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    East Flatbush Medical/Office Space Title is generated by Realmo AI

    632 Utica Avenue, Brooklyn, NY 11203

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    For Lease
    $10,000/Mo $35 SF/Yr (calc)

    SINGLE_FAMILY - Brooklyn, NY

    Type:Office
    Property size:
    3,400 SF
    Lot size:
    0.10 Acres
    Added:
    Feb 1, 2025
    Days on Market:
    475
    Last Refresh:
    May 22 at 5:06 pm

    Property Features for 632 Utica Avenue

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    R5
    Standard status
    Active
    Size
    3,400 SF
    Lot size
    0.10 Acres

    Building Details

    Year built
    1931
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Tile
    Roof type
    Rubber

    We can help!

    Listing Contact
    Wayne Anderson

    Listing agent Wayne Anderson

    Listing office Century 21 Achievers 1476 Flatbush Avenue, Brooklyn, NY

    Listing date Feb 1, 2025

    MLS# 488952

    Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Move‑in ready 3,400 sq ft medical/office space in prime East Flatbush.
    • High‑visibility location in a high foot‑traffic area.
    • Elevator building with new HVAC system and sprinkler system. Ample natural light fills the space.
    • Flexible leasing options and build‑out time.
    • Easy access to Kings County Hospital, shopping, banks, and public transportation.
    • Option to lease as two separate units.

    Overview

    This commercial space, suitable for medical or professional services, is located in a high foot-traffic area of East Flatbush. Situated on the 2nd floor of a two-story elevator building, the space offers approximately 3,400 square feet. It is move-in ready and includes 2 restrooms, 2 offices, a sprinkler system, and a new HVAC system. The space features high ceilings and large windows that provide natural light. The property is located in a vibrant neighborhood with a mix of businesses and diverse amenities. It offers easy access to major roadways, Kings County Hospital, shopping, banks, and public transportation, including MTA buses and subway. Located within an R5 zoning district, the leasing option is flexible, and ample build-out time is available for business specifications. Immediate availability. Option to lease as 2 separate units.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical Center Restaurant

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Cobble Hill Animal Veterinarian Care — 1139 Utica Ave, Brooklyn, NY 11203
    • Greenpoint Vet Service — 917 Albany Ave, Brooklyn, NY 11203

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.931366
    Latitude
    40.657668

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    FAQs

    What type of property is this?
    Medical Office Space - 3,400 SF medical/office space in high-traffic East Flatbush location.
    Where is this medical office space located?
    The property is located at 632 Utica Avenue Brooklyn, NY.
    What is the lease rate?
    The lease rate is $10,000 /Mo.
    What are key features of this property?
    This property features: Move‑in ready 3,400 sq ft medical/office space in prime East Flatbush.; High‑visibility location in a high foot‑traffic area.; Elevator building with new HVAC system and sprinkler system. Ample natural light fills the space.
    (718) 758-0600
    We can help!
    Listing Contact
    Wayne Anderson
    Request Owner's contact information
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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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