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    40-29 235 St Queens, NY 11363

    • Office Properties & Spaces
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • NEW CORE PHYSICAL THERAPY, P.C. (뉴코어 통증병원) / Physical Therapy Clinic
    • BASI Pilates QUEENS / Near Me Physical Therapy / Pilates Studio
    • NEAR ME PHYSICAL THERAPY, P.C. / Physical Therapy Clinic

    Property Details for 40-29 235 St

    Year built
    2023
    Property type
    Office Properties & Spaces
    Property subtype
    Medical offices

    Description

    This exceptional medical office space, located at 40-29 235th St in Queens, NY 11363, offers one to two rooms for rent in a brand-new (2023) building. Situated in Queens County, this single-tenant opportunity provides flexible lease terms and is perfect for a variety of medical professionals. The suites range in size from 100 to 200 square feet, offering a comfortable and efficient workspace. The building's modern design and prime location make it an ideal setting for establishing or expanding a medical practice. The address is easily accessible for patients and staff alike. This is a fantastic chance to secure a space in a thriving medical community within a newly constructed building. The property is classified as an office building, specifically a medical office, and is perfect for doctors, aestheticians, chiropractors, acupuncturists, and other medical professionals seeking a modern and convenient location to serve their patients. The building's precise square footage is not yet available. This opportunity offers a chance to establish a presence in a desirable and accessible location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.749
    Latitude
    40.7691

    Comparable in this City

    • Value Estimation by Request

      40-29 235 St

      Medical offices
      40-29 235 St, Queens, NY 11363
      View Details
    • Value Estimation
      $250,000
      565 SF

      142 Rdg Rdb2

      OFFICE (GENERAL) • 565 SF
      142 Rdg Rdb2, Flushing, NY 11363
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    • Value Estimation
      $385,000
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      4001 Little Nck Pkwy

      OFFICE (GENERAL) • 5,974 SF
      4001 Little Nck Pkwy, Flushing, NY 11363-1746
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    • Value Estimation
      $270,000
      1,260 SF

      4427 Douglaston Pkwy

      OFFICE BUILDING (MULTI-STORY) • 1,260 SF
      4427 Douglaston Pkwy, Flushing, NY 11363-1843
      View Details
    • Value Estimation
      $1,840,000
      3,360 SF

      4224 235th St

      OFFICE BUILDING (MULTI-STORY) • 3,360 SF
      4224 235th St, Flushing, NY 11363-1525
      View Details
    • Value Estimation
      $325,000
      2,400 SF

      4026 235th St

      OFFICE BUILDING (MULTI-STORY) • 2,400 SF
      4026 235th St, Flushing, NY 11363-1508
      View Details

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    Queens, NY 11363
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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