NNN Commercial
For Sale
Contact for pricing
120 East 32nd Street, New York, NY 10016
Fully leased under a triple-net structure to a city-funded nonprofit.
Property Size9,797 SF
Price / SF$816.58
Days on Market123
Property Features for 120 East 32nd Street
General Information
Standard status
Active
Size
9,797 SF
Net Rentable
9,797 SF
Property subtype
Retail, Office, Special Purpose
Zoning
C6-2A
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$857,573
Building Details
Buildings
1
Stories
4
Tenancy
Single
Building Size
9,797 SF
Listing Agency:
Avison Young
Listed By:
Alex Woodlief · License #NY 10401244880
(646) 933-2677
Source:
Crexi
Added: May 5
Changed: Aug 30
Last Checked: Aug 30 at 10:07PM
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 Avison Young
Investment Insights
Based on property information with market context.
The property is a 9,797-square-foot commercial building at 120 East 32nd Street in New York. It is fully occupied under a triple-net lease by a city-funded nonprofit that operates a 24-hour drop-in center. The facility provides housing assistance, emergency shelter, and medical care for at-risk adults.
The building is positioned in Manhattan’s Midtown South neighborhood and carries C6-2A zoning. The organization has operated at this address since 2004, establishing a long operating history at the site. The location is described as serving an area with medical, educational, and residential density, with access to professionals and local residents.
The building is positioned in Manhattan’s Midtown South neighborhood and carries C6-2A zoning. The organization has operated at this address since 2004, establishing a long operating history at the site. The location is described as serving an area with medical, educational, and residential density, with access to professionals and local residents.
Key Highlights
- 9,797 SF commercial building at 120 East 32nd Street, New York, NY
- Fully leased to a city‑funded nonprofit on a triple‑net basis
- 24‑hour drop‑in center provides housing assistance, emergency shelter, and medical care
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
$306,771
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
3.83%
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%
$6,135,420
$6.1M
Cap Rate 7%
$4,382,443
$4.4M
Cap Rate 9%
$3,408,567
$3.4M
Market Conditions
NOI Build-Up for 9,797 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
$504.3K $51.48/SF
− Vacancy
−$95.3K −$9.73/SF
EGI
$409.0K $41.75/SF
− OpEx
−$102.3K −$10.44/SF
NOI
$306.8K $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%
$6,135,420
Cap Rate 7%
$4,382,443
Cap Rate 9%
$3,408,567
Alternative Uses
Best Use
Office B
$4.38M
$3.83M – $5.11M
NOI $306,771 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$24.39M
$21.34M – $28.45M
NOI $1,707,029 @ 7.0% cap · market cap 21.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,841
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
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?
NNN property - Fully leased under a triple-net structure to a city-funded nonprofit.
Where is this nnn property located?
The property is located at 120 East 32nd Street New York, NY.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 9,797 SF commercial building at 120 East 32nd Street, New York, NY; Fully leased to a city‑funded nonprofit on a triple‑net basis; 24‑hour drop‑in center provides housing assistance, emergency shelter, and medical care
