Medical Office Condo in Murray
For Sale
Contact for pricing
333 E 34th St Unit 1ABC, New York, NY 10016
Medical/professional condo office space in full-service building, Murray Hill.
Property Size2,260 SF
Price / SF$800
Days on Market1147
Property Features for 333 E 34th St Unit 1ABC
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Office
Listing Agency:
Wexler Health Care Properties Team
(212) 836-1075
Listed By:
Paul Wexler · License #NY 30WE0902877
Source:
Crexi
Added: Jul 5, 2023
Changed: Aug 8
Last Checked: Aug 24 at 4:29AM
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 Wexler Health Care Properties Team
Investment Insights
Based on property information with market context.
Located in Murray Hill, 333 East 34th Street, Suite 1ABC is a 2,260 square-foot medical/professional condominium office space available for sale. Situated on the ground floor of a full-service residential building with a 24-hour doorman, the suite is located between First and Second Avenue. The layout includes a large waiting room, a reception area with extended file and admin areas, five exam rooms, four consults/offices, three restrooms, three storage rooms, and a nurses’ station. The suite may be divided into three individual suites, each with a dedicated entrance. Formerly a rheumatology practice, this office is adaptable to any medical specialty. The building is easily accessible by public transportation via the E, M, and 6 trains, crosstown bus routes, and the FDR. The building is centrally located between Lenox Hill and Mount Sinai Beth Israel hospitals. The common charges are $1,728 per month and the real estate taxes are $41,077 per year, with 90% maximum financing available.
Key Highlights
- Prime Murray Hill location in a full‑service residential building with a 24‑hour doorman.
- Adaptable 2,260 sq ft medical/professional space, formerly a rheumatology practice, suitable for any medical specialty.
- Divisible into three individual suites, each with a dedicated entrance.
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
$70,767
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
3.91%
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%
$1,415,340
$1.4M
Cap Rate 7%
$1,010,957
$1.0M
Cap Rate 9%
$786,300
$786.3K
Market Conditions
NOI Build-Up for 2,260 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
$116.3K $51.48/SF
− Vacancy
−$22.0K −$9.73/SF
EGI
$94.4K $41.75/SF
− OpEx
−$23.6K −$10.44/SF
NOI
$70.8K $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%
$1,415,340
Cap Rate 7%
$1,010,957
Cap Rate 9%
$786,300
Alternative Uses
Best Use
Office B
$1.01M
$884.6K – $1.18M
NOI $70,767 @ 7.0% cap · market cap 3.91%
Second Best
Healthcare Medical
$962.4K
$842.1K – $1.12M
NOI $67,366 @ 7.0% cap · market cap 3.73%
Theoretical Best
Specialty Retail
$5.63M
$4.92M – $6.56M
NOI $393,782 @ 7.0% cap · market cap 21.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical/professional condo office space in full-service building, Murray Hill.
Where is this medical office space located?
The property is located at 333 E 34th St Unit 1ABC New York, NY.
What is the asking price?
The asking price for this property is $1,808,000.
What are key features of this property?
This property features: Prime Murray Hill location in a full‑service residential building with a 24‑hour doorman.; Adaptable 2,260 sq ft medical/professional space, formerly a rheumatology practice, suitable for any medical specialty.; Divisible into three individual suites, each with a dedicated entrance.
