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    Medical Office Space on 75th Title is generated by Realmo AI

    3 East 75th Street, New York, NY 10021

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    For Lease
    $23,500 SF/Yr $46,020,833/Mo (calc)

    Lower-level medical office with private entrance in Lenox Hill.

    Type:Residential
    Property size:
    23,500 SF
    Added:
    Dec 11, 2024
    Days on Market:
    542
    Last Refresh:
    May 10 at 9:21 pm

    Property Features for 3 East 75th Street

    General Information

    Standard status
    Active
    Size
    23,500 SF
    Property subtype
    Residential

    Building Details

    Year Built
    1924

    We can help!

    Listing Contact
    Paul L Wexler
    Paul L Wexler

    Listing agent Paul L Wexler License #30WE0902877

    Listing office East Side

    Listing date Dec 11, 2024

    Source Corcoran

    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

    HighLights

    • Prime Lenox Hill location on the Upper East Side with a private entrance on 75th Street.
    • Adaptable medical office space, formerly an imaging practice, suitable for any medical specialty.
    • Approximately 4,334 rentable square feet with a functional layout including imaging rooms, flex rooms, offices, and ample storage.
    • Accessible lift providing direct street‑level access.
    • Convenient access to public transportation via multiple train lines (4, 5, 6, Q, A, C, B) and UES bus routes.
    • Proximity to Lenox Hill and New York‑Presbyterian hospitals.

    Overview

    Located in Lenox Hill on the Upper East Side between Fifth Avenue and Madison Avenue, 3 East 75th Street offers a lower-level medical office space available for lease. The suite, formerly an imaging practice but adaptable to any medical specialty, features a private entrance on 75th Street and an accessible lift providing direct street access. The layout encompasses approximately 4,334 rentable square feet, including a waiting room, reception area, three large imaging rooms, two large flex rooms, two offices/consults, two admin offices, eight dressing rooms, five restrooms, and eight closets. The location is easily accessible via the 4, 5, 6, and Q train lines at 86th Street, the A, C, and B train lines at 81st Street, and various UES bus routes. The property is proximate to Lenox Hill and New York-Presbyterian hospitals.
    Property Profile Location Intelligence

    Current Use by Public Records

    Stuart Duncan Condominium Condominium Complex

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Sprague Barbara L NP — 800 Poly Pl, New York, NY 11209
    • Lawrence a Zola, DVM, PC, — 354 E 66th St, New York, NY 10065
    • Veterinary Surgery of New York City — 310 E 65th St #1C, New York, NY 10065
    • Petco Vaccination Clinic — 1155-1157 3rd Ave, New York, NY 10065
    • Milbank J S DVM — 3 E 64th St, New York, NY 10065

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.975
    Latitude
    40.7785

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    FAQs

    What type of property is this?
    Medical Office Space - Lower-level medical office with private entrance in Lenox Hill.
    Where is this medical office space located?
    The property is located at 3 East 75th Street New York, NY.
    What is the lease rate?
    The lease rate is $23,500.
    What are key features of this property?
    This property features: Prime Lenox Hill location on the Upper East Side with a private entrance on 75th Street.; Adaptable medical office space, formerly an imaging practice, suitable for any medical specialty.; Approximately 4,334 rentable square feet with a functional layout including imaging rooms, flex rooms, offices, and ample storage.
    (212) 836-1075
    We can help!
    Listing Contact
    Paul L Wexler
    Paul L Wexler
    Real Estate License ID: 30WE0902877
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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