Medical Office Space with
For Sale
$3,650,000
1340 Rockaway Parkway, Brooklyn, NY 11236
Commercial, Brooklyn, NY
Property Size4,934 SF
Lot Size0.22 Acres
Price / SF$739.76
Days on Market302
Property Features for 1340 Rockaway Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2-3/R5D
Subdivision
Canarsie
Standard status
Active
Size
4,934 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
25870
Building Details
Year built
2002
Floors in Building
1
Number of units
1
Flooring type
Tile, Concrete
Building materials
Block, Brick, Masonry, Steel
Roof type
Flat, Asphalt
Listing Agency:
A P Services Inc
Listed By:
Aliaksei A. (Alex) Palaukou · License #AP8095
(347) 515-8272
Added: Nov 18, 2025
Changed: Sep 6
Last Checked: Sep 16 at 12:06AM
MLS# 497452
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 4,934-square-foot medical office property includes a dedicated 4,629-square-foot parking area, an established clinical layout, and an additional open area suitable for interior customization. The building was constructed in 2002 with block, brick, masonry, and steel materials, along with tile and concrete flooring. A flat asphalt roof completes the existing improvements.
The property is located at 1340 Rockaway Parkway in Brooklyn’s Canarsie area, near the Canarsie-Rockaway Parkway L train station and along a retail corridor carrying over 33,000 vehicles per day. Dense residential surroundings and nearby local businesses provide an established community setting. Zoning is C2-3/R5D, with up to 20000 + buildable SF identified for mixed-use residential, commercial, retail, office, medical, or residential redevelopment. The property previously operated as a medical clinic for more than 25 years and is currently vacant.
The property is located at 1340 Rockaway Parkway in Brooklyn’s Canarsie area, near the Canarsie-Rockaway Parkway L train station and along a retail corridor carrying over 33,000 vehicles per day. Dense residential surroundings and nearby local businesses provide an established community setting. Zoning is C2-3/R5D, with up to 20000 + buildable SF identified for mixed-use residential, commercial, retail, office, medical, or residential redevelopment. The property previously operated as a medical clinic for more than 25 years and is currently vacant.
Key Highlights
- 4,934 SF medical and commercial space
- Dedicated 4,629 SF on‑site parking area
- C2‑3/R5D zoning with up to 20000 + buildable SF
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
$179,104
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
4.91%
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%
$3,582,080
$3.6M
Cap Rate 7%
$2,558,629
$2.6M
Cap Rate 9%
$1,990,044
$2.0M
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
$325.6K $66.00/SF
− Vacancy
−$39.1K −$7.92/SF
EGI
$286.6K $58.08/SF
− OpEx
−$107.5K −$21.78/SF
NOI
$179.1K $36.30/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,582,080
Cap Rate 7%
$2,558,629
Cap Rate 9%
$1,990,044
Alternative Uses
Best Use
Mixed Use
$2.56M
$2.24M – $2.99M
NOI $179,104 @ 7.0% cap · market cap 4.91%
Second Best
Office B
$1.76M
$1.54M – $2.05M
NOI $123,093 @ 7.0% cap · market cap 3.37%
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
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Open Analytics
Current Use
Lease Details
33,000 VPD
Traffic count
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Adaptable medical and commercial layout with dedicated parking, C2-3/R5D zoning, and redevelopment potential.
Where is this medical office space located?
The property is located at 1340 Rockaway Parkway 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: 4,934 SF medical and commercial space; Dedicated 4,629 SF on‑site parking area; C2‑3/R5D zoning with up to 20000 + buildable SF
