Medical Office Condo with Rear
For Sale
$599,000
B-664 51st St, Brooklyn, NY 11203
Versatile 2019-built condo offers an efficient layout, two private bathrooms, and rear window natural light.
Property Size1,000 SF
Price / SF$599
Days on Market124
Property Features for B-664 51st St
General Information
Standard status
Active
Size
1,000 SF
Taxes and HOA fees
Annual Taxes
$2,864
Building Details
Year Built
2019
Listing Agency:
E House Realty & Mgt. Inc.
(718) 680-2776
Listed By:
Xiaodan (Ivy) Xu
(718) 680-2776
Source:
Exprealty
Added: Apr 22
Changed: Aug 20
Last Checked: Aug 23 at 4:33AM
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 E House Realty & Mgt. Inc.
Investment Insights
Based on property information with market context.
Built in 2019, this 1,000 square foot commercial condo is designed for a flexible professional or healthcare use. The unit features a functional 20x60 layout, two private bathrooms, and a rear window that brings in natural light. The property will be delivered vacant, supporting an owner-user setup or an immediate move-in for a qualified tenant.
Located in the heart of Sunset Park, the condo benefits from a high-density setting with heavy foot traffic. It is positioned minutes from major healthcare anchors, including NYU Langone Hospital—Brooklyn and Sunset Terrace Family Health Center, which can support day-to-day visibility for medical clinics and related professional services. Public transit access is also available nearby via the N and R subway lines.
For medical practices, this layout and bathroom configuration can help accommodate common clinic workflow needs, while the straightforward, efficient footprint also supports professional office or community facility use. With low monthly common charges of $350 and condo ownership, the space offers a practical option for an operator seeking a turnkey commercial unit in a busy neighborhood.
Located in the heart of Sunset Park, the condo benefits from a high-density setting with heavy foot traffic. It is positioned minutes from major healthcare anchors, including NYU Langone Hospital—Brooklyn and Sunset Terrace Family Health Center, which can support day-to-day visibility for medical clinics and related professional services. Public transit access is also available nearby via the N and R subway lines.
For medical practices, this layout and bathroom configuration can help accommodate common clinic workflow needs, while the straightforward, efficient footprint also supports professional office or community facility use. With low monthly common charges of $350 and condo ownership, the space offers a practical option for an operator seeking a turnkey commercial unit in a busy neighborhood.
Key Highlights
- 1,000 SF commercial condo built in 2019 with a versatile floor plan
- 20x60 layout includes two private bathrooms
- Rear window provides natural light
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
$24,948
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
4.16%
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%
$498,960
$499.0K
Cap Rate 7%
$356,400
$356.4K
Cap Rate 9%
$277,200
$277.2K
Market Conditions
NOI Build-Up for 1,000 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
$43.2K $43.20/SF
− Vacancy
−$9.9K −$9.94/SF
EGI
$33.3K $33.26/SF
− OpEx
−$8.3K −$8.32/SF
NOI
$24.9K $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%
$498,960
Cap Rate 7%
$356,400
Cap Rate 9%
$277,200
Alternative Uses
Best Use
Office B
$356.4K
$311.9K – $415.8K
NOI $24,948 @ 7.0% cap · market cap 4.16%
Second Best
Healthcare Medical
$331.2K
$289.8K – $386.4K
NOI $23,184 @ 7.0% cap · market cap 3.87%
Theoretical Best
Specialty Retail
$828.0K
$724.5K – $966.0K
NOI $57,960 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,213
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Versatile 2019-built condo offers an efficient layout, two private bathrooms, and rear window natural light.
Where is this medical office space located?
The property is located at B-664 51st St Brooklyn, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,000 SF commercial condo built in 2019 with a versatile floor plan; 20x60 layout includes two private bathrooms; Rear window provides natural light
