Medical Office Space With Treatment
For Sale
$599,000
99-04 57th Avenue Unit L1, Corona, NY 11368
Dental and medical layout includes treatment rooms, reception, patient waiting space, and separate front and rear entrances.
Property Size1,236 SF
Price / SF$484.63
Days on Market65
Property Features for 99-04 57th Avenue Unit L1
General Information
Standard status
Active
Size
1,236 SF
Elevators
Yes
Property subtype
Office
Financials
Asking Price
$599,000
Cap Rate
8.7%
Gross Income
$51,912
HOA Fee
$940.39
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$570
Amenities
doorman
concierge
live-in superintendent
Building Details
Building Size
1,236 SF
Year Built
1962
Buildings
1
Tenancy
Single
Listing Agency:
Winzone Realty Inc
Listed By:
Edward A. Penafiel CBR
Source:
Barbieliteam
Added: Jul 20
Changed: Sep 16
Last Checked: Sep 21 at 7:27AM
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 Winzone Realty Inc
Investment Insights
Based on property information with market context.
This 1,236-square-foot medical office unit is arranged across 7 rooms, including multiple treatment operatories, a patient waiting area, reception and front-desk space, a closet, and 2 bathrooms. Separate front and rear entrances support organized movement through the practice. The space has operated continuously as a dental practice for over 30 years and has been maintained during that time.
The unit is within The Jefferson, a multi-story corner-lot building with a doorman, concierge, live-in superintendent, modern elevator banks, and a cellar-level indoor parking garage. Corona access includes the Long Island Expressway and Grand Central Parkway, with major MTA transit lines nearby. Purchase is subject to co-op board approval, and the property includes 570 shares in Sherwood Owners Corp.
The unit is within The Jefferson, a multi-story corner-lot building with a doorman, concierge, live-in superintendent, modern elevator banks, and a cellar-level indoor parking garage. Corona access includes the Long Island Expressway and Grand Central Parkway, with major MTA transit lines nearby. Purchase is subject to co-op board approval, and the property includes 570 shares in Sherwood Owners Corp.
Key Highlights
- 1,236‑square‑foot medical office unit arranged across 7 rooms
- Multiple treatment operatories, waiting area, reception, closet, and 2 bathrooms
- Operating continuously as a dental practice for over 30 years
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
Current Use
Lease Details
Single-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 - Dental and medical layout includes treatment rooms, reception, patient waiting space, and separate front and rear entrances.
Where is this medical office space located?
The property is located at 99-04 57th Avenue Unit L1 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 arranged across 7 rooms; Multiple treatment operatories, waiting area, reception, closet, and 2 bathrooms; Operating continuously as a dental practice for over 30 years
