Office Condo with Cellar
C1-229 55th St Brooklyn, NY 11203
For Sale
$1,200,000
First-floor community facility with front and rear entrances, plus additional cellar space accessible by elevator.
Property Size3,918 SF
Price / SF$306.28
Days on Market513
Property Features for C1-229 55th St
General Information
- Standard status
- Active
- Size
- 3,918 SF
Listing Agency:
Fang Fang Realty Inc
(718) 676-2518
Listed By:
Lila Leung
(718) 676-2518
Source:
Exprealty
Added: Feb 25, 2025
Changed: Jul 23
Last Checked: Jul 23 at 11:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fang Fang Realty Inc
Investment Insights
Based on property information with market context.
Brand new commercial condo for sale featuring a first-floor community facility and added space in the cellar level. The first floor offers a 890SF footprint with both front and rear entrances for convenient access. An elevator provides access down to the cellar, where an additional 3,028SF is available. Each level includes one bathroom and 3 A/C units.
The property is located in Sunset Park, with nearby access to restaurants, supermarkets, banks, pharmacies, and parks. It is also close to the 4th & 5th Avenue commercial district, and is minutes from the N, R, W train station and the B11 and B37 bus stops.
The layout is suitable for a range of office and community uses, including accounting, attorney offices, home care offices, and non-profit organizations.
The property is located in Sunset Park, with nearby access to restaurants, supermarkets, banks, pharmacies, and parks. It is also close to the 4th & 5th Avenue commercial district, and is minutes from the N, R, W train station and the B11 and B37 bus stops.
The layout is suitable for a range of office and community uses, including accounting, attorney offices, home care offices, and non-profit organizations.
Key Highlights
- Brand new commercial condo in Sunset Park with a 890 SF first‑floor community facility
- Front and rear entrances provide access to the first‑floor space
- Cellar space totals 3,028 SF and is accessible by elevator
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $169.3k | $43.20 |
| − Vacancy | −$38.9k | −$9.94 |
| EGI | $130.3k | $33.26 |
| − OpEx | −$32.6k | −$8.32 |
| NOI | $97.7k | $24.95 |
3,918 SF · lease $43.20/SF/yr · vacancy 23.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.40M
$1.22M – $1.63M
NOI $97,746 @ 7.0% cap · market cap 8.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.24M
$2.84M – $3.78M
NOI $227,087 @ 7.0% cap · market cap 18.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office Units
FAQs
What type of property is this?
Office units - First-floor community facility with front and rear entrances, plus additional cellar space accessible by elevator.
Where is this office units located?
The property is located at C1-229 55th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Brand new commercial condo in Sunset Park with a 890 SF first‑floor community facility; Front and rear entrances provide access to the first‑floor space; Cellar space totals 3,028 SF and is accessible by elevator
