Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    400 56Th St New York, NY 10022

    • Office Properties & Spaces
    • 3,267 SF
    For Sale
    View listing
    $1,699,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Marcelle Design, Inc. / Marketing & Advertising / (Bike/Boat/Book/etc) Store
    • Hell's Kitchen Barbers / Barber Shop
    • Hemisphere Hospitality / Hotel & Motel
    • Pinsky Carl M MD / Physician
    • Worthington Joseph DDS / Dental Office

    Property Details for 400 56Th St

    Property size
    3,267 SF
    Property type
    Office Properties & Spaces
    Property subtype
    Medical offices

    Description

    This exceptional 3,267 square foot medical office space at 400 East 56th Street in New York City's Midtown East presents a unique investment opportunity. Currently configured as a dental office, the property boasts twelve examination/operatories and multiple consultation rooms, complemented by two spacious reception areas. The building offers convenient underground parking for both tenants and patients, a significant advantage in this highly desirable location. Building amenities include a rooftop pool, an exercise room, and a versatile meeting/party room with catering capabilities, enhancing the overall tenant and patient experience. This property offers significant flexibility

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9631
    Latitude
    40.7571

    Comparable in this City

    • Value Estimation by Request
      3,300 SF

      449 58Th St

      Medical offices • 3,300 SF
      449 58Th St, New York, NY 10022
      View Details
    • Value Estimation by Request

      6th 60Th St

      Medical offices
      6th 60Th St, New York, NY 10022
      View Details
    • Value Estimation by Request

      7th 60Th St

      Medical offices
      7th 60Th St, New York, NY 10022
      View Details
    • Value Estimation by Request
      115,020 SF

      220 54Th St

      Medical offices • 115,020 SF
      220 54Th St, New York, NY 10022
      View Details
    • Value Estimation by Request

      340 52Nd St

      Medical offices
      340 52Nd St, New York, NY 10022
      View Details
    • Value Estimation by Request
      1,950 SF

      889 1St Ave

      Medical offices • 1,950 SF
      889 1St Ave, New York, NY 10022
      View Details

    Similar Nearby for Sale

    • $1,699,000
      3,267 SF

      Prime Midtown East Medical Office

      Luxury 3,267 SF Medical Office for Sale
      400 56Th St, New York, NY 10022
      View Details
    • $875,000

      Renovated Medical Suite in Lenox Hill

      Move-in ready medical suite in prime Lenox Hill location.
      121 E 60Th St, New York, NY 10022
      View Details
    • $40,000,000
      34,436 SF

      Midtown Luxury Commercial Condo Building

      35,000 SF Midtown building ideal for various uses.
      60 E 55Th St, New York, NY 10022
      View Details
    • Contact for pricing
      5,021 SF

      Midtown East Office Space

      Office space in prime Midtown East location.
      226 E 54Th St, New York, NY 10022
      View Details
    • $4,500,000
      1,791 SF

      Olympic Tower Mixed-Use Condominium

      Luxury mixed-use condominium with residential and commercial space.
      641-645 5Th Ave, New York, NY 10022
      View Details
    • Contact for pricing

      Fifth Avenue Office Building

      Office building for sale on Fifth Avenue in New York.
      623 5Th Ave, New York, NY 10022
      View Details

    Similar Nearby for Lease

    • $47 SF/Yr
      21,888 SF

      Midtown Medical Office Space

      Prime Midtown East, 1,000-3,500 SF Available
      150 55Th St, New York, NY 10022
      View Details
    • $65 SF/Yr
      1,230 SF

      East 60th Street Medical Office

      1,230 SF Medical Office Suite, Sutton Place
      6th 60Th St, New York, NY 10022
      View Details
    • $70 SF/Yr
      1,796 SF

      Prime Lenox Hill Medical Office Space

      1,796 SF Medical Office, East 60th St.
      7th 60Th St, New York, NY 10022
      View Details
    • Contact for pricing
      5,230 SF

      Prime Manhattan Medical Office Space

      5,230 SF Medical Office Available
      980 1St Ave, New York, NY 10022
      View Details
    • Contact for pricing
      3,300 SF

      Prime Midtown East Medical Office Space

      3,300 SF Medical Office - NYC
      449 58Th St, New York, NY 10022
      View Details
    • $38,687
      6,929 SF

      Move-in Ready Medical Office Sublease

      Fully equipped medical office sublease in Plaza District, available immediately.
      60 East 56Th St, New York, NY 10022
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    400 56Th St
    New York, NY 10022
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.