Office Units with Cellar
For Sale
$1,390,000
C1-832 40th St, Brooklyn, NY 11203
Commercial condominium with a flexible first-floor and cellar configuration in a mixed-use building.
Property Size3,239 SF
Price / SF$429.14
Days on Market82
Property Features for C1-832 40th St
General Information
Standard status
Active
Size
3,239 SF
Additional Details
Floor
first floor and cellar
Public Transit
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$3,662
Building Details
Year Built
2017
Listing Agency:
Tiger Realty
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Source:
Exprealty
Added: Jun 18
Changed: Sep 4
Last Checked: Sep 6 at 11:13AM
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 Tiger Realty
Investment Insights
Based on property information with market context.
This office condominium combines the first floor and cellar of a mixed-use building completed in 2017. The property offers 3,239 SF in total, with 1,770 SF on the first floor and 1,469 SF below grade. Its adaptable arrangement is identified as suitable for medical offices, home healthcare services, educational programs, nonprofit organizations, senior centers, fitness or training facilities, and children's enrichment centers.
The property is located near the D train and B70 bus line, with restaurants, supermarkets, pharmacies, and other everyday services in the surrounding area. The commercial condominium is offered for sale and can support either owner occupancy or investment use, as described in the property information.
The property is located near the D train and B70 bus line, with restaurants, supermarkets, pharmacies, and other everyday services in the surrounding area. The commercial condominium is offered for sale and can support either owner occupancy or investment use, as described in the property information.
Key Highlights
- 3,239 SF commercial condominium combining first‑floor and cellar space
- 1,770 SF first floor plus 1,469 SF cellar
- Mixed‑use building completed in 2017
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
5.81%
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 5.81%
Second Best
Healthcare Medical
$1.07M
$938.7K – $1.25M
NOI $75,093 @ 7.0% cap · market cap 5.40%
Theoretical Best
Specialty Retail
$2.68M
$2.35M – $3.13M
NOI $187,732 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
5,033
Businesses Nearby
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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Frequently Asked Questions
What type of property is this?
Office units - Commercial condominium with a flexible first-floor and cellar configuration in a mixed-use building.
Where is this office units located?
The property is located at C1-832 40th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: 3,239 SF commercial condominium combining first‑floor and cellar space; 1,770 SF first floor plus 1,469 SF cellar; Mixed‑use building completed in 2017
