Park Avenue Medical Office
For Sale
Contact for pricing
Pending
969 Park Ave, New York, NY 10028
Prime Upper East Side medical office co-op for sale.
Property Size1,000 SF
Days on Market754
Property Features for 969 Park Ave
General Information
Standard status
Pending
Size
1,000 SF
Property subtype
Office
Building Details
Year Built
1921
Listing Agency:
SERHANT
(646) 479-5186
Listed By:
Bernadette Brennan · License #NY 10301221862
Source:
Crexi
Added: Jul 17, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:25AM
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 SERHANT
Investment Insights
Based on property information with market context.
Located at the corner of Park Avenue and East 82nd Street, this medical office co-op is available for sale. The unit, situated in the Upper East Side, encompasses approximately 1,000 square feet. The co-op features a waiting and reception area with high ceilings, two exam rooms, a private office, and a staff room. Housed in a pre-war building dating back to 1921, the office offers a setting. The monthly maintenance is $4,500. This property is suited for healthcare professionals.
Key Highlights
- Prime Upper East Side location at Park Avenue and East 82nd Street
- Turnkey medical office co‑op suitable for immediate use**
- Priced to sell at $500,000 with built‑in clientele
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
$31,313
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
6.28%
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%
$626,260
$626.3K
Cap Rate 7%
$447,329
$447.3K
Cap Rate 9%
$347,922
$347.9K
Market Conditions
NOI Build-Up for 1,000 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
$51.5K $51.48/SF
− Vacancy
−$9.7K −$9.73/SF
EGI
$41.8K $41.75/SF
− OpEx
−$10.4K −$10.44/SF
NOI
$31.3K $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%
$626,260
Cap Rate 7%
$447,329
Cap Rate 9%
$347,922
Alternative Uses
Best Use
Office B
$447.3K
$391.4K – $521.9K
NOI $31,313 @ 7.0% cap · market cap 6.28%
Second Best
Healthcare Medical
$425.8K
$372.6K – $496.8K
NOI $29,808 @ 7.0% cap · market cap 5.97%
Theoretical Best
Specialty Retail
$2.49M
$2.18M – $2.90M
NOI $174,240 @ 7.0% cap · market cap 34.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
19,030
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10028, NY
48,116
Population
29,535
Households
1.6
Avg Household Size
39
Median Age
83%
College-Educated
98%
High-School Grad
0.3 sq mi
ZIP Area
160,387
Density / Sq Mi
$168,125
Median Household Income
$116,860
Median Earnings
$2,702
Median Rent
$1,600,400
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.
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- Spencer Herman — 417 E 72nd St APT 1A, New York, NY 100214415
Frequently Asked Questions
What type of property is this?
Medical Office Space - Prime Upper East Side medical office co-op for sale.
Where is this medical office space located?
The property is located at 969 Park Ave New York, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Prime Upper East Side location at Park Avenue and East 82nd Street; Turnkey medical office co‑op suitable for immediate use**; Priced to sell at $500,000 with built‑in clientele
