Office Condo with Cellar
For Sale
$1,200,000
C1-229 55th St, Brooklyn, NY 11203
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 Market559
Property Features for C1-229 55th St
General Information
Standard status
Active
Size
3,918 SF
Taxes and HOA fees
Annual Taxes
$6,461
Listing Agency:
Fang Fang Realty Inc
Listed By:
Lila Leung
(718) 676-2518
Source:
Exprealty
Added: Feb 25, 2025
Changed: Sep 5
Last Checked: Sep 7 at 12:24PM
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
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
$97,746
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
8.15%
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%
$1,954,920
$2.0M
Cap Rate 7%
$1,396,371
$1.4M
Cap Rate 9%
$1,086,067
$1.1M
Market Conditions
NOI Build-Up for 3,918 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
$169.3K $43.20/SF
− Vacancy
−$38.9K −$9.94/SF
EGI
$130.3K $33.26/SF
− OpEx
−$32.6K −$8.32/SF
NOI
$97.7K $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%
$1,954,920
Cap Rate 7%
$1,396,371
Cap Rate 9%
$1,086,067
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 authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,857
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
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?
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
