Ground-Floor Medical Office
For Sale
$575,000
55 GREENE Avenue 2B, Brooklyn, NY 11238
Dental practice layout includes clinical rooms, reception, administrative space, and a staff kitchen.
Property Size923 SF
Price / SF$622.97
Days on Market338
Property Features for 55 GREENE Avenue 2B
General Information
Standard status
Active
Size
923 SF
Property subtype
Apartment
Additional Details
Floor
Ground Floor
HOA Fee
$1,298
Public Transit
Yes
Building Details
Building Size
923 SF
Year Built
2003
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Jeffrey L Kessler
(914) 391-7689
Source:
Carytamura
Added: Oct 14, 2025
Changed: Sep 8
Last Checked: Sep 15 at 11:49AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Suite C is a ground-floor medical office condominium at 55 Greene Avenue in Brooklyn, with a dedicated medical entrance separate from the residential portion of the building. The approximately 1,250-square-foot suite is currently arranged for dental use and includes a waiting area, reception, three operatories, an office/consultation room, administrative office, staff kitchen, and nurses’ station.
The property sits at the corner of Greene and Carlton Avenues in Fort Greene/Clinton Hill. Fort Greene bus routes and most subway lines are nearby, while The Brooklyn Hospital Center, Barclays Center, The Atlantic Terminal, and The Atlantic Center are each approximately one-half mile away. The existing clinical configuration can support adaptation for other medical specialties.
The property sits at the corner of Greene and Carlton Avenues in Fort Greene/Clinton Hill. Fort Greene bus routes and most subway lines are nearby, while The Brooklyn Hospital Center, Barclays Center, The Atlantic Terminal, and The Atlantic Center are each approximately one-half mile away. The existing clinical configuration can support adaptation for other medical specialties.
Key Highlights
- Approximately 1,250 square feet of medical office space
- Ground‑floor condominium suite with a separate medical entrance
- Three operatories plus waiting, reception, office/consult, and administrative areas
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
$23,027
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
4.00%
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%
$460,540
$460.5K
Cap Rate 7%
$328,957
$329.0K
Cap Rate 9%
$255,856
$255.9K
Market Conditions
NOI Build-Up for 923 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
$39.9K $43.20/SF
− Vacancy
−$9.2K −$9.94/SF
EGI
$30.7K $33.26/SF
− OpEx
−$7.7K −$8.32/SF
NOI
$23.0K $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%
$460,540
Cap Rate 7%
$328,957
Cap Rate 9%
$255,856
Alternative Uses
Best Use
Office B
$329.0K
$287.8K – $383.8K
NOI $23,027 @ 7.0% cap · market cap 4.00%
Second Best
Healthcare Medical
$305.7K
$267.5K – $356.7K
NOI $21,399 @ 7.0% cap · market cap 3.72%
Theoretical Best
Specialty Retail
$764.2K
$668.7K – $891.6K
NOI $53,497 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,652
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Dental practice layout includes clinical rooms, reception, administrative space, and a staff kitchen.
Where is this medical office space located?
The property is located at 55 GREENE Avenue 2B Brooklyn, NY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Approximately 1,250 square feet of medical office space; Ground‑floor condominium suite with a separate medical entrance; Three operatories plus waiting, reception, office/consult, and administrative areas
