Medical Office in Carnegie
For Sale
$2,625,000
1175 Park Avenue, New York, NY 10128
Ground-floor medical office in prime Upper East Side location.
Property Size3,000 SF
Price / SF$875
Days on Market310
Property Features for 1175 Park Avenue
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Residential
Amenities
Central air
Excellent light
Pet friendly
Concierge
Doorman
Elevator
Professional Units
Building Details
Year Built
1925
Units
49
Listing Agency:
East Side
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Corcoran
Added: Nov 8, 2025
Changed: Sep 3
Last Checked: Sep 13 at 6:38AM
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 at 1175 Park Avenue, Suite 1C, this ground-floor medical office is situated at the base of a luxury residential co-op. The approximately 3,000-square-foot layout includes oversized waiting and admin/file areas, a reception, six exam rooms, five offices/consults, a storage room, seven closets, and four restrooms. The suite features a fireplace in the waiting area and central air conditioning. It also has a secondary ingress and a rear egress. The space is adaptable to any medical specialty. Located in Carnegie Hill on the Upper East Side, between 92nd Street and 93rd Street, 1175 Park Avenue offers accessibility to public transportation via the 4, 5, and 6 subway lines along Lexington Avenue, as well as uptown/downtown bus routes. The location is proximate to leading medical institutions, including Mount Sinai Hospital, Lenox Hill Hospital, NYC Health+ Hospitals, NewYork-Presbyterian/Weill Cornell Medical Center, Hospital for Special Surgery (HSS), and Memorial Sloan Kettering Cancer Center.
Key Highlights
- Prime Carnegie Hill location on Park Avenue, Upper East Side
- Adaptable 3,000 sq ft medical office space suitable for any specialty
- Proximity to leading medical institutions (Mount Sinai, Lenox Hill, etc.)
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
$123,255
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
4.70%
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%
$2,465,100
$2.5M
Cap Rate 7%
$1,760,786
$1.8M
Cap Rate 9%
$1,369,500
$1.4M
Market Conditions
NOI Build-Up for 3,000 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
$198.0K $66.00/SF
− Vacancy
−$33.7K −$11.22/SF
EGI
$164.3K $54.78/SF
− OpEx
−$41.1K −$13.69/SF
NOI
$123.3K $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%
$2,465,100
Cap Rate 7%
$1,760,786
Cap Rate 9%
$1,369,500
Alternative Uses
Best Use
Office B
$1.76M
$1.54M – $2.05M
NOI $123,255 @ 7.0% cap · market cap 4.70%
Second Best
Healthcare Medical
$870.2K
$761.4K – $1.02M
NOI $60,912 @ 7.0% cap · market cap 2.32%
Theoretical Best
Office A
$2.13M
$1.87M – $2.49M
NOI $149,311 @ 7.0% cap · market cap 5.69%
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor medical office in prime Upper East Side location.
Where is this medical office space located?
The property is located at 1175 Park Avenue New York, NY.
What is the asking price?
The asking price for this property is $2,625,000.
What are key features of this property?
This property features: Prime Carnegie Hill location on Park Avenue, Upper East Side; Adaptable 3,000 sq ft medical office space suitable for any specialty; Proximity to leading medical institutions (Mount Sinai, Lenox Hill, etc.)
