Ground-Floor Medical Condominium
For Sale
Contact for pricing
2408 OCEAN AVE, Brooklyn, NY 11229
Ground-floor medical condo with a complete built-out interior and built-in furniture, plus two dedicated parking spaces.
Property Size2,425 SF
Price / SF$824.33
Days on Market102
Property Features for 2408 OCEAN AVE
General Information
Standard status
Active
Size
2,425 SF
Property subtype
Office
Zoning
R6A
Occupancy
60%
Building Details
Stories
6
Units
24
Tenancy
Multi
Listing Agency:
Commercial Acquisitions
Listed By:
Arsen Atbashyan · License #NY 0000
(718) 517-8700
Source:
Crexi
Added: May 29
Changed: Sep 6
Last Checked: Sep 5 at 4:40PM
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 Commercial Acquisitions
Investment Insights
Based on property information with market context.
This ground-floor medical condominium suite offers a fully built-out interior with built-in furniture, designed for an efficient move-in and transition. The space is positioned to provide street-level accessibility and visibility for a healthcare-focused operation.
The property is located on Ocean Avenue in Brooklyn’s established medical corridor, with strong exposure to both pedestrian and vehicular traffic. It also includes two dedicated parking spaces, a practical amenity in a dense commercial area, and is described as accessible via nearby public transportation.
Overall, the unit presents a turnkey, ground-floor configuration suited to medical use, with parking and street presence supporting day-to-day patient and staff access.
The property is located on Ocean Avenue in Brooklyn’s established medical corridor, with strong exposure to both pedestrian and vehicular traffic. It also includes two dedicated parking spaces, a practical amenity in a dense commercial area, and is described as accessible via nearby public transportation.
Overall, the unit presents a turnkey, ground-floor configuration suited to medical use, with parking and street presence supporting day-to-day patient and staff access.
Key Highlights
- Ground‑floor medical condominium at 2408 Ocean Avenue, Brooklyn, NY 11229
- Fully built‑out medical interior with built‑in furniture for an efficient move‑in
- Two dedicated 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
$60,499
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
3.03%
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%
$1,209,980
$1.2M
Cap Rate 7%
$864,271
$864.3K
Cap Rate 9%
$672,211
$672.2K
Market Conditions
NOI Build-Up for 2,425 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
$104.8K $43.20/SF
− Vacancy
−$24.1K −$9.94/SF
EGI
$80.7K $33.26/SF
− OpEx
−$20.2K −$8.32/SF
NOI
$60.5K $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%
$1,209,980
Cap Rate 7%
$864,271
Cap Rate 9%
$672,211
Alternative Uses
Best Use
Office B
$864.3K
$756.2K – $1.01M
NOI $60,499 @ 7.0% cap · market cap 3.03%
Second Best
Healthcare Medical
$803.2K
$702.8K – $937.0K
NOI $56,221 @ 7.0% cap · market cap 2.81%
Theoretical Best
Specialty Retail
$2.01M
$1.76M – $2.34M
NOI $140,553 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,628
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Kings Bay Veterinary Group — 2560 Coney Island Ave, Brooklyn, NY 11223
- Kind Vet — 711 Avenue U, Brooklyn, NY 11223
- South Brooklyn Animal Clinic — 2394 Coney Island Ave, Brooklyn, NY 11223
- Яков Шейнберг DVM — 2806 Avenue U, Brooklyn, NY 11229
- Sheepshead Bay Veterinary Group — 2806 Avenue U, Brooklyn, NY 11229
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor medical condo with a complete built-out interior and built-in furniture, plus two dedicated parking spaces.
Where is this medical office space located?
The property is located at 2408 OCEAN AVE Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Ground‑floor medical condominium at 2408 Ocean Avenue, Brooklyn, NY 11229; Fully built‑out medical interior with built‑in furniture for an efficient move‑in; Two dedicated parking spaces
