Ground-Floor Medical Office
For Sale
Contact for pricing
333 East 34th Street, New York, NY 10016
Ground-floor, south-facing medical/professional condo built out with a waiting area, offices, kitchen/reception, and bathroom.
Property Size895 SF
Price / SF$725.14
Days on Market22
Property Features for 333 East 34th Street
General Information
Standard status
Active
Size
895 SF
Class
B
Elevators
Yes
Property subtype
Office
Additional Details
Floor
Ground Floor
Public Transit
Yes
Amenities
full-time doorman
on-site laundry
roof deck
Building Details
Year Built
1961
Buildings
1
Units
1
Listing Agency:
Capri Industrial Partners
Listed By:
Stephen Davis · License #10491212764
Source:
Crexi
Added: Jul 21
Changed: Aug 8
Last Checked: Aug 8 at 11:01AM
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 Capri Industrial Partners
Investment Insights
Based on property information with market context.
Ground-floor medical/professional office condo offering a built-out interior designed for patient or client-facing work. The 895 SF unit includes a waiting room, a kitchen/receptionist area, three private offices, one full bathroom, and closet space. The unit is south-facing for natural light.
The condo is located within The Devon Condominium, a full-service building with a full-time doorman, elevator, on-site laundry, and a roof deck. The address at 333 East 34th Street places it in the Murray Hill area, with quick access to the 6 train, M15/M34 crosstown buses, and the Midtown Tunnel, plus proximity to NYU Langone Medical Center.
Completed in 1961, the space is set up for medical, dental, therapy/counseling, or general professional office use, with access to building amenities that support day-to-day operations.
The condo is located within The Devon Condominium, a full-service building with a full-time doorman, elevator, on-site laundry, and a roof deck. The address at 333 East 34th Street places it in the Murray Hill area, with quick access to the 6 train, M15/M34 crosstown buses, and the Midtown Tunnel, plus proximity to NYU Langone Medical Center.
Completed in 1961, the space is set up for medical, dental, therapy/counseling, or general professional office use, with access to building amenities that support day-to-day operations.
Key Highlights
- Ground‑floor medical/professional office condo within The Devon Condominium
- 895 SF built‑out unit with waiting room, kitchen/receptionist area, and three private offices
- South‑facing with natural light
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
32,374
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor, south-facing medical/professional condo built out with a waiting area, offices, kitchen/reception, and bathroom.
Where is this medical office space located?
The property is located at 333 East 34th Street 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: Ground‑floor medical/professional office condo within The Devon Condominium; 895 SF built‑out unit with waiting room, kitchen/receptionist area, and three private offices; South‑facing with natural light
