Brooklyn Medical Office
For Sale
$1,750,000
55 Greene Avenue, Brooklyn, NY 11238
Spacious medical office in Fort Greene, Brooklyn. Excellent accessibility.
Property Size3,470 SF
Price / SF$504.32
Days on Market328
Property Features for 55 Greene Avenue
General Information
Standard status
Active
Size
3,470 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$18,408
Amenities
Central air
Excellent light
Full city view
Pet friendly
Doorman
Elevator
Garage Parking Available
State of the Art Fitness Room
Building Details
Year Built
2003
Units
27
Listing Agency:
East Side
(212) 836-1075
Listed By:
Paul L Wexler · License #30WE0902877
(212) 836-1075
Source:
Corcoran
Added: Oct 1, 2025
Changed: Aug 8
Last Checked: Aug 24 at 8:16AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$86,570
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
4.95%
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%
$1,731,400
$1.7M
Cap Rate 7%
$1,236,714
$1.2M
Cap Rate 9%
$961,889
$961.9K
Market Conditions
NOI Build-Up for 3,470 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
$149.9K $43.20/SF
− Vacancy
−$34.5K −$9.94/SF
EGI
$115.4K $33.26/SF
− OpEx
−$28.9K −$8.32/SF
NOI
$86.6K $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%
$1,731,400
Cap Rate 7%
$1,236,714
Cap Rate 9%
$961,889
Alternative Uses
Best Use
Office B
$1.24M
$1.08M – $1.44M
NOI $86,570 @ 7.0% cap · market cap 4.95%
Second Best
Healthcare Medical
$1.15M
$1.01M – $1.34M
NOI $80,448 @ 7.0% cap · market cap 4.60%
Theoretical Best
Specialty Retail
$2.87M
$2.51M – $3.35M
NOI $201,121 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
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.
