Office Building with Ground-Floor
For Sale
Contact for pricing
34 Park Ave, New York, NY 10038
Multi-story lobby serves Floors 2–4 with 15,000 RSF available and a 3,588 RSF ground-floor retail unit.
Property Size3,588 SF
Price / SF$1,811
Days on Market32
Property Features for 34 Park Ave
General Information
Standard status
Active
Size
3,588 SF
Property subtype
OFFICE
Amenities
shared on-site bike room
Listing Agency:
Rudder Property Group
(646) 483-2203
Listed By:
Michael Rudder · License #10491201687
(646) 483-2203
Source:
Moodyscre
Added: Jul 21
Changed: Aug 11
Last Checked: Aug 21 at 8:35AM
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 Rudder Property Group
Investment Insights
Based on property information with market context.
This office building features dramatic floor-to-ceiling windows and views overlooking City Hall Park. A private commercial entry and lobby provide access to Floors 2 through 4, with total availability of 15,000 RSF. The space offers flexible 5,000 RSF floorplates suitable for office, showroom, medical, or experiential use. In addition, there is a separate 3,588 RSF ground-floor retail unit with frontage and pedestrian exposure, supported by a shared on-site bike room amenity.
Located at 34 Park Ave (a Park Row address), the property combines multi-floor workplace space with street-level retail frontage in a single building configuration.
Located at 34 Park Ave (a Park Row address), the property combines multi-floor workplace space with street-level retail frontage in a single building configuration.
Key Highlights
- Park Row address with dramatic floor‑to‑ceiling windows and views overlooking City Hall Park
- Private commercial entry and lobby serving Floors 2–4, with total availability of 15,000 RSF
- Flexible 5,000 RSF floorplates suited for office, showroom, medical, or experiential use
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
$504,920
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
7.77%
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%
$10,098,400
$10.1M
Cap Rate 7%
$7,213,143
$7.2M
Cap Rate 9%
$5,610,222
$5.6M
Market Conditions
NOI Build-Up for 3,588 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
$845.6K $235.68/SF
− Vacancy
−$124.3K −$34.64/SF
EGI
$721.3K $201.04/SF
− OpEx
−$216.4K −$60.31/SF
NOI
$504.9K $140.72/SF
Area
New York, NY
Vacancy
14.70%
Lease Rate
$235.68 /SF/Yr
Expense Ratio
30.00%
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%
$10,098,400
Cap Rate 7%
$7,213,143
Cap Rate 9%
$5,610,222
Alternative Uses
Best Use
Retail
$7.21M
$6.31M – $8.42M
NOI $504,920 @ 7.0% cap · market cap 7.77%
Second Best
Office B
$1.60M
$1.40M – $1.87M
NOI $112,350 @ 7.0% cap · market cap 1.73%
Theoretical Best
Specialty Retail
$8.93M
$7.81M – $10.42M
NOI $625,173 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
37,693
Businesses Nearby
Explore this area
Business Placement
Demographics for 10038, NY
25,332
Population
12,624
Households
2
Avg Household Size
33
Median Age
62%
College-Educated
83%
High-School Grad
0.3 sq mi
ZIP Area
84,440
Density / Sq Mi
$115,121
Median Household Income
$87,698
Median Earnings
$3,140
Median Rent
$865,700
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?
Office building - Multi-story lobby serves Floors 2–4 with 15,000 RSF available and a 3,588 RSF ground-floor retail unit.
Where is this office building located?
The property is located at 34 Park Ave New York, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Park Row address with dramatic floor‑to‑ceiling windows and views overlooking City Hall Park; Private commercial entry and lobby serving Floors 2–4, with total availability of 15,000 RSF; Flexible 5,000 RSF floorplates suited for office, showroom, medical, or experiential use
