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    Turn-Key Medical Office Space Title is generated by Realmo AI

    7 Lexington Ave, New York, NY 10010

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    Medical office space in Gramercy Park, proximate to hospitals.

    Type:Office
    Property size:
    700 SF
    Added:
    Mar 4, 2026
    Days on Market:
    78
    Last Refresh:
    Mar 16 at 11:25 am

    Property Features for 7 Lexington Ave

    General Information

    Standard status
    Active
    Size
    700 SF
    Property subtype
    Office

    Spaces For Lease

    at 7 Lexington Ave Contact us

    We can help!

    Listing Contact
    Paul Wexler
    Paul Wexler

    Listing agent Paul Wexler License #NY 30WE0902877

    Listing office Wexler Health Care Properties Team

    Listing date Mar 4, 2026

    Source Crexi

    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 Wexler Health Care Properties Team

    HighLights

    • Turn‑key medical office space, ready for immediate occupancy.
    • Prime Gramercy Park location at the corner of Lexington Avenue and East 22nd Street.
    • Currently configured as a Med Spa, featuring a waiting area, reception, three treatment/exam rooms, and two restrooms.
    • Approximately 700 square feet of usable space.
    • Proximity to major medical facilities: Veteran Affairs (VA) Hospital, NYC Health + Hospitals, and NYU Langone.
    • Convenient access to public transportation: 4/6 train lines and multiple bus routes (M1/M2/M3, M101/M102/M103).

    Overview

    Suite 3P at 7 Lexington Avenue offers a turn-key medical office space available for lease, situated at the corner of Lexington Avenue and East 22nd Street in Gramercy Park. The approximately 700-square-foot space is currently configured as a Med Spa, featuring a waiting area, a reception area, three treatment/exam rooms, and two restrooms. The property is located near the Veteran Affairs (VA) Hospital, NYC Health + Hospitals, and NYU Langone. Public transportation is accessible via the 4 and 6 train lines at Park Ave and East 23rd Street, as well as the M1/M2/M3 bus routes at Park and East 22nd, and M101/M102/M103 bus routes at 3rd Avenue and East 20th Street.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Allay Medical Care Medical Clinic Gramercy Park Integrative Medical Clinic BCI Professional Services Body Sculpting NYC Spa & Massage Center William H. Andrews, ... Physician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • St. Marks Veterinary Hospital — 348 E 9th St Ste B, New York, NY 10003
    • East Village Veterinarian — 9 st marks pl, new york, ny 10003
    • Bond Vet - NoHo — 688 Broadway, Manhattan, NY 10012
    • Dr. Dan's Pet Care — 200 Avenue A, New York, NY 10009
    • The Village Veterinarian — 318 E 11th St, New York, NY 10003

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9852172
    Latitude
    40.7386221

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    FAQs

    What type of property is this?
    Medical Office Space - Medical office space in Gramercy Park, proximate to hospitals.
    Where is this medical office space located?
    The property is located at 7 Lexington Ave New York, NY.
    What are key features of this property?
    This property features: Turn‑key medical office space, ready for immediate occupancy.; Prime Gramercy Park location at the corner of Lexington Avenue and East 22nd Street.; Currently configured as a Med Spa, featuring a waiting area, reception, three treatment/exam rooms, and two restrooms.
    (917) 602-5754 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Paul Wexler
    Paul Wexler
    Real Estate License ID: NY 30WE0902877
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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