Upper East Side Medical
For Sale
Contact for pricing
23 E 79th St, New York, NY 10075
Ground floor medical office in pre-war co-op building.
Property Size1,300 SF
Price / SF$576.92
Days on Market687
Property Features for 23 E 79th St
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Office
Listing Agency:
Wexler Health Care Properties Team
(212) 836-1075
Listed By:
Paul Wexler · License #NY 30WE0902877
Source:
Crexi
Added: Oct 7, 2024
Changed: Aug 8
Last Checked: May 12 at 9:33PM
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 on the Upper East Side between Fifth and Madison Avenue, 23 East 79th Street is a ground floor medical office available for sale. The office features a private street entrance on 79th Street and is situated inside a luxury pre-war co-op building. The layout of the approximately 1,300 SF space includes a waiting room, reception area, three exam rooms, an office/consult room, two restrooms (one with a shower located in the office/consult), an IT closet, and a foyer. This space is adaptable to any medical specialty. The building is proximate to Lenox Hill Hospital and Mount Sinai. Transportation is easily accessible via the 4, 5, 6, N, Q and R trains at 86th St as well as Upper East Side bus routes.
Key Highlights
- Ground floor medical office with private street entrance on 79th Street.
- Located in a luxury pre‑war co‑op building on the Upper East Side.
- Adaptable layout suitable for any medical specialty (approx. 1,300 SF with waiting room, reception, 3 exam rooms, office/consult, 2 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
$40,707
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
5.43%
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%
$814,140
$814.1K
Cap Rate 7%
$581,529
$581.5K
Cap Rate 9%
$452,300
$452.3K
Market Conditions
NOI Build-Up for 1,300 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
$66.9K $51.48/SF
− Vacancy
−$12.6K −$9.73/SF
EGI
$54.3K $41.75/SF
− OpEx
−$13.6K −$10.44/SF
NOI
$40.7K $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%
$814,140
Cap Rate 7%
$581,529
Cap Rate 9%
$452,300
Alternative Uses
Best Use
Office B
$581.5K
$508.8K – $678.5K
NOI $40,707 @ 7.0% cap · market cap 5.43%
Second Best
Healthcare Medical
$553.6K
$484.4K – $645.8K
NOI $38,750 @ 7.0% cap · market cap 5.17%
Theoretical Best
Specialty Retail
$3.24M
$2.83M – $3.78M
NOI $226,512 @ 7.0% cap · market cap 30.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,911
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10075, NY
27,796
Population
16,415
Households
1.7
Avg Household Size
41
Median Age
85%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
138,980
Density / Sq Mi
$146,556
Median Household Income
$112,549
Median Earnings
$2,390
Median Rent
$1,097,800
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 - Ground floor medical office in pre-war co-op building.
Where is this medical office space located?
The property is located at 23 E 79th St New York, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Ground floor medical office with private street entrance on 79th Street.; Located in a luxury pre‑war co‑op building on the Upper East Side.; Adaptable layout suitable for any medical specialty (approx. 1,300 SF with waiting room, reception, 3 exam rooms, office/consult, 2 restrooms).
