Turnkey Medical Office
For Sale
$1,550,000
157 East 72nd Street, New York, NY 10021
Ground floor, 1,500 SF medical office suite for sale.
Property Size1,500 SF
Price / SF$1,033
Days on Market297
Property Features for 157 East 72nd Street
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$10,795
Amenities
Central air
Excellent light
Doorman
Elevator
Building Details
Year Built
1923
Units
147
Listing Agency:
East Side
(212) 836-1075
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Corcoran
Added: Oct 31, 2025
Changed: Aug 8
Last Checked: Aug 22 at 8:18AM
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 on the ground floor of a pre-war, full-service condominium building between Lexington and 3rd Avenue, this 1,500 SF medical office suite is available for sale. The suite features a large waiting room, an extensive reception area with file and storage space, three oversized exam rooms (one currently used as a staff kitchen), an office/consultation room, a testing area, and two restrooms. Additional features include recessed lighting, a speaker system, central air conditioning, a secondary egress/ingress, and wiring for a security system. Currently configured as a pediatric ophthalmology practice, the space is adaptable to any medical use. The property is easily accessible via Upper East Side subway lines and bus routes and is in close proximity to several top medical facilities in New York, 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. Monthly expenses total $2,054.63, including common charges of $1,680.49, assessments of $349.14, and a storage room fee of $25.
Key Highlights
- Turnkey medical office suite in a pre‑war, full‑service condominium building.
- Prime location on the ground floor between Lexington and 3rd Avenue.
- Adaptable 1,500 SF layout with a large waiting room, reception area, three oversized exam rooms, office/consultation room, testing area, and two restrooms.
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
$46,969
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
3.03%
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%
$939,380
$939.4K
Cap Rate 7%
$670,986
$671.0K
Cap Rate 9%
$521,878
$521.9K
Market Conditions
NOI Build-Up for 1,500 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
$77.2K $51.48/SF
− Vacancy
−$14.6K −$9.73/SF
EGI
$62.6K $41.75/SF
− OpEx
−$15.7K −$10.44/SF
NOI
$47.0K $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%
$939,380
Cap Rate 7%
$670,986
Cap Rate 9%
$521,878
Alternative Uses
Best Use
Office B
$671.0K
$587.1K – $782.8K
NOI $46,969 @ 7.0% cap · market cap 3.03%
Second Best
Healthcare Medical
$638.7K
$558.9K – $745.2K
NOI $44,712 @ 7.0% cap · market cap 2.88%
Theoretical Best
Specialty Retail
$3.73M
$3.27M – $4.36M
NOI $261,360 @ 7.0% cap · market cap 16.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
28,803
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10021, NY
45,691
Population
29,248
Households
1.6
Avg Household Size
41
Median Age
81%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
114,228
Density / Sq Mi
$156,712
Median Household Income
$99,886
Median Earnings
$3,002
Median Rent
$1,529,600
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.
Similar Off Market Nearby
- Bond Vet - Upper East Side at 62nd Street — 1049 3rd Ave, Manhattan, NY 10065
- Veterinary Emergency Group — 1215 2nd Ave, New York, NY 10065
- Vanessa Biegen — 510 E 62nd St, New York, NY 100658314
- Kristina Willoughby — 510 E 62nd St, New York, NY 100658314
- The Schwarzman Animal Medical Center — 510 E 62nd St, New York, NY 10065
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground floor, 1,500 SF medical office suite for sale.
Where is this medical office space located?
The property is located at 157 East 72nd Street New York, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Turnkey medical office suite in a pre‑war, full‑service condominium building.; Prime location on the ground floor between Lexington and 3rd Avenue.; Adaptable 1,500 SF layout with a **large waiting room, reception area, three oversized exam rooms, office/consultation room, testing area, and two restrooms.**
