Park Avenue Medical Office
For Sale
Contact for pricing
791 Park Ave, New York, NY 10021
Ground-floor medical office with private entrance and Park Avenue views.
Property Size1,800 SF
Price / SF$861.11
Days on Market531
Property Features for 791 Park Ave
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Office
Listing Agency:
New York Medical Space
Listed By:
Richard Naughtin · License #0311
Source:
Crexi
Added: Feb 27, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:00PM
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 New York Medical Space
Investment Insights
Based on property information with market context.
Located on Park Avenue, this ground-floor medical office space features a private entrance and views. The layout includes a foyer with custom mahogany wainscoting, as well as separate reception and billing areas. There are three oversized consultation rooms with ornate windows that can accommodate multiple practitioners or be converted into exam rooms. Currently configured for a cardiology practice, the space includes 3 examination rooms and 2 restrooms. The property offers a turnkey opportunity. The property size is 1800 square feet.
Key Highlights
- Prime Park Avenue location with private entrance.
- Turnkey medical office opportunity.
- Custom mahogany wainscoting and ornate windows.
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
$56,363
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
3.64%
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%
$1,127,260
$1.1M
Cap Rate 7%
$805,186
$805.2K
Cap Rate 9%
$626,256
$626.3K
Market Conditions
NOI Build-Up for 1,800 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
$92.7K $51.48/SF
− Vacancy
−$17.5K −$9.73/SF
EGI
$75.2K $41.75/SF
− OpEx
−$18.8K −$10.44/SF
NOI
$56.4K $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%
$1,127,260
Cap Rate 7%
$805,186
Cap Rate 9%
$626,256
Alternative Uses
Best Use
Office B
$805.2K
$704.5K – $939.4K
NOI $56,363 @ 7.0% cap · market cap 3.64%
Second Best
Healthcare Medical
$766.5K
$670.7K – $894.2K
NOI $53,654 @ 7.0% cap · market cap 3.46%
Theoretical Best
Specialty Retail
$4.48M
$3.92M – $5.23M
NOI $313,632 @ 7.0% cap · market cap 20.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
24,545
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10021, NY
45,691
Population
29,248
Households
1.6
Avg Household Size
41
Median Age
81%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
114,228
Density / Sq Mi
$156,712
Median Household Income
$99,886
Median Earnings
$3,002
Median Rent
$1,529,600
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 - Ground-floor medical office with private entrance and Park Avenue views.
Where is this medical office space located?
The property is located at 791 Park Ave New York, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Prime Park Avenue location with private entrance.; Turnkey medical office opportunity.; Custom mahogany wainscoting and ornate windows.
