Listed by Andrew Lichtenstein Inc
$4,500,000
Rising Riverdale Returns
Details
Property Type Office, Land
Sub Type Medical Office, Residential
Square Footage 11,000
Net Rentable (SqFt) 8,943
Units 8
NOI $23,393
Occupancy 87%
Tenancy Multi
Lease Type Gross
Rent Bumps Yes
Pro-Forma Cap Rate 7.12%
Pro-Forma NOI $320,256
Price per SqFt $409
Class B
Year Built 1968
Year Renovated 2001
Buildings 1
Stories 2
Lot Size (SqFt) 7,040
Zoning R6 with C1-2 commercial overlay
Investment Type Value Add
Sale Condition N/A
Medical Offices | Projected 7.1% CAP- Investment/Owner-User | 11,000 SqFt
Marketing description
Prime Investment Opportunity!!
A two-story 11,000 square foot elevator building consisting of 8 medical office suites, with 8,943 rentable square feet. 1,200 square feet can be rented or used by the owner. All units are gross leased. Possible development opportunity to build up to 33,792 square feet, with 22,000 square feet for residential use.
The table frames five distinct ways to underwrite the asset: from current in-place income to a fully converted net-lease position. Choose the strategy that fits your mandate.
Investment highlights
- Mark rents to market: In-place ~$34/SF vs. ~$55/SF market lifts gross toward $605,000 at full occupancy.
- Convert gross → net leases. The single largest NOI lever — shifts taxes, utilities & CAM to tenants (see Net-Lease Max).
- Development kicker. Air rights up to 10,138 SF unused as-of-right; ~31 - 40 units under City of Yes UAP*
- Elevator-served, fully sprinklered, all suites separately metered - gas, heat
- Lease Expirations: 2029 for most; Pediatric 8/31/2026; full possession ~2029
- Next door to Chase Bank - mass transit at the door.
Listing Contacts
Listed by Andrew Lichtenstein Inc
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$23,393.00
$1,949.42/mo
Valuation Metrics
0
DSCR
0.52%
Cap Rate
0.52%
ROI
Map
Zoning
R6 ResidentialMulti FamilyGeneral Residence
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View all 99 uses
View all 99 uses Last updated Jun 22, 2026 For deeper zoning details, reports are available at Zoneomics
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