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    Versatile Medical/Office/Residential Space Title is generated by Realmo AI

    400 E 56th St, New York, NY 10022

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    Adaptable 3,257 SF space suitable for medical, office, or residential use.

    Type:Office
    Property size:
    3,267 SF
    Price / SF:
    $596/SF
    Added:
    Oct 18, 2024
    Days on Market:
    599
    Last Refresh:
    May 12 at 11:03 pm

    Property Features for 400 E 56th St

    General Information

    Standard status
    Active
    Size
    3,267 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Michael Pinney

    Listing agent Michael Pinney License #NY 40PI1018647

    Listing office Signature Partners

    Listing date Oct 18, 2024

    Source Crexi

    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 Signature Partners

    HighLights

    • Expansive 3,257 sq ft ground floor space ideal for commercial, professional office, or residential purposes.
    • Currently a dental office featuring 12 exam rooms/operatories, multiple labs, x‑ray facilities, and gas lines.
    • Adaptable space can be converted to fully residential or live/work.
    • Building boasts a rooftop pool with views, a party room/conference center with catering kitchen, and exercise room.
    • Benefit from a dedicated street entrance with porte‑cochere driveway and optional discrete underground garage access.
    • Convenient access to FDR Drive and various subway lines.

    Overview

    This ground floor property offers approximately 3,257 square feet suitable for commercial, professional office, or residential use. Currently configured as a dental office, it features 12 exams/operatories and is comprehensively outfitted with multiple laboratories, x-ray facilities, and gas lines. A gracious reception area leads to two reception desks, accommodating multiple practices. The space is equipped with a built-in speaker system, tenant-controlled heating and air conditioning, and a security system. Medical suites have a dedicated street entrance as part of an elegant porte-cochere driveway. The building provides an underground garage with discrete access. Building amenities include a rooftop pool and seating areas with views, a party room/conference center with a catering kitchen, and a well-outfitted exercise room. The suite can be converted to fully residential or live/work. The property has easy access from FDR Drive and multiple subway lines.

    Local Financial Insights For Mixed Use

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $196.0k $60.00
    − Vacancy −$29.4k −$9.00
    EGI $166.6k $51.00
    − OpEx −$62.5k −$19.13
    NOI $104.1k $31.88
    3,267 SF · lease $60.00/SF/yr · vacancy 15.00% · expense 37.50%

    Alternative Uses

    Best Use
    Mixed Use
    $1.49M
    $1.30M – $1.74M (±1% cap)
    NOI $104,136 @ 7.0% cap · market cap 5.34%
    Second Best
    Office B
    $1.46M
    $1.28M – $1.70M (±1% cap)
    NOI $102,299 @ 7.0% cap · market cap 5.25%
    Theoretical Best
    Specialty Retail
    $8.13M
    $7.12M – $9.49M (±1% cap)
    NOI $569,242 @ 7.0% cap · market cap 29.19%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Marcelle Design, Inc. Marketing & Advertising Hell's Kitchen Barbers Barber Shop Hemisphere Hospitality Hotel & Motel Pinsky Carl M ... Physician Worthington Joseph DDS Dental Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Xpfizer Animal Health — 235 E 42nd St, New York, NY 10017
    • Good Dog Veterinarian — 343 Lexington Ave, New York, NY 10016
    • Shorter James H DVM — 780 3rd Ave, New York, NY 10017, United States
    • City Vet — 45-44 Vernon Blvd, Long Island City, NY 11101
    • Kalvig and Shorter Veterinary Associates — 133 E 39th St, New York, NY 10016

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9865789
    Latitude
    40.7672944

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    FAQs

    What type of property is this?
    Medical Office Space - Adaptable 3,257 SF space suitable for medical, office, or residential use.
    Where is this medical office space located?
    The property is located at 400 E 56th St New York, NY.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: Expansive 3,257 sq ft ground floor space ideal for commercial, professional office, or residential purposes.; Currently a dental office featuring 12 exam rooms/operatories, multiple labs, x‑ray facilities, and gas lines.; Adaptable space can be converted to fully residential or live/work.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Pinney
    Real Estate License ID: NY 40PI1018647
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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