Ground-Floor Medical Office
For Sale
$1,295,000
1160 PARK AVE, New York, NY 10128
Ground-floor suite with lobby-adjacent storage/office and a secondary entrance for flexible access.
Property Size2,200 SF
Price / SF$588.64
Days on Market296
Property Features for 1160 PARK AVE
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Apartment
Amenities
3
Elevator
Other.
Building Details
Year Built
1925
Listing Agency:
Corcoran Group
(212) 355-3550
Listed By:
Paul Wexler · License #30WE0902877
(212) 836-1075
Source:
Xome
Added: Oct 20, 2025
Changed: Aug 8
Last Checked: Aug 11 at 4:54AM
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 features an approximately 1,850 SF main office suite along with an additional 350 SF storage/office space off the lobby. The unit includes lobby-accessible secondary space and supplemental storage/office areas.
The layout is served by a shared street entrance on Park Ave that is separate from the main lobby, and there is also secondary ingress/egress on East 92nd Street designed to support more flexible patient and staff flow.
A note included in the remarks is that the co-op’s certificate of occupancy for medical use allows for medical and may also allow residential use with proper board approval, subject to the required approvals.
The layout is served by a shared street entrance on Park Ave that is separate from the main lobby, and there is also secondary ingress/egress on East 92nd Street designed to support more flexible patient and staff flow.
A note included in the remarks is that the co-op’s certificate of occupancy for medical use allows for medical and may also allow residential use with proper board approval, subject to the required approvals.
Key Highlights
- 1,850 SF ground‑floor main office suite plus 350 SF storage/office off the lobby
- Lobby‑adjacent storage/office space included
- Secondary ingress/egress on East 92nd Street for flexible patient and staff flow
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
Location Intelligence
Trade Area within ½ mile
16,382
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor suite with lobby-adjacent storage/office and a secondary entrance for flexible access.
Where is this medical office space located?
The property is located at 1160 PARK AVE New York, 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 ground‑floor main office suite plus 350 SF storage/office off the lobby; Lobby‑adjacent storage/office space included; Secondary ingress/egress on East 92nd Street for flexible patient and staff flow
