Medical Office
New
For Sale
$1,380,000
832 40th St C1&C2, Brooklyn, NY 11232
The condominium layout is presented for medical, insurance, or senior-service office operations.
Property Size3,270 SF
Days on Market3
Property Features for 832 40th St C1&C2
General Information
Standard status
Active
Size
3,270 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,000
Building Details
Building Size
3,270 SF
Year Built
2017
Buildings
1
Listing Agency:
Winzone Realty Inc
Listed By:
Jian Lian Zheng
(917) 671-7988
Source:
Elliman
Added: Sep 24
Last Checked: Sep 24 at 2:17PM
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 Winzone Realty Inc
Investment Insights
Based on property information with market context.
Built in 2017, this medical office condominium comprises units C1 and C2 at 832 40th St in Brooklyn. Stated potential office applications include medical practice, insurance, and senior services.
The property is near 8th Ave. Its walkScore is 91, transitScore is 89, and bikeScore is 74.
The property is near 8th Ave. Its walkScore is 91, transitScore is 89, and bikeScore is 74.
Key Highlights
- Two medical office condo units: C1 and C2
- Built in 2017
- WalkScore of 91; transitScore of 89; bikeScore of 74
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
$81,580
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
5.91%
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%
$1,631,600
$1.6M
Cap Rate 7%
$1,165,429
$1.2M
Cap Rate 9%
$906,444
$906.4K
Market Conditions
NOI Build-Up for 3,270 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
$141.3K $43.20/SF
− Vacancy
−$32.5K −$9.94/SF
EGI
$108.8K $33.26/SF
− OpEx
−$27.2K −$8.32/SF
NOI
$81.6K $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%
$1,631,600
Cap Rate 7%
$1,165,429
Cap Rate 9%
$906,444
Alternative Uses
Best Use
Office B
$1.17M
$1.02M – $1.36M
NOI $81,580 @ 7.0% cap · market cap 5.91%
Second Best
Healthcare Medical
$1.08M
$947.7K – $1.26M
NOI $75,812 @ 7.0% cap · market cap 5.49%
Theoretical Best
Specialty Retail
$2.71M
$2.37M – $3.16M
NOI $189,529 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,588
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11232, NY
30,181
Population
10,004
Households
3
Avg Household Size
35
Median Age
36%
College-Educated
69%
High-School Grad
1.2 sq mi
ZIP Area
25,151
Density / Sq Mi
$87,517
Median Household Income
$45,983
Median Earnings
$1,972
Median Rent
$782,500
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 - The condominium layout is presented for medical, insurance, or senior-service office operations.
Where is this medical office space located?
The property is located at 832 40th St C1&C2 Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,380,000.
What are key features of this property?
This property features: Two medical office condo units: C1 and C2; Built in 2017; WalkScore of 91; transitScore of 89; bikeScore of 74
