Medical Office Condo with Two
For Sale
$599,000
664 51st Street, Brooklyn, NY 11220
Commercial, Brooklyn, NY
Property Size1,000 SF
Lot Size0.05 Acres
Price / SF$599
Days on Market139
Property Features for 664 51st Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R6B
Subdivision
Sunset Park
Standard status
Active
Size
1,000 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
2864
Building Details
Year built
2019
Listing Agency:
E House Realty & Mgt. Inc.
Listed By:
Xiaodan (Ivy) Xu
(718) 680-2776
Added: Apr 22
Changed: Sep 5
Last Checked: Sep 7 at 6:06AM
MLS# 500762
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,000-square-foot medical office condo was built in 2019 and offers a practical 20-by-60-foot layout. The unit includes two private bathrooms and a rear window that brings natural light into the space. It will be delivered vacant and is identified for medical clinic, professional office, or community facility use. R6B zoning applies.
Located at 664 51st Street in Brooklyn, the property is near NYU Langone Hospital-Brooklyn and Sunset Terrace Family Health Center. The N and R subway lines provide nearby transit access, supporting convenient commutes for staff and visitors.
Located at 664 51st Street in Brooklyn, the property is near NYU Langone Hospital-Brooklyn and Sunset Terrace Family Health Center. The N and R subway lines provide nearby transit access, supporting convenient commutes for staff and visitors.
Key Highlights
- 1,000‑square‑foot medical office condo built in 2019
- Functional 20x60 layout with two private bathrooms
- Rear window provides natural light
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
$29,862
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
4.99%
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%
$597,240
$597.2K
Cap Rate 7%
$426,600
$426.6K
Cap Rate 9%
$331,800
$331.8K
Market Conditions
NOI Build-Up for 1,000 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
$50.4K $50.40/SF
− Vacancy
−$10.6K −$10.58/SF
EGI
$39.8K $39.82/SF
− OpEx
−$10.0K −$9.95/SF
NOI
$29.9K $29.86/SF
Area
ZIP 11220
Vacancy
21.00%
Lease Rate
$50.40 /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%
$597,240
Cap Rate 7%
$426,600
Cap Rate 9%
$331,800
Alternative Uses
Best Use
Office B
$426.6K
$373.3K – $497.7K
NOI $29,862 @ 7.0% cap · market cap 4.99%
Second Best
Healthcare Medical
$289.6K
$253.4K – $337.9K
NOI $20,275 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$648.3K
$567.2K – $756.3K
NOI $45,379 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,297
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Vacant healthcare-oriented commercial unit with private bathrooms and rear natural light.
Where is this medical office space located?
The property is located at 664 51st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,000‑square‑foot medical office condo built in 2019; Functional 20x60 layout with two private bathrooms; Rear window provides natural light
