Renovated Medical Office with Exam
For Sale
$1,900,000
820 2ND Avenue 6A, New York City, NY 10017
Renovated medical office suite with over 10 exam rooms, currently configured for pain management, PT, and acupuncture.
Property Size4,400 SF
Price / SF$431.82
Days on Market218
Property Features for 820 2ND Avenue 6A
General Information
Standard status
Active
Size
4,400 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Floor
6
Business Included
Yes
Public Transit
Yes
Office Units
1
Amenities
doorman
security access
Building Details
Building Size
4,400 SF
Year Built
1962
Buildings
1
Listing Agency:
Douglas Elliman Real Estate
Listed By:
TAMIR SHADIAN · License #30SH0867466
(917) 749-3600
Source:
Carytamura
Added: Feb 8
Changed: Sep 13
Last Checked: Sep 13 at 1:45PM
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.
Renovated medical office suite in a condominium building, currently set up for medical pain management, PT, and acupuncture. The space features over 10 exam rooms and is described as up to code and ready to move in. The business is included in the rent of this condominium unit. The current operation has been in place for the past 30 years and includes over 3,000 patient files.
The property is located at 820 2nd Avenue in Midtown, next to Grand Central station, with major subway and train lines providing access throughout the city and beyond.
The building is a full-time doorman highrise with modern elevators and security access. The property size is 4,400 SF, and the building was constructed in 1962.
The property is located at 820 2nd Avenue in Midtown, next to Grand Central station, with major subway and train lines providing access throughout the city and beyond.
The building is a full-time doorman highrise with modern elevators and security access. The property size is 4,400 SF, and the building was constructed in 1962.
Key Highlights
- Renovated medical office suite with over 10 exam rooms
- Currently configured for pain management, PT, and acupuncture
- Business included with this condominium unit; operation for 30 years with over 3,000 patient files
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
1
Office units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bond Vet - Kips Bay — 447 3rd Ave, Manhattan, NY 10016
- Midtown Animal Hospital — 256 E 33rd St #1, New York, NY 10016
- Murray Hill Pet Hospital — 47 E 30th St, New York, NY 10016
- Biscuits & Bath - Murray Hill — 487 3rd Ave, New York, NY 10016
- AcupunctureForYourDog — 201 E 33rd St, New York, NY 10016
Frequently Asked Questions
What type of property is this?
Medical Office Space - Renovated medical office suite with over 10 exam rooms, currently configured for pain management, PT, and acupuncture.
Where is this medical office space located?
The property is located at 820 2ND Avenue 6A New York City, 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 medical office suite with over 10 exam rooms; Currently configured for pain management, PT, and acupuncture; Business included with this condominium unit; operation for 30 years with over 3,000 patient files
