1820 Madison AveNew York, NY 10035

Property Details for 1820 Madison Ave

Year built

2009

Lot size

0.18 AC

Property size (Sq ft)

6,299 SF

Zone code

R7-2

Property type

Retail space

APN

01745-1201

APU

17451201

Description

This exceptional investment opportunity presents a 6,566 square foot medical office condominium located at 1820 Madison Avenue in New York, NY 10035. Priced at $6,490,000, this property boasts a strong 4.66% cap rate and a substantial net operating income (NOI) of $302,336. The building, constructed in 2012, is a single-story, private commercial condominium situated on the ground floor of an eight-story mixed-use building. The property features two commercial spaces currently occupied by established office users, offering 80 feet of prime retail frontage on Madison Avenue. Both tenants have been in place since 2015 and have invested significant capital in their respective spaces. The favorable layouts provide open, mostly column-free space, and each unit includes at least one ADA-compliant bathroom. The building benefits from a 25-year tax exemption extending through 2038, significantly reducing operating costs. Almost all annual expenses are passed through to the tenants, minimizing owner expenses. The property enjoys a convenient location near the Mount Sinai Hospital campus. The leases are long-term, with a corporate guarantee providing added security. The radiology tenant holds a significant market share in Upper Manhattan, supported by a large network of referring physicians. This is a rare opportunity to acquire a stable, high-performing medical office investment in a prime Manhattan location. The property's size is 82' x 80', and each commercial unit has its own hot water heater (cost passed to the tenant).

• CAP approach

  CAP return

  Valuation

  6%

  $1,530,877

  6.5%

  $1,413,117

  7%

  $1,312,180

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,074,029

  Geo Method

  $2,074,029

• Alternative Use

  Use

  Valuation

  Residential

  $1,192,017

  Hospitality

  $1,091,881

  Educational

  $908,432

  Medical

  $939,675

  Retail

  $1,413,117

Location Insight

City

New York

County

New York

State

New York

Latitude

40.8016

Longitude

-73.944

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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