Ground-Floor Surgical Office
For Sale
Contact for pricing
815 Park Ave, New York, NY 10021
Ground-floor corner medical suite with waiting area, receptions, quad-A accredited operating suite, exam rooms, and offices.
Property Size2,000 SF
Price / SF$750
Days on Market26
Property Features for 815 Park Ave
General Information
Standard status
Active
Size
2,000 SF
Property subtype
OFFICE
Additional Details
Floor
Ground Floor
Public Transit
Yes
Listing Agency:
The Corcoran Group | East Side
(212) 836-1075
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Moodyscre
Added: Jul 28
Changed: Aug 22
Last Checked: Aug 22 at 7:31AM
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 The Corcoran Group | East Side
Investment Insights
Based on property information with market context.
Available for sale, 815 Park Avenue, Suite 1AD, is a fully-equipped ground-floor corner surgical office suite on the Upper East Side. The suite is currently configured for a plastic surgery practice, with space adaptable to a range of medical specialties.
Inside, the layout includes a waiting area, in and out receptions, and a Quad-A accredited operating suite with a prep room/lab. Additional improvements include three exam rooms, three offices/consults, two restrooms, and three closets. An 8' x 10' storage cage in the basement is also included.
The property is accessible by public transportation via the 4, 5, and 6 trains at 77th St, plus Upper East Side bus routes. The building is two blocks from Lenox Hill Hospital and proximate to Mount Sinai.
Inside, the layout includes a waiting area, in and out receptions, and a Quad-A accredited operating suite with a prep room/lab. Additional improvements include three exam rooms, three offices/consults, two restrooms, and three closets. An 8' x 10' storage cage in the basement is also included.
The property is accessible by public transportation via the 4, 5, and 6 trains at 77th St, plus Upper East Side bus routes. The building is two blocks from Lenox Hill Hospital and proximate to Mount Sinai.
Key Highlights
- Ground‑floor corner suite at 815 Park Avenue, Suite 1AD
- Quad‑A accredited operating suite with prep room/lab
- Three exam rooms plus three offices/consults
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
$62,625
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
4.18%
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%
$1,252,500
$1.3M
Cap Rate 7%
$894,643
$894.6K
Cap Rate 9%
$695,833
$695.8K
Market Conditions
NOI Build-Up for 2,000 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
$103.0K $51.48/SF
− Vacancy
−$19.5K −$9.73/SF
EGI
$83.5K $41.75/SF
− OpEx
−$20.9K −$10.44/SF
NOI
$62.6K $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%
$1,252,500
Cap Rate 7%
$894,643
Cap Rate 9%
$695,833
Alternative Uses
Best Use
Office B
$894.6K
$782.8K – $1.04M
NOI $62,625 @ 7.0% cap · market cap 4.18%
Second Best
Healthcare Medical
$851.7K
$745.2K – $993.6K
NOI $59,616 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$4.98M
$4.36M – $5.81M
NOI $348,480 @ 7.0% cap · market cap 23.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
31,051
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 corner medical suite with waiting area, receptions, quad-A accredited operating suite, exam rooms, and offices.
Where is this medical office space located?
The property is located at 815 Park Ave New York, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Ground‑floor corner suite at 815 Park Avenue, Suite 1AD; Quad‑A accredited operating suite with prep room/lab; Three exam rooms plus three offices/consults
