Medical Office Condominium
For Sale
$1,420,000
832 40th Street C2, Brooklyn, NY 11232
Newly built first-floor and cellar office/medical condos sold as a package, suited to a range of community and care uses.
Property Size3,239 SF
Price / SF$438.41
Days on Market912
Property Features for 832 40th Street C2
General Information
Standard status
Active
Size
3,239 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$8,544
Building Details
Building Size
3,239 SF
Listing Agency:
Fang Fang Realty Inc
Listed By:
XueFang (Sue) Li
(718) 676-2518
Source:
Penrealty
Added: Feb 23, 2024
Changed: Aug 23
Last Checked: Aug 22 at 10:47AM
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 Fang Fang Realty Inc
Investment Insights
Based on property information with market context.
This newly built package offers commercial condominium space configured across a first floor and a cellar level. The first-floor portion is approximately 1,770 sq ft, with an additional approximately 1,469 sq ft in the cellar, creating a combined setup that can support professional operations requiring both primary and supplemental space.
The property is located at 832 40th Street C2 in Brooklyn, New York. Public remarks note convenient transportation access, with the D train station and the B70 bus stop described as minutes away. The area is also described as being close to day-to-day amenities such as restaurants, supermarkets, and pharmacies.
The layout and usage flexibility make this offering a practical fit for a variety of service-oriented tenants and owners. Public remarks indicate suitability for senior centers, home care companies, medical offices, training facilities, non-profit organizations, and children’s playground concepts, among other similar uses. For buyers seeking an owner-occupant or business operation space with both first-floor and lower-level components, this packaged condominium arrangement provides a defined footprint for planning and execution.
The property is located at 832 40th Street C2 in Brooklyn, New York. Public remarks note convenient transportation access, with the D train station and the B70 bus stop described as minutes away. The area is also described as being close to day-to-day amenities such as restaurants, supermarkets, and pharmacies.
The layout and usage flexibility make this offering a practical fit for a variety of service-oriented tenants and owners. Public remarks indicate suitability for senior centers, home care companies, medical offices, training facilities, non-profit organizations, and children’s playground concepts, among other similar uses. For buyers seeking an owner-occupant or business operation space with both first-floor and lower-level components, this packaged condominium arrangement provides a defined footprint for planning and execution.
Key Highlights
- Newly built commercial condo package: first‑floor and cellar spaces sold together
- First‑floor space totals 1,770 SF
- Cellar space totals 1,469 SF
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
$80,807
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
5.69%
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%
$1,616,140
$1.6M
Cap Rate 7%
$1,154,386
$1.2M
Cap Rate 9%
$897,856
$897.9K
Market Conditions
NOI Build-Up for 3,239 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
$139.9K $43.20/SF
− Vacancy
−$32.2K −$9.94/SF
EGI
$107.7K $33.26/SF
− OpEx
−$26.9K −$8.32/SF
NOI
$80.8K $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%
$1,616,140
Cap Rate 7%
$1,154,386
Cap Rate 9%
$897,856
Alternative Uses
Best Use
Office B
$1.15M
$1.01M – $1.35M
NOI $80,807 @ 7.0% cap · market cap 5.69%
Second Best
Healthcare Medical
$1.07M
$938.7K – $1.25M
NOI $75,093 @ 7.0% cap · market cap 5.29%
Theoretical Best
Specialty Retail
$2.68M
$2.35M – $3.13M
NOI $187,732 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,588
Businesses Nearby
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?
Office units - Newly built first-floor and cellar office/medical condos sold as a package, suited to a range of community and care uses.
Where is this office units located?
The property is located at 832 40th Street C2 Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,420,000.
What are key features of this property?
This property features: Newly built commercial condo package: first‑floor and cellar spaces sold together; First‑floor space totals 1,770 SF; Cellar space totals 1,469 SF
