Versatile Medical/Office/Residential
For Sale
Contact for pricing
400 E 56th St, New York, NY 10022
Adaptable 3,257 SF space suitable for medical, office, or residential use.
Property Size3,267 SF
Price / SF$518.82
Days on Market690
Property Features for 400 E 56th St
General Information
Standard status
Active
Size
3,267 SF
Property subtype
Office
Listing Agency:
Signature Partners
Listed By:
Michael Pinney · License #NY 40PI1018647
(212) 813-3573
Source:
Crexi
Added: Oct 18, 2024
Changed: Aug 25
Last Checked: Sep 7 at 5:15AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$102,299
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
6.04%
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%
$2,045,980
$2.0M
Cap Rate 7%
$1,461,414
$1.5M
Cap Rate 9%
$1,136,656
$1.1M
Market Conditions
NOI Build-Up for 3,267 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
$168.2K $51.48/SF
− Vacancy
−$31.8K −$9.73/SF
EGI
$136.4K $41.75/SF
− OpEx
−$34.1K −$10.44/SF
NOI
$102.3K $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%
$2,045,980
Cap Rate 7%
$1,461,414
Cap Rate 9%
$1,136,656
Alternative Uses
Best Use
Office B
$1.46M
$1.28M – $1.70M
NOI $102,299 @ 7.0% cap · market cap 6.04%
Second Best
Healthcare Medical
$1.39M
$1.22M – $1.62M
NOI $97,383 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$8.13M
$7.12M – $9.49M
NOI $569,242 @ 7.0% cap · market cap 33.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
27,619
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
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 - 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 $1,695,000.
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.
