Medical/Professional Condo in Lenox
For Sale
Contact for pricing
184 E 70th St, New York, NY 10021
Medical/professional condominium for sale in Lenox Hill, Manhattan.
Property Size1,883 SF
Price / SF$793.95
Days on Market781
Property Features for 184 E 70th St
General Information
Standard status
Active
Size
1,883 SF
Property subtype
Office
Listing Agency:
Wexler Health Care Properties Team
Listed By:
Paul Wexler · License #NY 30WE0902877
(212) 836-1075
Source:
Crexi
Added: Jul 18, 2024
Changed: Aug 27
Last Checked: Sep 4 at 10:18AM
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 Wexler Health Care Properties Team
Investment Insights
Based on property information with market context.
Located in Lenox Hill between Lexington Avenue and 3rd Avenue, 184 East 70th Street, Suite B2, is a medical/professional condominium available for sale. The layout of this approximately 2,000 SF space features a large waiting room, a reception area with an additional admin space, six exam rooms, a lab, two offices/consults, two admin offices, two restrooms, and a kitchenette. Currently configured as a shared medical practice for cardiology and internal medicine, this space is adaptable to any medical specialty. The property is easily accessible by public transportation via Upper East Side subway lines and bus routes. It is also within 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. The property has a size of 1,883 square feet. The common charges are $4,358.58 per month, and the real estate taxes are $44,202 per year.
Key Highlights
- Prime Lenox Hill location between Lexington and 3rd Avenue, ideal for medical professionals.
- Adaptable 2,000 SF layout suitable for various medical specialties.
- Features six exam rooms, a lab, two offices/consults, and multiple admin areas.
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
$58,962
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
3.94%
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%
$1,179,240
$1.2M
Cap Rate 7%
$842,314
$842.3K
Cap Rate 9%
$655,133
$655.1K
Market Conditions
NOI Build-Up for 1,883 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
$96.9K $51.48/SF
− Vacancy
−$18.3K −$9.73/SF
EGI
$78.6K $41.75/SF
− OpEx
−$19.7K −$10.44/SF
NOI
$59.0K $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%
$1,179,240
Cap Rate 7%
$842,314
Cap Rate 9%
$655,133
Alternative Uses
Best Use
Office B
$842.3K
$737.0K – $982.7K
NOI $58,962 @ 7.0% cap · market cap 3.94%
Second Best
Healthcare Medical
$801.8K
$701.6K – $935.5K
NOI $56,128 @ 7.0% cap · market cap 3.75%
Theoretical Best
Specialty Retail
$4.69M
$4.10M – $5.47M
NOI $328,094 @ 7.0% cap · market cap 21.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
31,051
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical/professional condominium for sale in Lenox Hill, Manhattan.
Where is this medical office space located?
The property is located at 184 E 70th St New York, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Prime Lenox Hill location between Lexington and 3rd Avenue, ideal for medical professionals.; Adaptable 2,000 SF layout suitable for various medical specialties.; Features six exam rooms, a lab, two offices/consults, and multiple admin areas.
