Medical Office Condo
For Sale
$649,000
1k-333 E 34th St, New York, NY 10016
South-facing medical suite with waiting room, receptionist area, three offices, and a full bath within a condo setting.
Property Size895 SF
Price / SF$725.14
Days on Market71
Property Features for 1k-333 E 34th St
General Information
Standard status
Active
Size
895 SF
Taxes and HOA fees
Annual Taxes
$17,713
Listing Agency:
Keller Williams Rlty Landmark
(718) 475-2700
Listed By:
Deirdre A. Folan · License #10301200720
(917) 251-4499
Source:
Exprealty
Added: Jun 29
Changed: Sep 4
Last Checked: Sep 6 at 2:16PM
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 Keller Williams Rlty Landmark
Investment Insights
Based on property information with market context.
This commercial medical office condo features 895 square feet on the ground level/first floor within the Exclusive Devon Condominium. The suite is south-facing and includes a waiting room, a combined KIT/receptionist area, three private offices, and one full bathroom with closets.
Conveniently located near 34th Street, the property provides access to subway and bus service, including cross-town buses. Additional nearby connections referenced in the remarks include the Midtown Tunnel and the Sea Streak Ferry, with NYU Langone, restaurants, and shopping in the surrounding area.
Conveniently located near 34th Street, the property provides access to subway and bus service, including cross-town buses. Additional nearby connections referenced in the remarks include the Midtown Tunnel and the Sea Streak Ferry, with NYU Langone, restaurants, and shopping in the surrounding area.
Key Highlights
- 895 SF ground‑level (1st floor) medical office condo suite in the Devon Condominium
- South‑facing suite with very sunny exposure
- Layout includes waiting room, receptionist/kitchen area, and three offices
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
$28,025
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
4.32%
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%
$560,500
$560.5K
Cap Rate 7%
$400,357
$400.4K
Cap Rate 9%
$311,389
$311.4K
Market Conditions
NOI Build-Up for 895 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
$46.1K $51.48/SF
− Vacancy
−$8.7K −$9.73/SF
EGI
$37.4K $41.75/SF
− OpEx
−$9.3K −$10.44/SF
NOI
$28.0K $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%
$560,500
Cap Rate 7%
$400,357
Cap Rate 9%
$311,389
Alternative Uses
Best Use
Office B
$400.4K
$350.3K – $467.1K
NOI $28,025 @ 7.0% cap · market cap 4.32%
Second Best
Healthcare Medical
$381.1K
$333.5K – $444.6K
NOI $26,678 @ 7.0% cap · market cap 4.11%
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $155,945 @ 7.0% cap · market cap 24.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
91,205
Businesses Nearby
Balanced
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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- Giacalone Douglas DVM — 37 E 19th St, New York, NY 10003
- Gramercy Park Animal Hospital — 37 E 19th St, New York, NY 10003
Frequently Asked Questions
What type of property is this?
Medical Office Space - South-facing medical suite with waiting room, receptionist area, three offices, and a full bath within a condo setting.
Where is this medical office space located?
The property is located at 1k-333 E 34th St New York, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 895 SF ground‑level (1st floor) medical office condo suite in the Devon Condominium; South‑facing suite with very sunny exposure; Layout includes waiting room, receptionist/kitchen area, and three offices
