88-10 Parsons Blvd Jamaica, NY 11432

Property Details for 88-10 Parsons Blvd

Year built

2007

Property size

4,605 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional Class A medical office condo, located at 88-10 Parsons Blvd, Jamaica, NY 11432, presents a compelling investment opportunity. The 4,605 square foot space is currently 100% occupied by TJH Medical, a reputable tenant with a strong track record, under a triple net (NNN) lease expiring June 30, 2027. This represents a remaining lease term of approximately 2.6 years, providing immediate cash flow. The lease includes annual rent bumps of 3%, ensuring consistent growth in rental income. TJH Medical, affiliated with prominent local hospitals, has occupied the space since 2015 and invested over $1 million in build-outs. The property boasts a 6.21% cap rate and a net operating income (NOI) of $180,059, based on an asking price of $2,900,000 ($629.75 per square foot). Situated within a larger 38,382 square foot mixed-use building on an 11,190 square foot lot, this single-unit condo offers a low-maintenance investment with zero landlord obligations. The property's prime location, one block from the Hillside Avenue/Parsons Boulevard train station, benefits from high population density, with over 111,000 people within a one-mile radius and over 237,000 within three miles. Built in 2007, this property offers a secure and profitable investment opportunity in a thriving Queens, NY market.

Location Insight

City

Jamaica

County

Queens

State

New York

Longitude

-73.8019

Latitude

40.7063