Midtown East Medical/Professional
For Sale
$995,000
235 East 49th Street, New York, NY 10017
Duplex medical/professional space in Midtown East/Turtle Bay, approximately 1,450 SF.
Property Size1,450 SF
Price / SF$686.21
Days on Market503
Property Features for 235 East 49th Street
General Information
Standard status
Active
Size
1,450 SF
Building Details
Year Built
1926
Listing Agency:
East Side
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Corcoran
Added: Apr 30, 2025
Changed: Mar 16
Last Checked: Jul 22 at 2:02AM
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.
This duplex professional/medical space, formerly used as a work/live arrangement, is located in Midtown East/Turtle Bay, between 2nd and 3rd Avenue. It is near NYU Langone Health Hospital and NYC Health + Hospitals/Bellevue. The layout, encompassing approximately 1,450 square feet, includes a waiting and reception area, a four-bay PT/treatment area, three private treatment rooms, two offices/consults, an X-Ray room, a spinal decompression area, two full bathrooms, one restroom, and ample storage. The functional layout accommodates multiple providers and specialties. Equipment available includes: Digital X-Ray, a full array of PT modalities, a Cold Laser, DRX spinal decompression system, a Chattanooga Spinal Decompression System, two stationary spinal decompression tables, three "Hill" Auto Flexi Distraction/Adjusting tables, a DRX9000 spinal decompression machine, a DX Ultrasound, Active Therapeutic Movement equipment, a whole-body vibration system, and a Compression Extension Traction Chair. The suite is accessible via the medical street entrance or the main lobby. 235 East 49th Street is easily accessible by public transportation via the 4 and 6 train lines at Lexington Avenue and 51st Street, E and M train lines at 53rd and 3rd Avenue, Grand Central and the local bus routes (M15, M50, M101, M102, M103).
Key Highlights
- Prime Midtown East/Turtle Bay location, near NYU Langone and Bellevue Hospitals
- Equipped with advanced medical equipment including Digital X‑Ray and DRX9000
- Functional 1,450 sq ft layout with waiting area, 4‑bay PT area, 3 private rooms, 2 offices, X‑Ray room, and spinal decompression area
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
$45,403
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
4.56%
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%
$908,060
$908.1K
Cap Rate 7%
$648,614
$648.6K
Cap Rate 9%
$504,478
$504.5K
Market Conditions
NOI Build-Up for 1,450 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
$74.6K $51.48/SF
− Vacancy
−$14.1K −$9.73/SF
EGI
$60.5K $41.75/SF
− OpEx
−$15.1K −$10.44/SF
NOI
$45.4K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /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%
$908,060
Cap Rate 7%
$648,614
Cap Rate 9%
$504,478
Alternative Uses
Best Use
Office B
$648.6K
$567.5K – $756.7K
NOI $45,403 @ 7.0% cap · market cap 4.56%
Second Best
Healthcare Medical
$617.5K
$540.3K – $720.4K
NOI $43,222 @ 7.0% cap · market cap 4.34%
Theoretical Best
Specialty Retail
$3.61M
$3.16M – $4.21M
NOI $252,648 @ 7.0% cap · market cap 25.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
64,721
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10017, NY
17,401
Population
12,866
Households
1.4
Avg Household Size
38
Median Age
85%
College-Educated
97%
High-School Grad
0.3 sq mi
ZIP Area
58,003
Density / Sq Mi
$132,518
Median Household Income
$94,214
Median Earnings
$2,980
Median Rent
$808,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Duplex medical/professional space in Midtown East/Turtle Bay, approximately 1,450 SF.
Where is this medical office space located?
The property is located at 235 East 49th Street New York, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Prime Midtown East/Turtle Bay location, near NYU Langone and Bellevue Hospitals; Equipped with advanced medical equipment including Digital X‑Ray and DRX9000; Functional 1,450 sq ft layout with waiting area, 4‑bay PT area, 3 private rooms, 2 offices, X‑Ray room, and spinal decompression area
