Medical Condo Office in Murray
For Sale
$1,185,000
333 East 34th Street, New York, NY 10016
Turnkey medical office condo in full-service building, Murray Hill.
Property Size1,185 SF
Price / SF$1,000
Days on Market1128
Property Features for 333 East 34th Street
General Information
Standard status
Active
Size
1,185 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$22,920
Amenities
Excellent light
Pet friendly
Window A/C
19334.7
Concierge
Doorman
Elevator
Building Details
Year Built
1961
Units
205
Listing Agency:
East Side
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Corcoran
Added: Aug 10, 2023
Changed: Sep 3
Last Checked: Sep 10 at 6:03AM
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 in Murray Hill, 333 East 34th Street, Suite 1L is a medical condominium office available for sale. The office is situated inside a full-service residential building with a 24-hour doorman, located between First and Second Avenue. The layout features approximately 1,185 square feet, including a waiting room, three exam rooms, an office/consult, a file and admin office, a nurses' station, two restrooms, a kitchenette, and a reception area. This turnkey medical office is adaptable to any medical specialty. The building is centrally located between Lenox Hill and Mount Sinai Beth Israel hospitals. It is easily accessible by public transportation via the E, M, and 6 trains, crosstown bus routes, and the FDR. Real estate taxes are $22,910 per year, and common charges are $983 per month.
Key Highlights
- Turnkey medical condominium office adaptable to any medical specialty.
- Prime Murray Hill location between Lenox Hill and Mount Sinai Beth Israel hospitals.
- Located in a full‑service residential building with a 24‑hour doorman.
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
$37,106
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
3.13%
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%
$742,120
$742.1K
Cap Rate 7%
$530,086
$530.1K
Cap Rate 9%
$412,289
$412.3K
Market Conditions
NOI Build-Up for 1,185 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
$61.0K $51.48/SF
− Vacancy
−$11.5K −$9.73/SF
EGI
$49.5K $41.75/SF
− OpEx
−$12.4K −$10.44/SF
NOI
$37.1K $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%
$742,120
Cap Rate 7%
$530,086
Cap Rate 9%
$412,289
Alternative Uses
Best Use
Office B
$530.1K
$463.8K – $618.4K
NOI $37,106 @ 7.0% cap · market cap 3.13%
Second Best
Healthcare Medical
$504.6K
$441.5K – $588.7K
NOI $35,322 @ 7.0% cap · market cap 2.98%
Theoretical Best
Specialty Retail
$2.95M
$2.58M – $3.44M
NOI $206,474 @ 7.0% cap · market cap 17.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
32,374
Businesses Nearby
Under-served
Demand for This Use
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
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 - Turnkey medical office condo in full-service building, Murray Hill.
Where is this medical office space located?
The property is located at 333 East 34th Street New York, NY.
What is the asking price?
The asking price for this property is $1,185,000.
What are key features of this property?
This property features: Turnkey medical condominium office adaptable to any medical specialty.; Prime Murray Hill location between Lenox Hill and Mount Sinai Beth Israel hospitals.; Located in a full‑service residential building with a 24‑hour doorman.
