Pre-War Medical Office
For Sale
Contact for pricing
115 East 61st Street, New York, NY 10065
Seventh-floor suite with three windows and existing sports medicine/imaging improvements for medical practices.
Property Size601 SF
Price / SF$723.79
Days on Market55
Property Features for 115 East 61st Street
General Information
Standard status
Active
Size
601 SF
Property subtype
Office
Listing Agency:
Wexler Health Care Properties Team
(212) 836-1075
Listed By:
Paul Wexler · License #NY 30WE0902877
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 11 at 6:22AM
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 Wexler Health Care Properties Team
Investment Insights
Based on property information with market context.
This pre-war medical office suite is located on the 7th floor of a dedicated medical co-op and is presented for sale as a ready-to-occupy medical configuration. The approximately 601-square-foot space currently supports a sports medicine and imaging practice layout with a waiting and reception area, an examining/treatment area, an X-Ray room, an admin/manager office, a lab, and a restroom. The suite includes central air conditioning, recessed and overhead lighting, and a speaker system, and it features three windows that bring in natural light.
The building offers a full-time doorman and two passenger elevators, supporting straightforward tenant and patient access. The suite is at 115 East 61st Street between Park and Lexington Avenue and is accessible by public transportation via Upper East Side subway lines and bus routes. It is also positioned near multiple major New York medical facilities, including Lenox Hill Hospital, Memorial Sloan Kettering Cancer Center, and The Hospital for Special Surgery.
For a healthcare provider seeking an efficient footprint with established back-of-house components, this suite’s mix of clinical rooms and supporting space can reduce the effort required to launch or retool an office-based practice. Its adaptable medical configuration and existing imaging room make it particularly relevant for teams that need exam, lab, and X-Ray capabilities within a managed medical building.
The building offers a full-time doorman and two passenger elevators, supporting straightforward tenant and patient access. The suite is at 115 East 61st Street between Park and Lexington Avenue and is accessible by public transportation via Upper East Side subway lines and bus routes. It is also positioned near multiple major New York medical facilities, including Lenox Hill Hospital, Memorial Sloan Kettering Cancer Center, and The Hospital for Special Surgery.
For a healthcare provider seeking an efficient footprint with established back-of-house components, this suite’s mix of clinical rooms and supporting space can reduce the effort required to launch or retool an office-based practice. Its adaptable medical configuration and existing imaging room make it particularly relevant for teams that need exam, lab, and X-Ray capabilities within a managed medical building.
Key Highlights
- 7th‑floor medical office suite at 115 East 61st Street (Suite 7A) in a dedicated pre‑war medical co‑op
- Approximately 601 SF with three windows for natural light
- Current sports medicine/imaging configuration includes waiting/reception, examining/treatment area, X‑Ray room, lab, and restroom
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
$18,819
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
4.33%
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%
$376,380
$376.4K
Cap Rate 7%
$268,843
$268.8K
Cap Rate 9%
$209,100
$209.1K
Market Conditions
NOI Build-Up for 601 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
$30.9K $51.48/SF
− Vacancy
−$5.8K −$9.73/SF
EGI
$25.1K $41.75/SF
− OpEx
−$6.3K −$10.44/SF
NOI
$18.8K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /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%
$376,380
Cap Rate 7%
$268,843
Cap Rate 9%
$209,100
Alternative Uses
Best Use
Office B
$268.8K
$235.2K – $313.7K
NOI $18,819 @ 7.0% cap · market cap 4.33%
Second Best
Healthcare Medical
$255.9K
$223.9K – $298.6K
NOI $17,915 @ 7.0% cap · market cap 4.12%
Theoretical Best
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $104,718 @ 7.0% cap · market cap 24.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39,092
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10065, NY
32,891
Population
22,734
Households
1.4
Avg Household Size
40
Median Age
86%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
82,228
Density / Sq Mi
$160,938
Median Household Income
$121,212
Median Earnings
$2,828
Median Rent
$1,368,200
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 - Seventh-floor suite with three windows and existing sports medicine/imaging improvements for medical practices.
Where is this medical office space located?
The property is located at 115 East 61st Street New York, NY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 7th‑floor medical office suite at 115 East 61st Street (Suite 7A) in a dedicated pre‑war medical co‑op; Approximately 601 SF with three windows for natural light; Current sports medicine/imaging configuration includes waiting/reception, examining/treatment area, X‑Ray room, lab, and restroom
