Newly Built Office
For Sale
$1,800,000
838 41st Street, Brooklyn, NY 11232
Commercial, Brooklyn, NY
Property Size3,900 SF
Lot Size0.07 Acres
Price / SF$461.54
Days on Market901
Property Features for 838 41st Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
R6
Basement
Full, Finished
Subdivision
Sunset Park
Standard status
Active
Size
3,900 SF
Lot size
0.07 Acres
Building Details
Number of units
2
Listing Agency:
Fang Fang Realty Inc
(718) 676-2518
Listed By:
XueFang (Sue) Li
(718) 676-2518
Added: Mar 5, 2024
Changed: Aug 20
Last Checked: Aug 23 at 11:06AM
MLS# 480331
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.
Newly built commercial condominium space combines a first-floor unit with a cellar, offered together as a 3,900-square-foot configuration. The first floor contains 2,100 square feet, while the cellar provides 1,800 square feet. The property carries R6 zoning and is identified as office-unit space.
The site is near the D train station and B70 bus stop, providing access to public transportation. Restaurants, supermarkets, and pharmacies are located nearby. The space is described as suitable for senior centers, home care companies, medical offices, training facilities, nonprofit organizations, and children's playgrounds.
The site is near the D train station and B70 bus stop, providing access to public transportation. Restaurants, supermarkets, and pharmacies are located nearby. The space is described as suitable for senior centers, home care companies, medical offices, training facilities, nonprofit organizations, and children's playgrounds.
Key Highlights
- 3,900 square feet total across first floor and cellar
- First‑floor unit measures 2,100 square feet
- Cellar provides 1,800 square feet
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
$97,297
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
5.41%
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%
$1,945,940
$1.9M
Cap Rate 7%
$1,389,957
$1.4M
Cap Rate 9%
$1,081,078
$1.1M
Market Conditions
NOI Build-Up for 3,900 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
$168.5K $43.20/SF
− Vacancy
−$38.8K −$9.94/SF
EGI
$129.7K $33.26/SF
− OpEx
−$32.4K −$8.32/SF
NOI
$97.3K $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%
$1,945,940
Cap Rate 7%
$1,389,957
Cap Rate 9%
$1,081,078
Alternative Uses
Best Use
Office B
$1.39M
$1.22M – $1.62M
NOI $97,297 @ 7.0% cap · market cap 5.41%
Second Best
Healthcare Medical
$1.29M
$1.13M – $1.51M
NOI $90,418 @ 7.0% cap · market cap 5.02%
Theoretical Best
Specialty Retail
$3.23M
$2.83M – $3.77M
NOI $226,044 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,549
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 - Two-level commercial condominium space with transit access and proximity to restaurants, supermarkets, and pharmacies.
Where is this office units located?
The property is located at 838 41st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 3,900 square feet total across first floor and cellar; First‑floor unit measures 2,100 square feet; Cellar provides 1,800 square feet
