Ground-Floor Medical Office
For Sale
$1,295,000
1160 PARK Avenue 1A1CRES, New York City, NY 10128
Ground-floor co-op with medical and residential use noted in the certificate of occupancy, subject to applicable approvals.
Property Size2,200 SF
Price / SF$588.64
Days on Market289
Property Features for 1160 PARK Avenue 1A1CRES
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Apartment
Zoning
C/O
Additional Details
Floor
Ground Floor
Building Details
Building Size
2,200 SF
Year Built
1925
Tenancy
Single
Listing Agency:
Corcoran Group
(212) 836-1075
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Miradorrealestate
Added: Nov 5, 2025
Changed: Aug 20
Last Checked: Aug 20 at 11:59AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This ground-floor medical co-op offers approximately 2,200 SF across an 1,850 SF primary office suite and an additional 350 SF storage or office area near the lobby. The certificate of occupancy permits medical and residential use. A residential reconfiguration may be possible with proper board approval.
The premises use a shared street-level entrance on Park Avenue, with a separate secondary ingress and egress point on East 92nd Street. The arrangement provides distinct access for patients, staff, and additional office or storage functions. The building dates to 1925.
The premises use a shared street-level entrance on Park Avenue, with a separate secondary ingress and egress point on East 92nd Street. The arrangement provides distinct access for patients, staff, and additional office or storage functions. The building dates to 1925.
Key Highlights
- 1,850 SF main medical office suite plus 350 SF storage/office area
- Certificate of occupancy allows medical and residential use
- Residential conversion may be possible with proper board approval
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
$90,387
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
6.98%
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%
$1,807,740
$1.8M
Cap Rate 7%
$1,291,243
$1.3M
Cap Rate 9%
$1,004,300
$1.0M
Market Conditions
NOI Build-Up for 2,200 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
$145.2K $66.00/SF
− Vacancy
−$24.7K −$11.22/SF
EGI
$120.5K $54.78/SF
− OpEx
−$30.1K −$13.69/SF
NOI
$90.4K $41.08/SF
Area
ZIP 10128
Vacancy
17.00%
Lease Rate
$66.00 /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%
$1,807,740
Cap Rate 7%
$1,291,243
Cap Rate 9%
$1,004,300
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.51M
NOI $90,387 @ 7.0% cap · market cap 6.98%
Second Best
Healthcare Medical
$638.1K
$558.4K – $744.5K
NOI $44,669 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,495 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
17,744
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10128, NY
64,249
Population
35,940
Households
1.8
Avg Household Size
38
Median Age
77%
College-Educated
96%
High-School Grad
0.5 sq mi
ZIP Area
128,498
Density / Sq Mi
$148,705
Median Household Income
$103,078
Median Earnings
$2,648
Median Rent
$1,295,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Kepner Edward S — 1533 1st Ave., New York, NY 10028
- Feline Health — 1533 1st Ave., New York, NY 10028
- Klain, Robert DVM — 204 E 76th St #1, New York, NY 10021
- Tierney Fred DVM — 204 e 76th st #1, new york, ny 10021
- Lenox Hill Veterinarians — 1504 2nd Ave, New York, NY 10075
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor co-op with medical and residential use noted in the certificate of occupancy, subject to applicable approvals.
Where is this medical office space located?
The property is located at 1160 PARK Avenue 1A1CRES New York City, NY.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 1,850 SF main medical office suite plus 350 SF storage/office area; Certificate of occupancy allows medical and residential use; Residential conversion may be possible with proper board approval
