Two-Story Office
For Sale
$2,850,000
7024 18th Avenue, Brooklyn, NY 11204
Commercial, Brooklyn, NY
Property Size3,400 SF
Lot Size0.05 Acres
Price / SF$838.24
Days on Market149
Property Features for 7024 18th Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
R5
Basement
Full, Finished
Subdivision
Bensonhurst
Standard status
Active
Size
3,400 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
20835
Building Details
Year built
1931
Floors in Building
2
Number of units
1
Flooring type
Hardwood, Tile
Building materials
Masonry
Roof type
Flat
Listing Agency:
Calabrese Real Estate
Listed By:
Daniel J. Calabrese
(718) 236-7100
Added: Apr 20
Changed: Sep 5
Last Checked: Sep 15 at 5:06PM
MLS# 500683
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 3,400-square-foot office building provides two floors of commercial space along with a full finished basement. The first floor includes an open work area, reception and waiting space, two conference rooms, and an executive boardroom. The second floor adds open office space, three private offices, and an executive office with a private terrace. The basement contains a meeting room, kitchen, and storage room. Three lavatories serve the property, while separate central air conditioning systems support each commercial floor. Upgraded LED lighting, hardwood and tile flooring, masonry construction, and a flat roof are additional physical features.
Positioned at the corner of 18th Avenue in Brooklyn, the property has signage exposure and is designated R5 with a C1-2 overlay. Its certificate of occupancy provides for two floors of commercial space. The building was constructed in 1931 and is offered with full possession at closing.
Positioned at the corner of 18th Avenue in Brooklyn, the property has signage exposure and is designated R5 with a C1-2 overlay. Its certificate of occupancy provides for two floors of commercial space. The building was constructed in 1931 and is offered with full possession at closing.
Key Highlights
- 3,400‑square‑foot office building on a 0.0459‑acre lot
- Two floors of commercial space recognized by the certificate of occupancy
- Full finished basement with meeting room, kitchen, and storage room
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
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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
Check the figures for this property
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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?
Office building - Corner masonry property with flexible work areas, private offices, meeting rooms, and a finished lower level.
Where is this office building located?
The property is located at 7024 18th Avenue 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: 3,400‑square‑foot office building on a 0.0459‑acre lot; Two floors of commercial space recognized by the certificate of occupancy; Full finished basement with meeting room, kitchen, and storage room
