Medical Laboratory Office
For Sale
Contact for pricing
229 49th Street, Brooklyn, NY 11220
2016-constructed medical laboratory office building with approximately 16-foot ceilings and one drive-in gate plus underground parking.
Property Size33,478 SF
Price / SF$522.73
Days on Market57
Property Features for 229 49th Street
General Information
Standard status
Active
Size
33,478 SF
Total Parking Spaces
25
Property subtype
Office, Special Purpose
Zoning
M1-2D
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Building Details
Year Built
2016
Stories
4
Listing Agency:
JA Cohen Advisory Group LLC
Listed By:
Jack A. Cohen · License #NY 10491209522
(917) 533-8905
Source:
Crexi
Added: Jul 27
Changed: Sep 17
Last Checked: Sep 21 at 3:55AM
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 JA Cohen Advisory Group LLC
Investment Insights
Based on property information with market context.
This medical laboratory office building was constructed in 2016 and is described as being in pristine condition. The property offers up to 33,478 square feet of usable space with approximately 16-foot ceiling heights throughout. One drive-in gate provides access, and the building includes up to 25 underground parking spaces.
The current usage is a medical laboratory, and the property is positioned in the heart of Sunset Park. Nearby public transportation is noted, supporting convenient access for staff, patients, and visitors.
For buyers evaluating an end-user or investment strategy, this asset presents a purpose-built healthcare setting with generous vertical clearance and controlled access via the drive-in gate, alongside structured underground parking.
The current usage is a medical laboratory, and the property is positioned in the heart of Sunset Park. Nearby public transportation is noted, supporting convenient access for staff, patients, and visitors.
For buyers evaluating an end-user or investment strategy, this asset presents a purpose-built healthcare setting with generous vertical clearance and controlled access via the drive-in gate, alongside structured underground parking.
Key Highlights
- Commercial building constructed in 2016, used as a medical laboratory
- Up to 33,478 SF of usable space with approximately 16‑ft ceiling heights
- One drive‑in gate plus up to 25 underground parking spaces
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
$678,773
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
3.88%
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%
$13,575,460
$13.6M
Cap Rate 7%
$9,696,757
$9.7M
Cap Rate 9%
$7,541,922
$7.5M
Market Conditions
NOI Build-Up for 33,478 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
$1.29M $38.40/SF
− Vacancy
−$154.3K −$4.61/SF
EGI
$1.13M $33.79/SF
− OpEx
−$452.5K −$13.52/SF
NOI
$678.8K $20.28/SF
Area
ZIP 11220
Vacancy
12.00%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
40.00%
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%
$13,575,460
Cap Rate 7%
$9,696,757
Cap Rate 9%
$7,541,922
Alternative Uses
Best Use
Healthcare Medical
$9.70M
$8.48M – $11.31M
NOI $678,773 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$21.70M
$18.99M – $25.32M
NOI $1,519,205 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
4,108
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Medical center - 2016-constructed medical laboratory office building with approximately 16-foot ceilings and one drive-in gate plus underground parking.
Where is this medical center located?
The property is located at 229 49th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $17,500,000.
What are key features of this property?
This property features: Commercial building constructed in 2016, used as a medical laboratory; Up to 33,478 SF of usable space with approximately 16‑ft ceiling heights; One drive‑in gate plus up to 25 underground parking spaces
