Medical Office Unit with Treatment
For Sale
$599,000
99-04 57th Avenue, Corona, NY 11368
Commercial Sale, Corona, NY
Property Size1,236 SF
Price / SF$484.63
Days on Market48
Property Features for 99-04 57th Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Garage
Elementary school
Elm Tree Elementary School
Middle school
Is 61 Leonardo Da Vinci
High school
High School For Arts & Business
Elementary school district
Queens 24
Middle school district
Queens24
High school district
Queens24
Standard status
Active
APN
01945-0001-00099-004-00000L1
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
570
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
doorman
concierge
live-in superintendent
Building Details
Year built
1962
Floors in Building
6
Flooring type
Vinyl
Building materials
Brick
Listing Agency:
Winzone Realty Inc
(718) 899-7000
Listed By:
Edward A. Penafiel CBR
(646) 217-8119
Added: Jul 20
Changed: Aug 20
Last Checked: Sep 5 at 8:06AM
MLS# 1028503
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office unit contains 1,236 square feet arranged among 7 rooms, including multiple treatment operatories, a patient waiting area, reception and front-desk space, a closet, and two bathrooms. Separate front and rear entrances support organized movement through the practice. The space has operated as a dental practice for more than 30 years and has been maintained for ongoing professional use.
The unit is located within The Jefferson, a multi-story, full-service building on a corner lot. Building amenities include a doorman, concierge, live-in superintendent, modern elevator banks, and a cellar-level indoor parking garage. The property offers access to the Long Island Expressway and Grand Central Parkway, with major MTA transit lines in the surrounding area. Construction is brick, with central air, electric heat, public water, public sewer, and garage parking.
The unit is located within The Jefferson, a multi-story, full-service building on a corner lot. Building amenities include a doorman, concierge, live-in superintendent, modern elevator banks, and a cellar-level indoor parking garage. The property offers access to the Long Island Expressway and Grand Central Parkway, with major MTA transit lines in the surrounding area. Construction is brick, with central air, electric heat, public water, public sewer, and garage parking.
Key Highlights
- 1,236‑square‑foot medical office unit with 7 rooms
- Multiple treatment operatories, patient waiting area, reception, closet, and 2 bathrooms
- Separate front and rear entry doors
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
$40,694
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
6.79%
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%
$813,880
$813.9K
Cap Rate 7%
$581,343
$581.3K
Cap Rate 9%
$452,156
$452.2K
Market Conditions
NOI Build-Up for 1,236 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
$62.3K $50.40/SF
− Vacancy
−$8.0K −$6.50/SF
EGI
$54.3K $43.90/SF
− OpEx
−$13.6K −$10.97/SF
NOI
$40.7K $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%
$813,880
Cap Rate 7%
$581,343
Cap Rate 9%
$452,156
Alternative Uses
Best Use
Office B
$581.3K
$508.7K – $678.2K
NOI $40,694 @ 7.0% cap · market cap 6.79%
Second Best
Healthcare Medical
$407.1K
$356.3K – $475.0K
NOI $28,500 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$911.2K
$797.3K – $1.06M
NOI $63,784 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,032
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
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 - Configured for dental or medical use with treatment rooms, reception, patient waiting, and separate front and rear entrances.
Where is this medical office space located?
The property is located at 99-04 57th Avenue Corona, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,236‑square‑foot medical office unit with 7 rooms; Multiple treatment operatories, patient waiting area, reception, closet, and 2 bathrooms; Separate front and rear entry doors
