Medical Office Condo
For Sale
$259,900
117 Marys Avenue Ste 104, Kingston, NY 12401
First-floor suite includes a waiting room, multiple exam rooms, and two restrooms, plus private doctor office amenities.
Property Size1,239 SF
Price / SF$209.77
Days on Market231
Property Features for 117 Marys Avenue Ste 104
General Information
Standard status
Active
Size
1,239 SF
Total Parking Spaces
2
Property subtype
Office
Additional Details
Office Units
9
Taxes and HOA fees
Annual Taxes
$6,966
Building Details
Building Size
1,239 SF
Year Built
1995
Listing Agency:
Vetere, Karen Real Estate
(845) 532-3082
Listed By:
Karen Vetere
Source:
Berardirealty
Added: Jan 2
Changed: Aug 10
Last Checked: Aug 21 at 11:08AM
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 Vetere, Karen Real Estate
Investment Insights
Based on property information with market context.
Medical office building offering nine condo units, with a first-floor suite configured for small medical professional use. The suite includes a waiting room, an office, two to three exam rooms, and two restrooms, including one in the doctor’s private office. The doctor’s private office also includes a kit area and storage closet. Recent improvements include new flooring, and the rooftop HVAC heat pump system supports the space.
The suite also provides access to two separate garage parking areas.
This offering is set within a medical office condominium building and is suited to office-based medical practices looking for a dedicated, first-floor layout.
The suite also provides access to two separate garage parking areas.
This offering is set within a medical office condominium building and is suited to office-based medical practices looking for a dedicated, first-floor layout.
Key Highlights
- Medical office building built in 1995 with 9 condo units
- First‑floor suite totals 1,239 SF and includes a waiting room and office areas
- Suite has 2–3 exam rooms 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
9
Office units
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 - First-floor suite includes a waiting room, multiple exam rooms, and two restrooms, plus private doctor office amenities.
Where is this medical office space located?
The property is located at 117 Marys Avenue Ste 104 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: Medical office building built in 1995 with 9 condo units; First‑floor suite totals 1,239 SF and includes a waiting room and office areas; Suite has 2–3 exam rooms plus two restrooms
