Medical Co-op in Landmark
For Sale
Contact for pricing
Pending
20 Plaza St E, Brooklyn, NY 11238
2050SF medical space in prime Brooklyn location.
Property Size2,050 SF
Days on Market1222
Property Features for 20 Plaza St E
General Information
Standard status
Pending
Size
2,050 SF
Property subtype
Office
Listing Agency:
The Corcoran Group Brooklyn
Listed By:
Christopher Cavorti The Forray Team · License #NY
Source:
Crexi
Added: May 5, 2023
Changed: Aug 8
Last Checked: Aug 2 at 3:31PM
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 The Corcoran Group Brooklyn
Investment Insights
Based on property information with market context.
An ultra-rare opportunity exists to purchase a medical co-op in the prestigious building at 20 Plaza St E, known for its landmark architecture. Unit #A15, configured as a medical space, is ideally suited for any medical group or solo practice. The 2050 square foot space includes HVAC, a waiting area, reception, a full kitchenette, storage/closets, and multiple treatment and consult rooms. Currently, the office is configured with 6 treatment rooms and 3 consult rooms with plumbing, but it can easily be expanded to 8 treatment rooms. The corner unit benefits from an abundance of natural light and a private entrance. The space is adaptable to any medical specialty, such as primary care, dentistry, physical therapy, chiropractic, therapy/counseling, dermatology, optometry, podiatry, and pediatrics. This maisonette has entrances both in the front, nestled within the professionally landscaped garden, and through the elegant, attended Art Deco lobby. The property is located across from Grand Army Plaza and historic Prospect Park, and within walking distance of the Brooklyn Museum, Botanic Garden, and Library. The 2/3 and B/Q trains provide convenient access to Downtown Brooklyn and Manhattan. The location is also near cafes, shops, and restaurants.
Key Highlights
- Prime location across from Grand Army Plaza and Prospect Park, near cultural attractions and transportation (2/3, B/Q trains).
- 2050SF medical co‑op configured with 6 treatment & 3 consult rooms (expandable to 8), reception, waiting area, kitchenette, and storage.**
- Move‑in ready condition, suitable for various medical specialties (Primary Care, Dentist, Physical Therapy, etc.).
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
$51,143
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
4.09%
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%
$1,022,860
$1.0M
Cap Rate 7%
$730,614
$730.6K
Cap Rate 9%
$568,256
$568.3K
Market Conditions
NOI Build-Up for 2,050 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
$88.6K $43.20/SF
− Vacancy
−$20.4K −$9.94/SF
EGI
$68.2K $33.26/SF
− OpEx
−$17.0K −$8.32/SF
NOI
$51.1K $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%
$1,022,860
Cap Rate 7%
$730,614
Cap Rate 9%
$568,256
Alternative Uses
Best Use
Office B
$730.6K
$639.3K – $852.4K
NOI $51,143 @ 7.0% cap · market cap 4.09%
Second Best
Healthcare Medical
$679.0K
$594.1K – $792.1K
NOI $47,527 @ 7.0% cap · market cap 3.80%
Theoretical Best
Specialty Retail
$1.70M
$1.49M – $1.98M
NOI $118,818 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,597
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
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 - 2050SF medical space in prime Brooklyn location.
Where is this medical office space located?
The property is located at 20 Plaza St E Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime location across from Grand Army Plaza and Prospect Park, near cultural attractions and transportation (2/3, B/Q trains).; 2050SF medical co‑op configured with 6 treatment & 3 consult rooms (expandable to 8), reception, waiting area, kitchenette, and storage.**; Move‑in ready condition, suitable for various medical specialties (Primary Care, Dentist, Physical Therapy, etc.).
