Chelsea Medical Condominium on
For Sale
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420 W 23rd St, New York, NY 10011
1,600 sq ft medical condo in prime Chelsea location.
Property Size1,600 SF
Price / SF$996.88
Days on Market164
Property Features for 420 W 23rd St
General Information
Standard status
Active
Size
1,600 SF
Class
A
Property subtype
Office
Investment Type
Stabilized
Listing Agency:
Broadway realty
Listed By:
Alex Bogod · License #NY
Source:
Crexi
Added: Mar 1
Changed: Aug 12
Last Checked: Aug 12 at 11:15AM
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 Broadway realty
Investment Insights
Based on property information with market context.
This 1,600 sq. ft. medical condominium is located in the heart of Chelsea on West 23rd Street. The turnkey office is situated on one of the neighborhood’s main east-west arteries, benefiting from exceptional foot traffic and accessibility. The property is in a high-visibility location with reasonable common charges and real estate taxes. Ownership offers advantages for medical professionals, as monthly expenses including mortgage interest, real estate taxes, common charges, and depreciation may be tax deductible. A successful dermatology practice is available for separate purchase.
Key Highlights
- Prime Chelsea location on West 23rd Street with high foot traffic and accessibility.
- Turnkey, beautifully renovated 1,600 sq. ft. medical condominium.
- Opportunity for tax deductions on expenses like mortgage interest, real estate taxes, and depreciation.
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
$50,100
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
3.14%
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%
$1,002,000
$1.0M
Cap Rate 7%
$715,714
$715.7K
Cap Rate 9%
$556,667
$556.7K
Market Conditions
NOI Build-Up for 1,600 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
$82.4K $51.48/SF
− Vacancy
−$15.6K −$9.73/SF
EGI
$66.8K $41.75/SF
− OpEx
−$16.7K −$10.44/SF
NOI
$50.1K $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%
$1,002,000
Cap Rate 7%
$715,714
Cap Rate 9%
$556,667
Alternative Uses
Best Use
Office B
$715.7K
$626.3K – $835.0K
NOI $50,100 @ 7.0% cap · market cap 3.14%
Second Best
Healthcare Medical
$681.3K
$596.2K – $794.9K
NOI $47,693 @ 7.0% cap · market cap 2.99%
Theoretical Best
Specialty Retail
$3.98M
$3.48M – $4.65M
NOI $278,784 @ 7.0% cap · market cap 17.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
29,388
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 10011, NY
53,318
Population
35,049
Households
1.5
Avg Household Size
39
Median Age
79%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
88,863
Density / Sq Mi
$146,571
Median Household Income
$113,503
Median Earnings
$2,868
Median Rent
$1,165,800
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 - 1,600 sq ft medical condo in prime Chelsea location.
Where is this medical office space located?
The property is located at 420 W 23rd St New York, NY.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Prime Chelsea location on West 23rd Street with high foot traffic and accessibility.; Turnkey, beautifully renovated 1,600 sq. ft. medical condominium.; Opportunity for tax deductions on expenses like mortgage interest, real estate taxes, and depreciation.
