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    15 96Th St New York, NY 10025

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    15 96Th St New York, NY 10025

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    • Medical Office Space
    Off-Market
    Property ID
    US63-1336944
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 15 West 96th Street / Condominium Complex
    • New York Foundation Repair Solutions​ / Building Supply / Factory
    • Cannabis Dispensary / (Bike/Boat/Book/etc) Store

    Property Details for 15 96Th St

    Year built
    2022
    Property type
    Medical Office Space

    Description

    This exceptional 22-story, 2022-built condominium building at 15 West 96th Street, situated on the Upper West Side between Central Park West and Columbus Avenue in New York County, offers a unique opportunity for businesses seeking prime office space. The building features approximately 14,419 square feet of space across five floors, ideally suited for medical, professional non-profit, or other community facility uses. Available for sale or lease, this space boasts a flexible design, allowing for customized layouts to meet specific tenant needs. A "building-within-a-building" configuration provides a dedicated entrance and elevator servicing the lower levels up to the fifth floor. The property benefits from excellent public transportation access, with proximity to the B and C subway lines, and the M10, M96, and M106 bus routes at West 96th Street, as well as the 1, 2, and 3 lines at West 96th and Broadway. Individual condominium units are available for sale, and reasonable space divisions will be considered. The building's modern construction and convenient location make it an attractive option for a variety of businesses. The total available space ranges from 1,311 to 14,419 contiguous square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.965660291895
    Latitude
    40.792059615703

    Comparable in this City

    • Contact for pricing
      494 SF

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      West Side Medical Office Suite

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      Upper West Side Space Available

      Community, medical, daycare space for rent near public transportation.
      266 W 96Th St, New York, NY 10025
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      Prime Retail Space on Broadway

      1,000 SF retail space in prime location on Broadway.
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      Broadway Office Space: UWS Gem

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      Columbus Avenue Retail/Office Space

      Retail and office spaces available at The Columbus House.
      721 Columbus Ave, New York, NY 10025
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    Similar Nearby for Lease

    • Contact for pricing
      494 SF

      Renovated Suites Near Central Park

      Turn-key medical, wellness, or professional suites for rent.
      50 W 97Th St, New York, NY 10025
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      West Side Medical Office Suite

      Medical office suite for rent on the Upper West Side.
      711 West End Ave, New York, NY 10025
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      2,400 SF

      Upper West Side Space Available

      Community, medical, daycare space for rent near public transportation.
      266 W 96Th St, New York, NY 10025
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      Prime Retail Space on Broadway

      1,000 SF retail space in prime location on Broadway.
      2666 Broadway, New York, NY 10025
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    • $108 SF/Yr
      1,000 SF

      Broadway Office Space: UWS Gem

      Prime Upper West Side office, 1000 sq ft.
      0 Office Spc On Broadway, New York, NY 10025
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      13,000 SF

      Columbus Avenue Retail/Office Space

      Retail and office spaces available at The Columbus House.
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      View Details
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    15 96Th St
    New York, NY 10025
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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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