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    The Largest CRE Database in the US with Over 1 Million Listings

    2729 West 16Th St Brooklyn, NY 11224

    Sponsored
    For Sale
    $2,500,000

    Mixed Use - Brooklyn, NY

    Type:Mixed Use
    Property size:
    2,592 SF
    Lot size:
    0.16 Acres
    Days on Market:
    275
    Last Refresh:
    Feb 11 at 4:06 pm

    Property Features for 2729 West 16Th St

    General Information

    Property type
    Other
    Property subtype
    Mixed Use
    Standard status
    Active
    Size
    2,592 SF
    Lot size
    0.16 Acres

    Utilities

    Heating system
    Natural Gas, Other (Heating), Steam

    Building Details

    Flooring type
    Hardwood, Tile
    Building materials
    Stucco, Vinyl Siding
    Roof type
    Metal, Tile
    Architectural style
    Other

    We can help!

    Listing Contact
    Michelle J. Zhang

    Womcore LLC dba Remax Edge (718) 612-3088

    Listing agent Michelle J. Zhang (718) 612-3088

    Listing date May 13, 2025

    MLS# 489820 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Coney Island Mixed-Use Investment

    Located in Coney Island, Brooklyn, this mixed-use property presents an investment opportunity. The property includes a warehouse and three residential units situated on a 60’ x 119’ lot, zoned M1-2, which supports diverse commercial and industrial applications. The warehouse currently generates $5,000 per month on a month-to-month basis without a lease. The residential component consists of one two-bedroom apartment renting for $2,000 per month and two three-bedroom apartments, each renting for $2,500 per month. The property benefits from low annual property taxes of $6,670 and an estimated 5% cap rate. Its location offers proximity to Home Depot, Raymour & Flanigan, and Best Buy, as well as convenient access to public transportation via the N, D, F, and Q subway lines and the Belt Parkway. The property is suitable for investors or owner-operators seeking rental income while utilizing or leasing the warehouse space. Future opportunities for vertical expansion and redevelopment may be possible due to ongoing zoning changes and potential increases in the Floor Area Ratio (FAR). The property size is 2,592 square feet and the lot size is approximately 0.16 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.984128
    Latitude
    40.580692

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with warehouse and residential units in Brooklyn.
    Where is this mixed-use property located?
    The property is located at 2729 West 16Th St Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: - High income-generating potential: $5,000/month from warehouse plus $7,000/month from three residential units.; - Prime location in Coney Island near Home Depot, Raymour & Flanigan, and Best Buy.; - Investment opportunity with 5% cap rate and low property taxes: Annual taxes at $6,670.
    (718) 612-3088
    Request Owner's contact information
    2729 West 16Th St Brooklyn, NY 11224
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    Brooklyn, NY 11224
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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
    2729 West 16Th St Brooklyn, NY 11224
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    We can help!
    Listing Contact
    Michelle J. Zhang
    (718) 612-3088
    Learn more
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