Medical Office
For Sale
$8,700,000
1523 VOORHIES AVE, Brooklyn, NY 11235
Five-story commercial building configured for medical and professional office use with a maintained lobby and high-quality finishes.
Property Size18,858 SF
Price / SF$461.34
Days on Market143
Property Features for 1523 VOORHIES AVE
General Information
Standard status
Active
Size
18,858 SF
Property subtype
Office
Occupancy
100%
Additional Details
Cap Rate
7%
Amenities
lobby
3
Flat
C4-2
3600
Building Details
Year Built
2000
Stories
5
Listing Agency:
RE/MAX Edge
Listed By:
Vladimir Levitan · License #10301214390
(718) 612-3088
Source:
Xome
Added: Apr 18
Changed: Aug 23
Last Checked: Sep 7 at 5:20AM
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 RE/MAX Edge
Investment Insights
Based on property information with market context.
Five-story commercial building in central Sheepshead Bay configured for medical and professional office use. The interior is described as beautifully maintained and finished with high-quality finishes, extensive built-in cabinetry, and a welcoming, well-appointed lobby. Building systems are reported to be in excellent working condition, supporting day-to-day operations for tenants.
The property is fully utilized and is presented as generating strong, stable income, with a projected cap rate of approximately 7% in the marketing remarks. The sale also includes an assumable $5M mortgage at an attractive 3.78% interest rate, which the remarks indicate enhances investment appeal. Walk score is listed as 87 (very walkable) and transit score as 72 (excellent transit), with bike score 61 (bikeable).
The property is fully utilized and is presented as generating strong, stable income, with a projected cap rate of approximately 7% in the marketing remarks. The sale also includes an assumable $5M mortgage at an attractive 3.78% interest rate, which the remarks indicate enhances investment appeal. Walk score is listed as 87 (very walkable) and transit score as 72 (excellent transit), with bike score 61 (bikeable).
Key Highlights
- Five‑story commercial building built in 2000, currently configured for medical and professional office use
- Well‑appointed lobby and maintained interior with high‑quality finishes and extensive built‑in cabinetry
- All building systems reported in excellent working condition for day‑to‑day tenant operations
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
$470,469
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
5.41%
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%
$9,409,380
$9.4M
Cap Rate 7%
$6,720,986
$6.7M
Cap Rate 9%
$5,227,433
$5.2M
Market Conditions
NOI Build-Up for 18,858 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
$814.7K $43.20/SF
− Vacancy
−$187.4K −$9.94/SF
EGI
$627.3K $33.26/SF
− OpEx
−$156.8K −$8.32/SF
NOI
$470.5K $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%
$9,409,380
Cap Rate 7%
$6,720,986
Cap Rate 9%
$5,227,433
Alternative Uses
Best Use
Office B
$6.72M
$5.88M – $7.84M
NOI $470,469 @ 7.0% cap · market cap 5.41%
Second Best
Healthcare Medical
$6.25M
$5.47M – $7.29M
NOI $437,204 @ 7.0% cap · market cap 5.03%
Theoretical Best
Specialty Retail
$15.61M
$13.66M – $18.22M
NOI $1,093,010 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,757
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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 - Five-story commercial building configured for medical and professional office use with a maintained lobby and high-quality finishes.
Where is this medical office space located?
The property is located at 1523 VOORHIES AVE Brooklyn, NY.
What is the asking price?
The asking price for this property is $8,700,000.
What are key features of this property?
This property features: Five‑story commercial building built in 2000, currently configured for medical and professional office use; Well‑appointed lobby and maintained interior with high‑quality finishes and extensive built‑in cabinetry; All building systems reported in excellent working condition for day‑to‑day tenant operations
