Medical Office with On-Site
For Sale
$4,900,000
8120 15th Avenue, Brooklyn, NY 11228
COMMERCIAL - Brooklyn, NY
Property Size5,700 SF
Lot Size0.20 Acres
Price / SF$859.65
Days on Market88
Property Features for 8120 15th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R4
Parking features
Garage - Attached
Basement
Full
Subdivision
Bensonhurst
Standard status
Active
Size
5,700 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
30171
Building Details
Year built
1931
Floors in Building
1
Number of units
1
Building materials
Brick
Roof type
Asphalt
Listing Agency:
Peerless Properties Corp.
(718) 368-3305
Listed By:
Richard Dinerman · License #35DIO767533
(718) 368-3305
Added: May 21
Changed: Aug 4
Last Checked: Aug 16 at 6:06PM
MLS# 501656
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.
Investment Insights
Based on property information with market context.
This 5,700-square-foot medical office property is currently operating as an active medical facility. The building dates to 1931 and features brick construction, an asphalt roof, and an attached garage providing on-site parking. The existing improvements offer a medical-use configuration within a compact commercial property.
The parcel contains 8,550 square feet and is located at 8120 15th Avenue in Brooklyn’s 11228 ZIP Code. Zoning is designated R4 (QRS) (Outer T.Z.). The property information identifies the existing building as suitable for continued medical use and also describes residential development as a possible future direction following demolition, subject to zoning and permit review. The owner will allow prospective purchasers time to pursue those approvals.
The parcel contains 8,550 square feet and is located at 8120 15th Avenue in Brooklyn’s 11228 ZIP Code. Zoning is designated R4 (QRS) (Outer T.Z.). The property information identifies the existing building as suitable for continued medical use and also describes residential development as a possible future direction following demolition, subject to zoning and permit review. The owner will allow prospective purchasers time to pursue those approvals.
Key Highlights
- 5,700‑square‑foot existing medical office
- 8,550‑square‑foot lot
- Active medical facility currently in operation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$142,204
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,844,080
$2.8M
Cap Rate 7%
$2,031,486
$2.0M
Cap Rate 9%
$1,580,044
$1.6M
Market Conditions
NOI Build-Up for 5,700 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$246.2K $43.20/SF
− Vacancy
−$56.6K −$9.94/SF
EGI
$189.6K $33.26/SF
− OpEx
−$47.4K −$8.32/SF
NOI
$142.2K $24.95/SF
Area
Brooklyn, NY
Vacancy
23.00%
Lease Rate
$43.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,844,080
Cap Rate 7%
$2,031,486
Cap Rate 9%
$1,580,044
Alternative Uses
Best Use
Office B
$2.03M
$1.78M – $2.37M
NOI $142,204 @ 7.0% cap · market cap 2.90%
Second Best
Healthcare Medical
$1.89M
$1.65M – $2.20M
NOI $132,149 @ 7.0% cap · market cap 2.70%
Theoretical Best
Specialty Retail
$4.72M
$4.13M – $5.51M
NOI $330,372 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,148
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11228, NY
45,906
Population
16,336
Households
2.8
Avg Household Size
41
Median Age
37%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
30,604
Density / Sq Mi
$80,737
Median Household Income
$47,062
Median Earnings
$1,828
Median Rent
$1,131,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Active medical facility with an attached garage, brick construction, and R4 (QRS) zoning in Brooklyn.
Where is this medical office space located?
The property is located at 8120 15th Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 5,700‑square‑foot existing medical office; 8,550‑square‑foot lot; Active medical facility currently in operation
