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    1115 Fifth Ave New York, NY 10128

    Sponsored
    For Sale
    $995,000

    2000 SF Gracious Office Available For Sale

    Property size:
    2,000 SF

    Description

    Added:
    Jun 6, 2025
    Days on Market:
    227
    WELCOME TO MUSEUM MILE. Gracious office available for sale in highly coveted 1115 Fifth Ave. Currently configured as a medical office with private entry on Fifth Avenue as well as lobby access, this grand space boasts more than 2,000 square feet and is suitable to most medical specialties. The coop will additionally consider other professional uses as well as residential conversion.

    Set back on Fifth Ave, with tall windows offering wonderful light along the entirety of the front office, this elegant space features 11 Foot ceilings in many rooms, a large waiting room and reception area, four consults, four exam rooms, two bathrooms and ample storage.

    Designed by J.E.R Carpenter and built in 1926, 1115 Fifth Avenue is one of Carnegie Hill's coveted residences. Building amenities include a 24-hour doorman, fitness center, live-in resident manager and private storage. Located at the heart of Museum Mile, future residents will enjoy proximity to world-class shopping, upscale dining, and many of the City's important cultural institutions. 1115 Fifth Avenue permits 50% financing and there is a 2.5% flip tax paid by the purchaser. Pets are allowed with board approval.

    Property Features for 1115 Fifth Ave

    General Information

    Property type
    Medical offices
    Square Feet
    2,000 SF
    Class
    C
    Elevators
    Yes
    Net Rentable
    2,000 SF
    Lot Size
    1,524,600 SF

    Building Details

    Year Built
    1926
    Buildings
    1
    Stories
    14

    We can help!

    Listing Contact
    Adrienne Berman

    Learn more

    Property Insight Report
    Location Intelligence

    Current Use by Public Records

    Cynthia L. Zara, ... Optometrist B. David Gorman, ... Ophthalmologist KENNETH J ROSENTHAL ... Optometrist American Friends of the Shanghai ... Non-Profit Organization Roumila Real Estate Real Estate Agency

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    State
    New York
    Longitude
    -73.9454605
    Latitude
    40.8020345

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    FAQs

    What type of property is this?
    Medical office - 2000 SF Gracious Office Available For Sale
    Where is this medical office located?
    The property is located at 1115 Fifth Ave New York, NY.
    What is the asking price?
    The asking price for this property is $995,000.
    (212) 452-6212
    Request Owner's contact information
    1115 Fifth Ave New York, NY 10128
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    New York, NY 10128
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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
    1115 Fifth Ave New York, NY 10128
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    We can help!
    Listing Contact
    Adrienne Berman
    (212) 452-6212
    Learn more
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