Medical Office Condo
For Sale
$259,900
117 Marys Avenue, Kingston, NY 12401
COMMERCIAL - Kingston, NY
Property Size1,239 SF
Lot Size0.44 Acres
Price / SF$209.77
Days on Market228
Property Features for 117 Marys Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
r-1
Zoning description
465- Profess. building, Medical Use
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
90
Security features
Security Lighting
Accessibility
Accessible Elevator Installed
Elementary school district
Kingston Consolidated
Middle school district
Kingston Consolidated
High school district
Kingston Consolidated
Directions
Broadway to Right on Andrew to right on Marys Ave. to left at 117 , first bldg on right
Subdivision
Kingston, City
Standard status
Active
APN
56.33
Size
1,239 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Description
56.33-4-36.104
Tax Annual Amount
6966
Legal Description
56.33-4-36.104
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1995
Floors in Building
3
Flooring type
Laminate
Roof type
Membrane
Listing Agency:
Vetere, Karen Real Estate
(845) 338-0571
Listed By:
Karen Vetere
(845) 532-3082
Added: Jan 1
Changed: Aug 4
Last Checked: Aug 17 at 2:06AM
MLS# 20260016
Copyright © 2026 Hudson Valley Catskill Region MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Medical office condo building containing 9 condo units. The first floor unit is 1,239 SF and includes a waiting room, an office, and 2–3 exam units, along with two restrooms—one located in the doctor’s private office with a kitchen area and a storage closet. Updates include new flooring. The building features laminate flooring, central air, and a rooftop unit heat pump system for heating and cooling, with a membrane roof.
Accessibility is supported by an accessible elevator installed. Parking is available via two garage parking areas, making the property practical for patient/client access and everyday operations.
The property is served by public water and public sewer. Built in 1995 and currently described under R-1 zoning, the configuration is set up for small medical professional usage.
Accessibility is supported by an accessible elevator installed. Parking is available via two garage parking areas, making the property practical for patient/client access and everyday operations.
The property is served by public water and public sewer. Built in 1995 and currently described under R-1 zoning, the configuration is set up for small medical professional usage.
Key Highlights
- 9 condo units in a medical office building
- First floor unit size: 1,239 SF
- Waiting room, office, and 2–3 exam units plus two restrooms
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
$21,806
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
8.39%
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%
$436,120
$436.1K
Cap Rate 7%
$311,514
$311.5K
Cap Rate 9%
$242,289
$242.3K
Market Conditions
NOI Build-Up for 1,239 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
$41.6K $33.60/SF
− Vacancy
−$5.3K −$4.27/SF
EGI
$36.3K $29.33/SF
− OpEx
−$14.5K −$11.73/SF
NOI
$21.8K $17.60/SF
Area
Ulster County, NY
Vacancy
12.70%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
40.00%
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%
$436,120
Cap Rate 7%
$311,514
Cap Rate 9%
$242,289
Alternative Uses
Best Use
Office B
$347.7K
$304.2K – $405.6K
NOI $24,337 @ 7.0% cap · market cap 9.36%
Second Best
Healthcare Medical
$311.5K
$272.6K – $363.4K
NOI $21,806 @ 7.0% cap · market cap 8.39%
Theoretical Best
Multifamily LT 5
$11.59M
$10.14M – $13.52M
NOI $811,078 @ 7.0% cap · market cap 312.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,143
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12401, NY
35,493
Population
16,914
Households
2.1
Avg Household Size
42
Median Age
32%
College-Educated
89%
High-School Grad
58.9 sq mi
ZIP Area
603
Density / Sq Mi
$67,426
Median Household Income
$42,503
Median Earnings
$1,300
Median Rent
$285,700
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 - Medical office condo building with accessible elevator, rooftop heat pump HVAC, and garage parking areas on public water and sewer.
Where is this medical office space located?
The property is located at 117 Marys Avenue Kingston, NY.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: 9 condo units in a medical office building; First floor unit size: 1,239 SF; Waiting room, office, and 2–3 exam units plus two restrooms
