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    Brooklyn Medical Office Condominium Title is generated by Realmo AI

    55 Greene Avenue, Brooklyn, NY 11238

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    For Sale
    $1,750,000

    Spacious medical office in Fort Greene, Brooklyn. Excellent accessibility.

    Type:Residential
    Property size:
    3,470 SF
    Price / SF:
    $504/SF
    Added:
    Oct 1, 2025
    Days on Market:
    249
    Last Refresh:
    Apr 5 at 9:26 pm

    Property Features for 55 Greene Avenue

    General Information

    Standard status
    Active
    Size
    3,470 SF
    Property subtype
    Residential

    Building Details

    Year Built
    2003

    We can help!

    Listing Contact
    Paul L Wexler
    Paul L Wexler

    Listing agent Paul L Wexler License #30WE0902877

    Listing office East Side

    Listing date Oct 1, 2025

    Source Corcoran

    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 East Side

    HighLights

    • ICIP real estate tax exemption through June 30, 2029.
    • 3,470 SF medical office condominium in Fort Greene, Brooklyn, divisible into two suites.
    • Functional layout designed for high patient volume, including 11 exam rooms, lab, nurses' station, and staff lounge.
    • All utilities included in common charges.
    • Excellent accessibility to public transportation, with the C train two blocks away providing direct access to Manhattan.
    • Parking space available for lease to the doctor/owner.

    Overview

    Located at 55 Greene Avenue in Fort Greene, Brooklyn, this combined medical office condominium offers 3,470 square feet of space suitable for various medical specialties. The property, identified as Unit 2D2E, features a layout designed to accommodate high patient volume and efficient workflow. The layout includes a large waiting area, dual reception areas, eleven exam rooms (one suitable for procedures, one for pre-op), a lab, a nurses' station, a sitting area, a staff lounge, four restrooms (one in a private office), a locker room for staff, a storage room, and a private office/consult room with an en suite bathroom. The condos can be split into two discrete suites of 1,890 SF, and 1,580 SF. Additional benefits include a dedicated medical entrance, elevator access to the second floor, and a parking space available for lease. All utilities are included in the common charges. The property has central air conditioning, a speaker system throughout, and recessed and overhead lighting. It is accessible via public transportation, with the C train two blocks away, providing access to Manhattan. The property receives an ICIP real estate tax exemption through tax year ending June 30, 2029.
    Location Intelligence

    Current Use by Public Records

    Dr. Michael Jackson: ... Physician Little Tooth Pediatric ... Dental Office Fort Greene Family ... Dental Office Xtrac Laser Spa & Massage Center TruSculpting Spa & Massage Center

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • LAC Veterinary — 238 st marks ave, brooklyn, ny 11238
    • Bond Vet - Park Slope — 157 5th Ave, Brooklyn, NY 11217
    • Prospect Heights Animal Hospital — 277 Flatbush Ave, Brooklyn, NY 11217
    • VERG — 196 4th Ave, Brooklyn, NY 11217
    • Franklin Ave Animal Hospital — 614 Franklin Ave, Brooklyn, NY 11238

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9705
    Latitude
    40.6862

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    FAQs

    What type of property is this?
    Medical Office Space - Spacious medical office in Fort Greene, Brooklyn. Excellent accessibility.
    Where is this medical office space located?
    The property is located at 55 Greene Avenue Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: ICIP real estate tax exemption through June 30, 2029.; 3,470 SF medical office condominium in Fort Greene, Brooklyn, divisible into two suites.; **Functional layout designed for high patient volume**, including 11 exam rooms, lab, nurses' station, and staff lounge.
    (212) 836-1075
    We can help!
    Listing Contact
    Paul L Wexler
    Paul L Wexler
    Real Estate License ID: 30WE0902877
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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