Building Details

Building Size 6,450 SF

Year Built 1970

Listing Agency: B Square Realty

Listed By: Li Li Show Phone

Source: Elliman

Added: Apr 24 Changed: Oct 25 Last Checked: Oct 30 at 4:34PM

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Investment Insights

Based on property information with market context.

This newly renovated, floor-through office condominium is located in Midtown East, offering a prime location two blocks from Grand Central Station. The unit spans approximately 6,450 square feet and features an open layout. Large windows provide ample natural light, creating an efficient and inviting work environment. Direct elevator access is available. The building's location offers proximity to major transportation hubs, the United Nations, and several consulates. This space is suitable for professional offices seeking a prestigious presence in the city's heart. A spacious park is located nearby. The location has a bike score of 80, indicating it is very bikeable, a walk score of 98, indicating it is a walker's paradise, and a transit score of 100, indicating it is a rider's paradise.

Key Highlights

• Prime Midtown East location, just two blocks from Grand Central Station
• Direct elevator access to a spacious 6,450 sq ft floor‑through office condominium
• Newly renovated with an open layout and abundant natural light

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$201,967

Cap Rate

4.14%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,039,340 $4.0M

Cap Rate 7%

$2,885,243 $2.9M

Cap Rate 9%

$2,244,078 $2.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,450 SF

Gross rent

$332.0K $51.48/SF

− Vacancy

−$62.8K −$9.73/SF

EGI

$269.3K $41.75/SF

− OpEx

−$67.3K −$10.44/SF

NOI

$202.0K $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 Rate 5%

$4,039,340

Cap Rate 7%

$2,885,243

Cap Rate 9%

$2,244,078

Alternative Uses

Best Use

Office B

$2.89M

$2.52M – $3.37M (±1% cap)

NOI $201,967 @ 7.0% cap · market cap 4.14%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$16.05M

$14.05M – $18.73M (±1% cap)

NOI $1,123,848 @ 7.0% cap · market cap 23.03%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Plastic Surgery Center Medical Clinic Consulate General of Saudi ... Foreign Consulate Permanent Mission of the Hashemite ... County Government Office Shinji Lee MD Physician Permanent Mission of Bahrain Foreign Consulate

Suggested Use

Top Pick Butcher (Bike/Boat/Book/etc) Store Auto Parts Store Buffet Pet Grooming Service Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

58,096

Businesses Nearby

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Renovated office condo near Grand Central, ideal for professionals.

Where is this office unit located?

The property is located at 866 2nd Ave 10A New York, NY.

What is the asking price?

The asking price for this property is $4,880,000.

What are key features of this property?

This property features: Prime Midtown East location, just two blocks from Grand Central Station; Direct elevator access to a spacious 6,450 sq ft floor‑through office condominium; Newly renovated with an open layout and abundant natural light