Medical Office with Private
New
For Sale
$400,000
40 E 88th Street, New York, NY 10128
Commercial Sale, New York, NY
Property Size1,000 SF
Price / SF$400
Days on Market1
Property Features for 40 E 88th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Standard status
Active
Size
1,000 SF
Utilities
Water source
Public
Building Details
Year built
1930
Flooring type
Hardwood
Architectural style
Other
Listing Agency:
NEW YORK RESIDENCE INC
(212) 360-7000
Listed By:
Richard Pino
Added: Oct 19
Last Checked: Oct 19 at 7:06PM
MLS# 12033654
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
At street level in a 1930 Art Deco cooperative, this medical office measures approximately 1,000 square feet, including the street vestibule. Its current plan includes two offices, an exam room, reception and waiting areas, file and storage rooms, and a private bathroom. A private street entrance is complemented by access from the residential lobby. The space is dated and will require work; existing finishes include herringbone hardwood flooring, oversized windows, and estimated 12.75-foot ceilings. The suite served an OB-GYN practice for approximately 35 years.
The property is at 40 E 88th Street in Carnegie Hill, near Madison Avenue. Nearby transit options include the 4, 5, 6, and Q subway lines, East 86th Street crosstown buses, and Fifth Avenue and Madison Avenue bus routes.
The property is at 40 E 88th Street in Carnegie Hill, near Madison Avenue. Nearby transit options include the 4, 5, 6, and Q subway lines, East 86th Street crosstown buses, and Fifth Avenue and Madison Avenue bus routes.
Key Highlights
- Approximately 1,000 square feet, including the street vestibule
- Ground‑level suite with private street entrance and building‑lobby access
- Current layout includes two offices, an exam room, reception, waiting area, file and storage rooms, and a private bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,304
Cap Rate
5.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$406,080
$406.1K
Cap Rate 7%
$290,057
$290.1K
Cap Rate 9%
$225,600
$225.6K
Market Conditions
NOI Build-Up for 1,000 SF
Gross rent
$36.0K $36.00/SF
− Vacancy
−$2.2K −$2.16/SF
EGI
$33.8K $33.84/SF
− OpEx
−$13.5K −$13.54/SF
NOI
$20.3K $20.30/SF
Area
ZIP 10128
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$406,080
Cap Rate 7%
$290,057
Cap Rate 9%
$225,600
Alternative Uses
Best Use
Office B
$586.9K
$513.6K – $684.8K
NOI $41,085 @ 7.0% cap · market cap 10.27%
Second Best
Healthcare Medical
$290.1K
$253.8K – $338.4K
NOI $20,304 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$711.0K
$622.1K – $829.5K
NOI $49,770 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
17,822
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10128, NY
64,249
Population
35,940
Households
1.8
Avg Household Size
38
Median Age
77%
College-Educated
96%
High-School Grad
0.5 sq mi
ZIP Area
128,498
Density / Sq Mi
$148,705
Median Household Income
$103,078
Median Earnings
$2,648
Median Rent
$1,295,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-level suite offers a street-facing entry and a second access point through the building lobby.
Where is this medical office space located?
The property is located at 40 E 88th Street New York, NY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Approximately 1,000 square feet, including the street vestibule; Ground‑level suite with private street entrance and building‑lobby access; Current layout includes two offices, an exam room, reception, waiting area, file and storage rooms, and a private bathroom
