Medical Condo with Practice
For Sale
$1,698,000
7620 Bay Parkway #1A 1A, Brooklyn, NY 11214
Established neurology and pain management practice with equipment, patient records, and capacity for three doctors operating concurrently.
Property Size1,846 SF
Price / SF$919.83
Days on Market36
Property Features for 7620 Bay Parkway #1A 1A
General Information
Standard status
Active
Size
1,846 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Public Transit
Yes
Office Units
1
Listing Agency:
Empire State Realty Group
(646) 932-4442
Listed By:
Aldo Iemma · License #10311208950
(646) 932-4442
Source:
Prideestates
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 29 at 9:26AM
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 Empire State Realty Group
Investment Insights
Based on property information with market context.
This medical condominium is currently configured for neurology and pain management services. The sale includes the existing medical equipment, with some specialized machines described as high-value, along with the practice’s patient database. The layout is described as suitable for concurrent use by three doctors, and the property remains tax abated.
The condominium is positioned at a commercial intersection in Bensonhurst, across from Seth Lowe Park. Bus and train service operates around the clock in the surrounding area. The associated practice has established referral sources and a reported patient waitlist of three to four months. The seller prefers a package transaction combining the condominium and medical practice, while separate sales may also be considered.
The condominium is positioned at a commercial intersection in Bensonhurst, across from Seth Lowe Park. Bus and train service operates around the clock in the surrounding area. The associated practice has established referral sources and a reported patient waitlist of three to four months. The seller prefers a package transaction combining the condominium and medical practice, while separate sales may also be considered.
Key Highlights
- Medical condominium currently used for neurology and pain management
- Medical equipment included, including specialized machines
- Configuration supports simultaneous use by 3 doctors
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
$50,822
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
2.99%
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%
$1,016,440
$1.0M
Cap Rate 7%
$726,029
$726.0K
Cap Rate 9%
$564,689
$564.7K
Market Conditions
NOI Build-Up for 1,846 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
$84.2K $45.60/SF
− Vacancy
−$16.4K −$8.89/SF
EGI
$67.8K $36.71/SF
− OpEx
−$16.9K −$9.18/SF
NOI
$50.8K $27.53/SF
Area
ZIP 11214
Vacancy
19.50%
Lease Rate
$45.60 /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%
$1,016,440
Cap Rate 7%
$726,029
Cap Rate 9%
$564,689
Alternative Uses
Best Use
Office B
$726.0K
$635.3K – $847.0K
NOI $50,822 @ 7.0% cap · market cap 2.99%
Second Best
Healthcare Medical
$581.5K
$508.8K – $678.4K
NOI $40,703 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$1.08M
$942.3K – $1.26M
NOI $75,381 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,449
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
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.
Similar Off Market Nearby
- Petco Vaccination Clinic — 2601 86th St, Brooklyn, NY 11223
- Bath Animal Hospital — 2125 Bath Ave, Brooklyn, NY 11214
- Douglas a G DVM — 1946 Bath Ave, Brooklyn, NY 11214
- 4 Legged Friends Veterinary Clinic PC — 1951 Bath Ave, Brooklyn, NY 11214
- Animal Clinic of 20th avenue (Dr. Adrian Alexandru, Dr. Gary Swails, Dr. A. Douglas ) — 8317 20th ave, brooklyn, ny 11214
Frequently Asked Questions
What type of property is this?
Medical Office Space - Established neurology and pain management practice with equipment, patient records, and capacity for three doctors operating concurrently.
Where is this medical office space located?
The property is located at 7620 Bay Parkway #1A 1A Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,698,000.
What are key features of this property?
This property features: Medical condominium currently used for neurology and pain management; Medical equipment included, including specialized machines; Configuration supports simultaneous use by 3 doctors
