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    9 Prospect Park Brooklyn, NY 11215

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    For Sale
    Contact for pricing

    Prime Brooklyn Medical Office, $995,000

    Property size:
    1,152 SF

    Property Features for 9 Prospect Park

    General Information

    Property type
    Medical Office Space
    Square Feet
    1,152 SF

    Building Details

    Year Built/Renovated
    1929/2015
    Buildings
    1
    Units
    41

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    Listing Contact
    Nathan Horne
    Nathan Horne

    Listing Agency: Compass Listing Agent: Nathan Horne

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 1,152 square foot medical office condo, located at 9 Prospect Park West in Brooklyn, NY 11215, presents a unique owner-user opportunity. Situated in a prestigious full-service, doorman building, this renovated unit boasts a spacious reception area, two bathrooms, and three built-out exam rooms, perfectly suited for a variety of medical uses. Built in 1929 and extensively renovated in 2015, the property offers a blend of classic charm and modern functionality. Its convenient location offers easy access to public transportation (2, 3, B, and Q subway lines) and the North Prospect Park entrance. The unit is part of a 41-unit building and is available for occupancy on September 25, 2024. The asking price is $995,000, translating to $863.72 per square foot. Beyond medical practices, the space is also well-suited for non-profit organizations, clinics, or childcare facilities. This is a rare opportunity to acquire a turnkey medical office in one of New York City's most desirable neighborhoods. The property's versatility and prime location make it an exceptional investment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Portman Gallery Home Decor Store Ronald Schechter Md Ophthalmologist Aida Bounama M.D. Ophthalmologist Senator Chuck Schumer Federal Government Office

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.971331
    Latitude
    40.6718199

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    FAQs

    What type of property is this?
    Medical Office Space - Prime Brooklyn Medical Office, $995,000
    Where is this medical office space located?
    The property is located at 9 Prospect Park Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Steps from Prospect Park's North Entrance.; Suitable for medical, non-profit, childcare, or similar uses.; Convenient access to the 2, 3, B, and Q subway lines.
    (706) 255-5657 Call to check price and availability
    Request Owner's contact information
    9 Prospect Park Brooklyn, NY 11215
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    Brooklyn, NY 11215
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    9 Prospect Park Brooklyn, NY 11215
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Nathan Horne
    Nathan Horne
    (706) 255-5657 (212) 913-9058 (917) 566-2829
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