Multi-Story Retail Office
For Sale
Contact for pricing
34 Park Ave, New York, NY 10038
Private entry building offers floor-to-floor space plus a separate ground-floor retail unit with frontage and pedestrian exposure.
Property Size5,001 SF
Price / SF$775
Days on Market25
Property Features for 34 Park Ave
General Information
Standard status
Active
Size
5,001 SF
Property subtype
OFFICE
Amenities
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 10
Last Checked: Aug 14 at 11:28AM
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 multi-story commercial property features dramatic floor-to-ceiling windows with views overlooking City Hall Park. It includes a private commercial entry and lobby serving Floors 2 through 4, with total availability of 15,000 RSF and flexible 5,000 RSF floorplates. The configuration is designed to support a range of uses including office, showroom, medical, or experiential applications.
In addition to the upper floors, there is a separate 3,588 RSF ground floor retail unit with excellent frontage and pedestrian exposure. The building also offers a shared on-site bike room amenity.
Spaces are available as either individual floorplates for the upper levels or as the dedicated ground floor retail unit, supported by the building’s private lobby access and street-level presence.
In addition to the upper floors, there is a separate 3,588 RSF ground floor retail unit with excellent frontage and pedestrian exposure. The building also offers a shared on-site bike room amenity.
Spaces are available as either individual floorplates for the upper levels or as the dedicated ground floor retail unit, supported by the building’s private lobby access and street-level presence.
Key Highlights
- Prestigious 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 space availability of 15,000 RSF
- Flexible 5,000 RSF floorplates suitable 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
$156,595
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
4.04%
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%
$3,131,900
$3.1M
Cap Rate 7%
$2,237,071
$2.2M
Cap Rate 9%
$1,739,944
$1.7M
Market Conditions
NOI Build-Up for 5,001 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
$257.5K $51.48/SF
− Vacancy
−$48.7K −$9.73/SF
EGI
$208.8K $41.75/SF
− OpEx
−$52.2K −$10.44/SF
NOI
$156.6K $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%
$3,131,900
Cap Rate 7%
$2,237,071
Cap Rate 9%
$1,739,944
Alternative Uses
Best Use
Retail
$10.05M
$8.80M – $11.73M
NOI $703,763 @ 7.0% cap · market cap 18.16%
Second Best
Office B
$2.24M
$1.96M – $2.61M
NOI $156,595 @ 7.0% cap · market cap 4.04%
Theoretical Best
Specialty Retail
$12.45M
$10.89M – $14.52M
NOI $871,374 @ 7.0% cap · market cap 22.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,480
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 units - Private entry building offers floor-to-floor space plus a separate ground-floor retail unit with frontage and pedestrian exposure.
Where is this office units located?
The property is located at 34 Park Ave New York, NY.
What is the asking price?
The asking price for this property is $3,875,775.
What are key features of this property?
This property features: Prestigious 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 space availability of 15,000 RSF; Flexible 5,000 RSF floorplates suitable for office, showroom, medical, or experiential use
