Modern Corner Office
For Sale
$2,850,000
7024 18TH AVE, Brooklyn, NY 11204
Two-story office configuration with reception, conference rooms, and finished basement meeting space.
Property Size3,400 SF
Price / SF$838.24
Days on Market270
Property Features for 7024 18TH AVE
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Office
Zoning
R5 with C1-2 overlay
Amenities
3
Hardwood, Tile
Flat
R5
Building Details
Year Built
1931
Stories
2
Listing Agency:
Listed By:
Calabrese Real Estate
(718) 236-7100
Source:
Xome
Added: Dec 11, 2025
Changed: Sep 1
Last Checked: Sep 7 at 5:54AM
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 Calabrese Real Estate
Investment Insights
Based on property information with market context.
This modern glass corner building offers two floors of commercial space plus a full, finished basement. The first floor is arranged with a reception and waiting area, two conference rooms, and a large executive boardroom, while the second floor provides additional open office space along with three private offices, including an executive office with a private terrace. The basement includes a large meeting room, kitchen, and storage room, supporting a wide range of operational needs. Overall, the building has three lavatories total, two located on the basement level and one on the second floor. Two central air conditioning systems, one serving each floor, help maintain comfort across the footprint. Upgraded LED lighting is installed throughout the building, and the corner position provides strong signage exposure.
Located on a corner along 18th Avenue in a prime Bensonhurst neighborhood, the property is one of the few buildings in the immediate area with two floors of commercial space under its certificate of occupancy. It is currently delivered with full possession at closing, allowing the next owner to control the space configuration and operations from the outset.
With R5 zoning and a C1-2 overlay, the building is well suited for professional services and office tenants, and it is also positioned for use as a bank, retail, or medical space. The predominantly open layouts combined with private office rooms and multiple meeting areas make it practical for organizations that need both flexible workspace and dedicated conference facilities.
Located on a corner along 18th Avenue in a prime Bensonhurst neighborhood, the property is one of the few buildings in the immediate area with two floors of commercial space under its certificate of occupancy. It is currently delivered with full possession at closing, allowing the next owner to control the space configuration and operations from the outset.
With R5 zoning and a C1-2 overlay, the building is well suited for professional services and office tenants, and it is also positioned for use as a bank, retail, or medical space. The predominantly open layouts combined with private office rooms and multiple meeting areas make it practical for organizations that need both flexible workspace and dedicated conference facilities.
Key Highlights
- Two‑story commercial office building with predominantly open layout, reception area, waiting area, and conference rooms
- First‑floor space includes two conference rooms and a large executive boardroom; second floor offers open office space plus three private offices
- Second floor includes an executive office with its own private terrace
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
$84,823
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
2.98%
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%
$1,696,460
$1.7M
Cap Rate 7%
$1,211,757
$1.2M
Cap Rate 9%
$942,478
$942.5K
Market Conditions
NOI Build-Up for 3,400 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
$146.9K $43.20/SF
− Vacancy
−$33.8K −$9.94/SF
EGI
$113.1K $33.26/SF
− OpEx
−$28.3K −$8.32/SF
NOI
$84.8K $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%
$1,696,460
Cap Rate 7%
$1,211,757
Cap Rate 9%
$942,478
Alternative Uses
Best Use
Office B
$1.21M
$1.06M – $1.41M
NOI $84,823 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.82M
$2.46M – $3.28M
NOI $197,064 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,853
Businesses Nearby
Explore this area
Business Placement
Demographics for 11204, NY
85,885
Population
27,498
Households
3.1
Avg Household Size
34
Median Age
30%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
53,678
Density / Sq Mi
$67,588
Median Household Income
$33,461
Median Earnings
$1,751
Median Rent
$1,097,200
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?
Office building - Two-story office configuration with reception, conference rooms, and finished basement meeting space.
Where is this office building located?
The property is located at 7024 18TH AVE Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Two‑story commercial office building with predominantly open layout, reception area, waiting area, and conference rooms; First‑floor space includes two conference rooms and a large executive boardroom; second floor offers open office space plus three private offices; Second floor includes an executive office with its own private terrace
