned for visibility and foot traffic, with Forest Hills and Flushing nearby. The location is across the street from Mount Sinai and steps from a 24-hour CVS, surrounded by new residential developments, retail, and dining.
Public transit is highly accessible, with the M/R subway at 67th Avenue approximately half a block away and a bus stop on the block.
Situated in Rego Park, the property is positioned for visibility and foot traffic, with Forest Hills and Flushing nearby. The location is across the street from Mount Sinai and steps from a 24-hour CVS, surrounded by new residential developments, retail, and dining.
Public transit is highly accessible, with the M/R subway at 67th Avenue approximately half a block away and a bus stop on the block.
Key Highlights
- Fully renovated first‑floor office suite in a well‑maintained co‑op building (built 1939).
- Five private rooms plus a central kitchen and a large modern bathroom.
- Each room has its own split‑system AC unit for individual climate control.
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
$27,854
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
7.96%
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%
$557,080
$557.1K
Cap Rate 7%
$397,914
$397.9K
Cap Rate 9%
$309,489
$309.5K
Market Conditions
NOI Build-Up for 846 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
$42.6K $50.40/SF
− Vacancy
−$5.5K −$6.50/SF
EGI
$37.1K $43.90/SF
− OpEx
−$9.3K −$10.97/SF
NOI
$27.9K $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%
$557,080
Cap Rate 7%
$397,914
Cap Rate 9%
$309,489
Alternative Uses
Best Use
Office B
$397.9K
$348.2K – $464.2K
NOI $27,854 @ 7.0% cap · market cap 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$623.7K
$545.7K – $727.6K
NOI $43,658 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,847
Businesses Nearby
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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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Fully renovated first-floor suite offers five private rooms, a central kitchen, and split-system AC for flexible professional use.
Where is this office units located?
The property is located at 98-120 Queens Boulevard Flushing, NY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Fully renovated first‑floor office suite in a well‑maintained co‑op building (built 1939).; Five private rooms plus a central kitchen and a large modern bathroom.; Each room has its own split‑system AC unit for individual climate control.
