Lenox Hill Medical Office
For Sale
$2,995,000
115 East 61st Street, New York, NY 10065
4,200 SF medical office in prime Lenox Hill location.
Property Size4,200 SF
Price / SF$713.10
Days on Market709
Property Features for 115 East 61st Street
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Residential
Amenities
Excellent light
Full city view
Pet friendly
Doorman
Elevator
Building Details
Year Built
1929
Units
36
Listing Agency:
East Side
(212) 836-1075
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Corcoran
Added: Sep 3, 2024
Changed: Aug 8
Last Checked: Apr 6 at 3:20AM
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 Lenox Hill, this medical office suite is available for sale at 115 East 61st Street, situated between Park and Lexington Avenue. The property is located on the 9th floor of a pre-war medical co-op building. The full-floor suite provides direct elevator access via two passenger cars. The space is approximately 4,200 square feet and is currently configured as a dermatology practice. The layout includes two offices/consults, one with a private restroom, three procedure rooms each with a dedicated dressing room, four additional exam rooms, a UVB treatment room, a nurses station, in and out reception areas, a waiting room, a staff lounge, four restrooms, a records room, seven closets, and a janitor's closet. The adaptable medical suite features twenty-five windows on nearly all sides of the horseshoe layout, providing natural light. The property is accessible by public transportation via Upper East Side subway lines and bus routes. It is located in close proximity to medical facilities including Lenox Hill Hospital, Memorial Sloan Kettering Cancer Center, The Manhattan Eye, Ear, Nose and Throat Hospital, The Hospital for Special Surgery, Mount Sinai Medical Center, NY Presbyterian/Weill Cornell Hospitals, and Rockefeller University Hospital.
Key Highlights
- Full‑floor medical suite with direct elevator access.
- Prime Lenox Hill location near top medical facilities and public transportation.
- Approximately 4,200 square feet configured for a medical practice.
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
$131,513
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
4.39%
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%
$2,630,260
$2.6M
Cap Rate 7%
$1,878,757
$1.9M
Cap Rate 9%
$1,461,256
$1.5M
Market Conditions
NOI Build-Up for 4,200 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
$216.2K $51.48/SF
− Vacancy
−$40.9K −$9.73/SF
EGI
$175.4K $41.75/SF
− OpEx
−$43.8K −$10.44/SF
NOI
$131.5K $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%
$2,630,260
Cap Rate 7%
$1,878,757
Cap Rate 9%
$1,461,256
Alternative Uses
Best Use
Office B
$1.88M
$1.64M – $2.19M
NOI $131,513 @ 7.0% cap · market cap 4.39%
Second Best
Healthcare Medical
$1.79M
$1.56M – $2.09M
NOI $125,194 @ 7.0% cap · market cap 4.18%
Theoretical Best
Specialty Retail
$10.45M
$9.15M – $12.20M
NOI $731,808 @ 7.0% cap · market cap 24.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39,092
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10065, NY
32,891
Population
22,734
Households
1.4
Avg Household Size
40
Median Age
86%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
82,228
Density / Sq Mi
$160,938
Median Household Income
$121,212
Median Earnings
$2,828
Median Rent
$1,368,200
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?
Medical Office Space - 4,200 SF medical office in prime Lenox Hill location.
Where is this medical office space located?
The property is located at 115 East 61st Street New York, NY.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Full‑floor medical suite with direct elevator access.; Prime Lenox Hill location near top medical facilities and public transportation.; Approximately 4,200 square feet configured for a medical practice.
