Medical Office Space with Separate
For Sale
$400,000
98-120 Queens Boulevard, Forest Hills, NY 11375
A 650-square-foot medical suite in a co-op building, currently configured for a doctor's office.
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
Building Details
Building Size
650 SF
Listing Agency:
Realty Depot LLC
(347) 219-2037
Listed By:
Gregory A. Yadgaroff
Source:
Cbwarburg
Added: Jul 30
Changed: Aug 18
Last Checked: Aug 18 at 9:47AM
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 650-square-foot medical office is located within a co-op building and is currently configured for use as a doctor's office. The suite has its own separate entrance, providing independent access from the building’s common areas.
The property is positioned on Queens Boulevard in Forest Hills, NY. Additional space may be available through the purchase of the neighboring office, allowing for a larger combined footprint.
The property is positioned on Queens Boulevard in Forest Hills, NY. Additional space may be available through the purchase of the neighboring office, allowing for a larger combined footprint.
Key Highlights
- 650 SF medical office space
- Currently configured as a doctor's office
- Separate entrance provides independent access
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
$21,400
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
5.35%
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%
$428,000
$428.0K
Cap Rate 7%
$305,714
$305.7K
Cap Rate 9%
$237,778
$237.8K
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
$32.8K $50.40/SF
− Vacancy
−$4.2K −$6.50/SF
EGI
$28.5K $43.90/SF
− OpEx
−$7.1K −$10.97/SF
NOI
$21.4K $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%
$428,000
Cap Rate 7%
$305,714
Cap Rate 9%
$237,778
Alternative Uses
Best Use
Office B
$305.7K
$267.5K – $356.7K
NOI $21,400 @ 7.0% cap · market cap 5.35%
Second Best
Healthcare Medical
$214.1K
$187.4K – $249.8K
NOI $14,988 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$479.2K
$419.3K – $559.1K
NOI $33,543 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,472
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A 650-square-foot medical suite in a co-op building, currently configured for a doctor's office.
Where is this medical office space located?
The property is located at 98-120 Queens Boulevard Forest Hills, 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: 650 SF medical office space; Currently configured as a doctor's office; Separate entrance provides independent access
