Medical Office Condo with 3
For Sale
$649,000
333 E 34 Street #1K New York, New York, NY 10016
South-facing suite includes a waiting room, reception area, private offices, full bath, and closets.
Property Size895 SF
Price / SF$725.14
Days on Market64
Property Features for 333 E 34 Street #1K New York
General Information
Standard status
Active
Size
895 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
Ground Level, 1st Floor
Office Units
1
Taxes and HOA fees
Annual Taxes
$17,713
Building Details
Building Size
895 SF
Listing Agency:
Keller Williams Rlty Landmark
(917) 251-4499
Listed By:
Deirdre A. Folan · License #10301200720
(917) 251-4499
Source:
Cornerstonemyhome
Added: Jun 29
Changed: Aug 28
Last Checked: Aug 28 at 11:32AM
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 895-square-foot medical office condominium occupies a ground-level, first-floor position within Devon Condominium. The south-facing suite receives strong natural light and is arranged with a waiting room, KIT/reception area, three offices, one full bath, and closet space.
The property is located at 333 E 34 Street #1K in Manhattan’s Murray Hill area. Transit access includes subway and bus service, including crosstown routes, with additional access to the Midtown Tunnel and Sea Streak Ferry. NYU Langone, restaurants, and shopping are also identified in the surrounding area.
The property is located at 333 E 34 Street #1K in Manhattan’s Murray Hill area. Transit access includes subway and bus service, including crosstown routes, with additional access to the Midtown Tunnel and Sea Streak Ferry. NYU Langone, restaurants, and shopping are also identified in the surrounding area.
Key Highlights
- 895 SF medical office condominium
- Ground‑level, first‑floor suite at Devon Condominium
- Three offices with waiting room and KIT/reception area
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
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
46,936
Businesses Nearby
Under-served
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.
Similar Off Market Nearby
- East Meets West Veterinary — New York, NY 10003
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- First Avenue Veterinary Hospital — 335 1st Ave., New York, NY 10003
- Petco Vaccination Clinic — 44 Union Square E, New York, NY 10003
- Petco Vaccination Clinic — 860 Broadway, New York, NY 10003
Frequently Asked Questions
What type of property is this?
Medical Office Space - South-facing suite includes a waiting room, reception area, private offices, full bath, and closets.
Where is this medical office space located?
The property is located at 333 E 34 Street #1K New York 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 medical office condominium; Ground‑level, first‑floor suite at Devon Condominium; Three offices with waiting room and KIT/reception area
