Medical Office
For Sale
$1,698,000
7620 Bay Parkway #1A, Brooklyn, NY 11214
The equipped practice can serve three physicians concurrently, with the medical operation and condo available together or separately.
Property Size1,846 SF
Price / SF$919.83
Days on Market174
Property Features for 7620 Bay Parkway #1A
General Information
Standard status
Active
Size
1,846 SF
Property subtype
Commercial
Zoning
R6
Additional Details
Business Included
Yes
Public Transit
Yes
Currently Operating
Yes
Property Use
Medical Office
Medical Specialty
neurology, pain management
Taxes and HOA fees
Annual Taxes
$40
Building Details
Building Size
1,846 SF
Listing Agency:
Empire State Realty Group NY
(347) 462-9500
Listed By:
Aldo Iemma · License #10311208950
(646) 932-4441
Source:
Croninreale
Added: May 4
Changed: Oct 23
Last Checked: Oct 23 at 3:55PM
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 NY
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Investment Insights
Based on property information with market context.
This medical office condo is currently used for neurology and pain management. Medical equipment is included, and the space can support three doctors working at the same time. The property remains tax-abated under the current arrangement.
The condo and medical practice are offered as a package, though they may also be purchased separately. The office is at a commercial intersection served by bus and train lines operating around the clock. Seth Low Park is directly across the street.
The condo and medical practice are offered as a package, though they may also be purchased separately. The office is at a commercial intersection served by bus and train lines operating around the clock. Seth Low Park is directly across the street.
Key Highlights
- Medical equipment included with the condo
- Space can accommodate three doctors at the same time
- Tax abatement remains in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,822
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,723
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Medical Office Space - The equipped practice can serve three physicians concurrently, with the medical operation and condo available together or separately.
Where is this medical office space located?
The property is located at 7620 Bay Parkway #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 equipment included with the condo; Space can accommodate three doctors at the same time; Tax abatement remains in place
