2298 Frederick Douglass Blvd New York, NY 10027

This exceptional Class A, 3,720 square foot medical office condominium, located at 2298 Frederick Douglass Blvd in New York, NY 10027, presents a compelling investment opportunity. Currently 100% occupied by Juno Medical under a triple-net (NNN) lease with 9.7 years remaining until expiration (July 31, 2034), this property offers significant long-term stability and passive income. The lease commenced August 1, 2024, and includes rent bumps of 2% in the primary term and 2.5% in the option period. The lease also includes one 5-year option. The property boasts a strong pro-forma NOI of $225,000 and a 5.85% cap rate, making it an attractive addition to any portfolio. Built in 2010, this fully built-out space features 11 exam rooms, a phlebotomy room, and an X-ray room, catering to a wide range of medical services. Juno Medical provides primary care, pediatrics, rheumatology, same-day urgent care, and women's health services. The property benefits from its prime corner location with approximately 130 feet of frontage on Frederick Douglass Boulevard and West 124th Street, placing it within a vibrant retail corridor in Harlem. The area is served by nearby subway stations and benefits from a strong demographic profile, with over 228,084 people within a 1-mile radius and an average household income exceeding $104,037. Projected medical expenditures within a half-mile radius are estimated at over $176 million. The property also enjoys an ICIP tax abatement extending through 2036. The current rent of approximately $60.48 per square foot is below market rate, according to Costar analytics, which estimates market rent at $71.94 per square foot. The property's location near Columbia University's expanding Manhattanville campus further enhances its long-term value and potential for future appreciation. The asking price is $3,850,000.