Built-Out Medical
For Sale
$950,000
450 Clinton Street 1P, Brooklyn, NY 11231
Five exam rooms, private offices, and patient waiting space support clinical operations.
Property Size1,400 SF
Price / SF$678.57
Days on Market121
Property Features for 450 Clinton Street 1P
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Apartment
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
Ground Floor
Office Units
1
Building Details
Building Size
1,400 SF
Year Built
1900
Listing Agency:
Compass
(917) 324-0906
Listed By:
Boris Sharapan Fabrikant
(917) 324-0906
Source:
Carlinwright
Added: Apr 24
Changed: Aug 21
Last Checked: Aug 22 at 10:41AM
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 Compass
Investment Insights
Based on property information with market context.
This approximately 1,400-square-foot ground-floor medical office is arranged for active clinical use. The suite includes five exam rooms with individual sinks and plumbing, a physician’s office, an administrative office, a naturally lit waiting area, a staff kitchenette and lounge, and 1.5 bathrooms. A private side entrance opens from a landscaped walkway, creating a separate arrival point for patients and staff.
The property occupies a converted Norwegian church built in 1900 at the corner of Clinton Street and 1st Place in Carroll Gardens. Its quiet residential setting is near Court Street, with neighborhood restaurants, amenities, and public transportation nearby. The existing configuration provides a practical foundation for a medical practice or other licensed healthcare use, subject to applicable requirements.
The property occupies a converted Norwegian church built in 1900 at the corner of Clinton Street and 1st Place in Carroll Gardens. Its quiet residential setting is near Court Street, with neighborhood restaurants, amenities, and public transportation nearby. The existing configuration provides a practical foundation for a medical practice or other licensed healthcare use, subject to applicable requirements.
Key Highlights
- Approximately 1,400 square feet of ground‑floor medical office space
- Five exam rooms, each with its own sink and plumbing
- Private physician’s office and separate administrative office
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
$34,927
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
3.68%
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%
$698,540
$698.5K
Cap Rate 7%
$498,957
$499.0K
Cap Rate 9%
$388,078
$388.1K
Market Conditions
NOI Build-Up for 1,400 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
$60.5K $43.20/SF
− Vacancy
−$13.9K −$9.94/SF
EGI
$46.6K $33.26/SF
− OpEx
−$11.6K −$8.32/SF
NOI
$34.9K $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%
$698,540
Cap Rate 7%
$498,957
Cap Rate 9%
$388,078
Alternative Uses
Best Use
Office B
$499.0K
$436.6K – $582.1K
NOI $34,927 @ 7.0% cap · market cap 3.68%
Second Best
Healthcare Medical
$463.7K
$405.7K – $541.0K
NOI $32,458 @ 7.0% cap · market cap 3.42%
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $81,144 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,606
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Brooklyn Roots Veterinary Hospital — 319 3rd Ave, Brooklyn, NY 11215
- The Vet Set Carroll Gardens — 577 Henry St, Brooklyn, NY 11231
- Vinitsky Leah DVM — 417 5th Ave, Brooklyn, NY 11215
- Carroll Gardens Veterinary Group — 455 Court St, Brooklyn, NY 11231
- Parker Thomas H DVM — 413 5th Ave, Brooklyn, NY 11215, United States
Frequently Asked Questions
What type of property is this?
Medical Office Space - Five exam rooms, private offices, and patient waiting space support clinical operations.
Where is this medical office space located?
The property is located at 450 Clinton Street 1P Brooklyn, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately 1,400 square feet of ground‑floor medical office space; Five exam rooms, each with its own sink and plumbing; Private physician’s office and separate administrative office
