Ground-Floor Medical Office
For Sale
$990,000
262 Central Park W Unit 1B, New York, NY 10024
The suite has a discreet secondary entrance and access to B, C, and 1 subway lines.
Property Size1,600 SF
Price / SF$618.75
Days on Market915
Property Features for 262 Central Park W Unit 1B
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Apartment
Additional Details
Floor
Ground Floor
Public Transit
Yes
Amenities
A/C - Other
3
No Fence
No Parking.
Greenbelt
Green Belt, None.
Building Details
Year Built
1929
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 906-9234
Listed By:
Paul Devlin
(646) 401-1494
Source:
Xome
Added: Feb 28, 2024
Changed: Aug 30
Last Checked: Aug 30 at 5:14PM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
This approximately 1,600-square-foot medical office suite occupies the ground floor of a cooperative building. The layout includes a reception and waiting area, three offices oriented toward West 87th Street, and a fourth office overlooking the interior courtyard. The primary office features an ensuite full bathroom and closets for file storage, while the remaining rooms can be arranged for consultation, preparation, or examination functions. A shared half-bathroom is located off the connecting hallway.
The suite offers two discreet access points from the building’s West 87th Street ancillary lobby, including a private door into one of the offices. The street-facing rooms have views toward Central Park, and the courtyard office connects directly with the main lobby. Public transportation includes the B, C, and 1 subway lines, along with the Crosstown 86th Street and M-10 CPW bus routes. The building was constructed in 1929.
The suite offers two discreet access points from the building’s West 87th Street ancillary lobby, including a private door into one of the offices. The street-facing rooms have views toward Central Park, and the courtyard office connects directly with the main lobby. Public transportation includes the B, C, and 1 subway lines, along with the Crosstown 86th Street and M-10 CPW bus routes. The building was constructed in 1929.
Key Highlights
- Approximately 1,600 square feet of ground‑floor medical office space
- Three West 87th Street‑facing offices with views toward Central Park
- Primary office includes an ensuite full bathroom and file‑storage closets
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
$50,100
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
5.06%
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%
$1,002,000
$1.0M
Cap Rate 7%
$715,714
$715.7K
Cap Rate 9%
$556,667
$556.7K
Market Conditions
NOI Build-Up for 1,600 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
$82.4K $51.48/SF
− Vacancy
−$15.6K −$9.73/SF
EGI
$66.8K $41.75/SF
− OpEx
−$16.7K −$10.44/SF
NOI
$50.1K $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%
$1,002,000
Cap Rate 7%
$715,714
Cap Rate 9%
$556,667
Alternative Uses
Best Use
Office B
$715.7K
$626.3K – $835.0K
NOI $50,100 @ 7.0% cap · market cap 5.06%
Second Best
Healthcare Medical
$681.3K
$596.2K – $794.9K
NOI $47,693 @ 7.0% cap · market cap 4.82%
Theoretical Best
Specialty Retail
$3.98M
$3.48M – $4.65M
NOI $278,784 @ 7.0% cap · market cap 28.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10,836
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10024, NY
62,250
Population
36,723
Households
1.7
Avg Household Size
43
Median Age
84%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
69,167
Density / Sq Mi
$182,614
Median Household Income
$117,078
Median Earnings
$2,965
Median Rent
$1,746,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - The suite has a discreet secondary entrance and access to B, C, and 1 subway lines.
Where is this medical office space located?
The property is located at 262 Central Park W Unit 1B New York, NY.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Approximately 1,600 square feet of ground‑floor medical office space; Three West 87th Street‑facing offices with views toward Central Park; Primary office includes an ensuite full bathroom and file‑storage closets
