Park Avenue Medical Office
For Sale
$1,295,000
1160 Park Avenue, New York, NY 10128
Ground-floor medical office with direct patient access in Carnegie Hill.
Property Size1,850 SF
Price / SF$700
Days on Market335
Property Features for 1160 Park Avenue
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Residential
Amenities
Pet friendly
Concierge
Doorman
Elevator
Good light
Building Details
Year Built
1925
Units
55
Listing Agency:
East Side
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Corcoran
Added: Oct 3, 2025
Changed: Aug 8
Last Checked: Sep 1 at 7:26PM
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 East Side
Investment Insights
Based on property information with market context.
Located on Park Avenue in Carnegie Hill on the Upper East Side, this 1850-square-foot ground-floor medical office suite is available for sale. The suite is situated at the base of a luxury residential co-op and offers direct patient access through a shared street entrance separate from the building's main residential lobby, as well as a secondary entrance on East 92nd Street. The current layout includes a waiting room, reception area, two private offices or consult rooms, six exam rooms, and five restrooms. The adaptable design is suitable for a wide range of medical specialties. The certificate of occupancy allows for both medical and residential use, and conversion to a residential layout may be possible with board approval. The location offers proximity to the 4, 5, and 6 subway lines along Lexington Avenue, as well as crosstown and uptown/downtown bus routes. Nearby medical institutions include Mount Sinai Hospital, Lenox Hill Hospital, NewYork-Presbyterian/Weill Cornell Medical Center, Hospital for Special Surgery (HSS), and Memorial Sloan Kettering Cancer Center. This property is suited for physicians, specialists, or healthcare groups seeking to own medical space with direct patient access, multiple entry points, and a flexible, fully functional medical layout.
Key Highlights
- Prime Park Avenue location in Carnegie Hill, offering prestige and convenience.
- Direct patient access via a shared street entrance separate from the residential lobby.
- Secondary private entrance 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
$76,007
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
5.87%
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%
$1,520,140
$1.5M
Cap Rate 7%
$1,085,814
$1.1M
Cap Rate 9%
$844,522
$844.5K
Market Conditions
NOI Build-Up for 1,850 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
$122.1K $66.00/SF
− Vacancy
−$20.8K −$11.22/SF
EGI
$101.3K $54.78/SF
− OpEx
−$25.3K −$13.69/SF
NOI
$76.0K $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%
$1,520,140
Cap Rate 7%
$1,085,814
Cap Rate 9%
$844,522
Alternative Uses
Best Use
Office B
$1.09M
$950.1K – $1.27M
NOI $76,007 @ 7.0% cap · market cap 5.87%
Second Best
Healthcare Medical
$536.6K
$469.5K – $626.0K
NOI $37,562 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$1.32M
$1.15M – $1.53M
NOI $92,075 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor medical office with direct patient access in Carnegie Hill.
Where is this medical office space located?
The property is located at 1160 Park Avenue 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: Prime Park Avenue location in Carnegie Hill, offering prestige and convenience.; Direct patient access via a shared street entrance separate from the residential lobby.; Secondary private entrance on East 92nd Street for flexible patient and staff flow.
