Renovated Office with Exam
For Sale
$1,900,000
820 2ND AVE, New York, NY 10017
Renovated condominium office unit with more than 10 exam rooms in a full-service doorman highrise setting.
Property Size4,400 SF
Price / SF$431.82
Days on Market185
Property Features for 820 2ND AVE
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Apartment
Additional Details
Business Included
Yes
Amenities
full-time doorman
modern elevators
security access
Elevator
3
No Fence
No Parking.
City
None.
Building Details
Year Built
1962
Listing Agency:
(212) 891-7000
Listed By:
Douglas Elliman Real Estate
(917) 749-3600
Source:
Xome
Added: Feb 6
Changed: Aug 7
Last Checked: Aug 9 at 4:34AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This renovated condominium office unit is configured with over 10 exam rooms and is presented as ready to move in. It is currently set up for medical pain management/PT/acupuncture, and the business is noted as included in the rent of the condominium unit. The space is described as up to code for office use.
Located at 820 2nd Ave, the building operates as a full-time doorman highrise with modern elevators and security access. The property is positioned in a busy Midtown setting next to Grand Central station, with access to major subway and train lines serving the city and points out of town.
For tenants seeking an office environment with dedicated exam-room configuration, the unit offers a turnkey layout within a secured, staffed building.
Located at 820 2nd Ave, the building operates as a full-time doorman highrise with modern elevators and security access. The property is positioned in a busy Midtown setting next to Grand Central station, with access to major subway and train lines serving the city and points out of town.
For tenants seeking an office environment with dedicated exam-room configuration, the unit offers a turnkey layout within a secured, staffed building.
Key Highlights
- Renovated condominium office unit built in 1962
- More than 10 exam rooms, suited for medical office uses
- 3 guest facilities included
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
$137,776
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
7.25%
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%
$2,755,520
$2.8M
Cap Rate 7%
$1,968,229
$2.0M
Cap Rate 9%
$1,530,844
$1.5M
Market Conditions
NOI Build-Up for 4,400 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
$226.5K $51.48/SF
− Vacancy
−$42.8K −$9.73/SF
EGI
$183.7K $41.75/SF
− OpEx
−$45.9K −$10.44/SF
NOI
$137.8K $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%
$2,755,520
Cap Rate 7%
$1,968,229
Cap Rate 9%
$1,530,844
Alternative Uses
Best Use
Office B
$1.97M
$1.72M – $2.30M
NOI $137,776 @ 7.0% cap · market cap 7.25%
Second Best
Healthcare Medical
$1.87M
$1.64M – $2.19M
NOI $131,155 @ 7.0% cap · market cap 6.90%
Theoretical Best
Specialty Retail
$10.95M
$9.58M – $12.78M
NOI $766,656 @ 7.0% cap · market cap 40.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
48,551
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10017, NY
17,401
Population
12,866
Households
1.4
Avg Household Size
38
Median Age
85%
College-Educated
97%
High-School Grad
0.3 sq mi
ZIP Area
58,003
Density / Sq Mi
$132,518
Median Household Income
$94,214
Median Earnings
$2,980
Median Rent
$808,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Midtown Animal Hospital — 256 E 33rd St #1, New York, NY 10016
- Murray Hill Pet Hospital — 47 E 30th St, New York, NY 10016
- AcupunctureForYourDog — 201 E 33rd St, New York, NY 10016
- Biscuits & Bath - Murray Hill — 487 3rd Ave, New York, NY 10016
- Bond Vet - Kips Bay — 447 3rd Ave, Manhattan, NY 10016
Frequently Asked Questions
What type of property is this?
Medical Office Space - Renovated condominium office unit with more than 10 exam rooms in a full-service doorman highrise setting.
Where is this medical office space located?
The property is located at 820 2ND AVE New York, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Renovated condominium office unit built in 1962; More than 10 exam rooms, suited for medical office uses; 3 guest facilities included
