Riverdale Medical Pavilion | Elevator Medical Office Building. + Air Rights

$4,500,000

3765 Riverdale Avenue, New York, NY 10463

For Sale

Office Medical

Active

Last Updated: 07/09/2026

Details:

NOI: $320,256

Pro Forma Cap Rate : 7.1%

Building Size: 11,000 sqft

Lot Area: 7,040 sqft

Occupancy: 87%

Class: C

Lease Type: Full Service

Year Built: 1968

Price Per Sqft: $409

Price Per Unit: $562,500

Tenancy: Multiple

Floors: 2

Year Last Renovated: 2001

Gross Leaseable Area: 8,743

Number of Elevators: 1

Investment Strategy: Value Add

Offered by

Andrew Lichtenstein

Andrew Lichtenstein, Inc.

#31LI0467407

Request Info to Unlock

Highlights:

Markmark rents to market (~$55/SF, versus $44–$52/SF in place) 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).
2-story modern elevator building, well maintained, all suites separately metered, gas heat, fully sprinklered
R6 zoning with C1-2 overlay; significant unused air rights (City of Yes UAP)
Development kicker. Up to ~31 apartments as-of-right, ~40 with City of Yes UAP* (16,474 SF unused; 22,810 SF as community facility) — optionality beyond the income play.
Offered As-Is; sold subject to existing leases, with possession delivered as leases expire

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 plus 10,138 SF of unused as-of-right air rights. The vacant 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.