Medical/Commercial Space in Prime
For Sale
$3,650,000
1340 Rockaway Pkwy, Brooklyn, NY 11236
4,934 SF medical/commercial space with parking in Canarsie, Brooklyn.
Property Size4,934 SF
Lot Size0.22 Acres
Price / SF$739.76
Days on Market162
Property Features for 1340 Rockaway Pkwy
General Information
Standard status
Active
Size
4,934 SF
Lot size
0.22 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$25,870
Building Details
Building Size
4,934 SF
Year Built
2002
Stories
1
Listing Agency:
A P Services Inc
(347) 515-8272
Listed By:
Aliaksei A. (Alex) Palaukou · License #AP8095
(347) 515-8272
Source:
Elliman
Added: Mar 12
Changed: Aug 14
Last Checked: Aug 14 at 6:04AM
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 A P Services Inc
Investment Insights
Based on property information with market context.
This 4,934 SF medical and commercial space, complemented by 4,629 SF of dedicated on-site parking, is located in Canarsie. The property, previously a medical clinic for over 25 years, offers a turnkey medical layout suitable for clinical practices. An additional open "vanilla box" area allows for customization to various operational needs. The property is located minutes from the Canarsie–Rockaway Parkway L train station, providing transit connectivity for patients, clients, and staff. Situated along Rockaway Parkway’s high-traffic retail corridor, which sees over 33,000 vehicles per day, the property benefits from high visibility. The location is surrounded by residential neighborhoods and local businesses, providing a customer base and foot traffic. The property is zoned C2-3/R5D, allowing for up to 20,000+ buildable SF for mixed-use residential/commercial/retail/office/medical/residential development. This property is suitable for healthcare, wellness, or professional service users. It presents a redevelopment opportunity.
Key Highlights
- High‑traffic location on Rockaway Parkway with over 33,000 vehicles per day, ensuring excellent visibility.
- Zoning C2‑3/R5D allows for up to 20,000+ buildable SF for mixed‑use development.
- Existing 4,934 SF medical/commercial space with a functional, turnkey medical layout.
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
$123,093
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
3.37%
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%
$2,461,860
$2.5M
Cap Rate 7%
$1,758,471
$1.8M
Cap Rate 9%
$1,367,700
$1.4M
Market Conditions
NOI Build-Up for 4,934 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
$213.1K $43.20/SF
− Vacancy
−$49.0K −$9.94/SF
EGI
$164.1K $33.26/SF
− OpEx
−$41.0K −$8.32/SF
NOI
$123.1K $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%
$2,461,860
Cap Rate 7%
$1,758,471
Cap Rate 9%
$1,367,700
Alternative Uses
Best Use
Office B
$1.76M
$1.54M – $2.05M
NOI $123,093 @ 7.0% cap · market cap 3.37%
Second Best
Healthcare Medical
$1.63M
$1.43M – $1.91M
NOI $114,390 @ 7.0% cap · market cap 3.13%
Theoretical Best
Specialty Retail
$4.09M
$3.57M – $4.77M
NOI $285,975 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,636
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11236, NY
100,687
Population
37,002
Households
2.7
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
3.6 sq mi
ZIP Area
27,969
Density / Sq Mi
$82,813
Median Household Income
$50,244
Median Earnings
$1,637
Median Rent
$710,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 4,934 SF medical/commercial space with parking in Canarsie, Brooklyn.
Where is this medical office space located?
The property is located at 1340 Rockaway Pkwy Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: High‑traffic location on Rockaway Parkway with over 33,000 vehicles per day, ensuring excellent visibility.; Zoning C2‑3/R5D allows for up to 20,000+ buildable SF for mixed‑use development.; Existing 4,934 SF medical/commercial space with a functional, turnkey medical layout.
