Class A Office Condo
For Sale
$1,550,000
2345 60th St C1, Brooklyn, NY 11204
Newly renovated Class A office space on the 2nd floor and lower level with dedicated exterior entrances and private amenities.
Property Size3,700 SF
Price / SF$417.45
Days on Market115
Property Features for 2345 60th St C1
General Information
Standard status
Active
Size
3,700 SF
Class
A
Total Parking Spaces
1
Property subtype
Commercial
Zoning
community-facility
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$4,138
Amenities
private rooftop area
private elevator lobby
private staircase
ADA accessible bathroom
indoor parking garage
Building Details
Building Size
3,700 SF
Year Built
2021
Listing Agency:
Metro Realty Professionals
Listed By:
Rui (Nancy) L Wu · License #10491203971
(718) 838-2600
Source:
Elliman
Added: May 16
Changed: Sep 5
Last Checked: Sep 6 at 1:13PM
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 Metro Realty Professionals
Investment Insights
Based on property information with market context.
This property offers exclusive condominium office units within a newly developed building, including move-in ready, newly renovated Class A space on the 2nd floor. The 2nd floor totals 2,613 SF and includes a private rooftop area of approximately 1,500 SF. A lower-level office condo provides a private room with an ADA accessible bathroom, totaling 1,100 SF.
Both units feature two dedicated entrances from the outside, with one private elevator lobby and another entrance served by a private staircase. The units are also supported by one parking space, approximately 200 SF located in the indoor parking garage on the ground floor. For transit access, the F train by Avenue N is approximately 400 feet away.
The condo units are zoned for community-facility use, with a requirement to include services such as philanthropy, education, and health. The property also has an ICAP providing a large tax-break through 2037.
Both units feature two dedicated entrances from the outside, with one private elevator lobby and another entrance served by a private staircase. The units are also supported by one parking space, approximately 200 SF located in the indoor parking garage on the ground floor. For transit access, the F train by Avenue N is approximately 400 feet away.
The condo units are zoned for community-facility use, with a requirement to include services such as philanthropy, education, and health. The property also has an ICAP providing a large tax-break through 2037.
Key Highlights
- Move‑in ready, newly renovated Class A office on the 2nd floor with 2,613 SF plus private rooftop area of approx. 1,500 SF
- Lower‑level commercial condo with 1,100 SF including a private room and ADA accessible bathroom
- Both units feature two dedicated exterior entrances, plus one private elevator lobby and another entrance with a private staircase
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
$92,632
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
5.98%
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%
$1,852,640
$1.9M
Cap Rate 7%
$1,323,314
$1.3M
Cap Rate 9%
$1,029,244
$1.0M
Market Conditions
NOI Build-Up for 3,713 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
$160.4K $43.20/SF
− Vacancy
−$36.9K −$9.94/SF
EGI
$123.5K $33.26/SF
− OpEx
−$30.9K −$8.32/SF
NOI
$92.6K $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%
$1,852,640
Cap Rate 7%
$1,323,314
Cap Rate 9%
$1,029,244
Alternative Uses
Best Use
Office B
$1.32M
$1.16M – $1.54M
NOI $92,632 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.07M
$2.69M – $3.59M
NOI $215,205 @ 7.0% cap · market cap 13.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
3,827
Businesses Nearby
Explore this area
Business Placement
Demographics for 11204, NY
85,885
Population
27,498
Households
3.1
Avg Household Size
34
Median Age
30%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
53,678
Density / Sq Mi
$67,588
Median Household Income
$33,461
Median Earnings
$1,751
Median Rent
$1,097,200
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 - Newly renovated Class A office space on the 2nd floor and lower level with dedicated exterior entrances and private amenities.
Where is this office units located?
The property is located at 2345 60th St C1 Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Move‑in ready, newly renovated Class A office on the 2nd floor with 2,613 SF plus private rooftop area of approx. 1,500 SF; Lower‑level commercial condo with 1,100 SF including a private room and ADA accessible bathroom; Both units feature two dedicated exterior entrances, plus one private elevator lobby and another entrance with a private staircase
