Office Building with Vacant
For Sale
Contact for pricing
348 East 55th Street, New York City, NY 10022
Vacant office space with R8B zoning on East 55th Street in New York City.
Property Size7,000 SF
Price / SF$642.86
Days on Market133
Property Features for 348 East 55th Street
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Special Purpose
Zoning
R8B
Building Details
Stories
5
Listing Agency:
Ariel Property Advisors
Listed By:
Michael Tortorici · License #NY 401085153
(212) 544-9500
Source:
Crexi
Added: Apr 25
Changed: Sep 2
Last Checked: Sep 4 at 1:36PM
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 Ariel Property Advisors
Investment Insights
Based on property information with market context.
This office property offers 7,000 of stated property size and currently includes vacant space. The asset is classified as an office building and carries R8B zoning, providing a defined regulatory designation for review by prospective users and purchasers.
Located at 348 East 55th Street in New York City, the property is situated in Midtown East. Its vacant configuration and zoning designation support evaluation by owner-users, residential conversion prospects, and institutional or nonprofit occupants, subject to applicable approvals.
Located at 348 East 55th Street in New York City, the property is situated in Midtown East. Its vacant configuration and zoning designation support evaluation by owner-users, residential conversion prospects, and institutional or nonprofit occupants, subject to applicable approvals.
Key Highlights
- 7,000 stated property size
- R8B zoning
- Vacant office space
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
$219,189
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
4.87%
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%
$4,383,780
$4.4M
Cap Rate 7%
$3,131,271
$3.1M
Cap Rate 9%
$2,435,433
$2.4M
Market Conditions
NOI Build-Up for 7,000 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
$360.4K $51.48/SF
− Vacancy
−$68.1K −$9.73/SF
EGI
$292.3K $41.75/SF
− OpEx
−$73.1K −$10.44/SF
NOI
$219.2K $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%
$4,383,780
Cap Rate 7%
$3,131,271
Cap Rate 9%
$2,435,433
Alternative Uses
Best Use
Office B
$3.13M
$2.74M – $3.65M
NOI $219,189 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$17.42M
$15.25M – $20.33M
NOI $1,219,680 @ 7.0% cap · market cap 27.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39,600
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
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 - Vacant office space with R8B zoning on East 55th Street in New York City.
Where is this office building located?
The property is located at 348 East 55th Street New York City, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 7,000 stated property size; R8B zoning; Vacant office space
