Mixed-Use Medical Office
For Sale
Contact for pricing
114 W 17TH ST, New York, NY 10011
For-sale mixed-use property that includes medical office space.
Property Size24,740 SF
Price / SF$739.69
Days on Market78
Property Features for 114 W 17TH ST
General Information
Standard status
Active
Size
24,740 SF
Property subtype
Mixed Use
Zoning
C6-2A / R8A equiv.
Building Details
Stories
6
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Matthew Fotis · License #10301207136
(212) 430-5234
Source:
Crexi
Added: Jun 19
Changed: Sep 2
Last Checked: Aug 31 at 9:58AM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
114 West 17th Street is a for-sale mixed-use property that includes medical office space. The offering is listed under commercial real estate categories including office spaces and other mixed-use properties, supporting a flexible, mixed-use tenant profile centered on medical office use.
The building is located in the Chelsea neighborhood of Manhattan, New York, positioned between 6th Avenue and 7th Avenue. This mid-block location places it within a dense urban retail and office corridor serving surrounding neighborhoods.
The building is located in the Chelsea neighborhood of Manhattan, New York, positioned between 6th Avenue and 7th Avenue. This mid-block location places it within a dense urban retail and office corridor serving surrounding neighborhoods.
Key Highlights
- Mixed‑use property for sale with medical office space
- Located at 114 West 17th Street between 6th Avenue and 7th Avenue in Manhattan’s Chelsea neighborhood
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
$788,588
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
4.31%
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%
$15,771,760
$15.8M
Cap Rate 7%
$11,265,543
$11.3M
Cap Rate 9%
$8,762,089
$8.8M
Market Conditions
NOI Build-Up for 24,740 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
$1.48M $60.00/SF
− Vacancy
−$222.7K −$9.00/SF
EGI
$1.26M $51.00/SF
− OpEx
−$473.2K −$19.13/SF
NOI
$788.6K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$15,771,760
Cap Rate 7%
$11,265,543
Cap Rate 9%
$8,762,089
Alternative Uses
Best Use
Mixed Use
$11.27M
$9.86M – $13.14M
NOI $788,588 @ 7.0% cap · market cap 4.31%
Second Best
Office B
$11.07M
$9.68M – $12.91M
NOI $774,676 @ 7.0% cap · market cap 4.23%
Theoretical Best
Specialty Retail
$61.58M
$53.88M – $71.84M
NOI $4,310,698 @ 7.0% cap · market cap 23.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
46,745
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10011, NY
53,318
Population
35,049
Households
1.5
Avg Household Size
39
Median Age
79%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
88,863
Density / Sq Mi
$146,571
Median Household Income
$113,503
Median Earnings
$2,868
Median Rent
$1,165,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Pure Paws Veterinary Care of Hudson Square — 350 Hudson St, New York, NY 10014
- Animal Health Systems Inc — 26 Carmine St, New York, NY 10014
- Bond Vet - NoHo — 688 Broadway, Manhattan, NY 10012
- East Village Veterinarian — 9 st marks pl, new york, ny 10003
- St. Marks Veterinary Hospital — 348 E 9th St Ste B, New York, NY 10003
Frequently Asked Questions
What type of property is this?
Medical Office Space - For-sale mixed-use property that includes medical office space.
Where is this medical office space located?
The property is located at 114 W 17TH ST New York, NY.
What is the asking price?
The asking price for this property is $18,300,000.
What are key features of this property?
This property features: Mixed‑use property for sale with medical office space; Located at 114 West 17th Street between 6th Avenue and 7th Avenue in Manhattan’s Chelsea neighborhood
