Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2860-2864 W 16Th St Brooklyn, NY 11224

    Sponsored
    For Sale
    $2,000,000

    COMMERCIAL - Brooklyn, NY

    Property size:
    7,096 SF
    Lot size:
    0.11 Acres
    Days on Market:
    14
    Last Refresh:
    Feb 24 at 5:06 pm

    Property Features for 2860-2864 W 16Th St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R6
    APN
    07021-0034
    Size
    7,096 SF
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1920
    Floors in Building
    2
    Building materials
    Block

    We can help!

    Listing Contact
    Hiram L Oquendo

    Homes R Us Realty Of NY (718) 668-2550

    Listing agent Hiram L Oquendo (917) 435-8024

    Listing date Feb 11, 2026

    MLS# 2507188

    Copyright © 2026 Staten Island Board of Realtors. 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

    Brooklyn Multifamily Investment Opportunity

    Located in Coney Island, Brooklyn, the property at 2860-2864 W 16 Street features a multifamily building with a total of seven apartments. The building comprises three and four-family configurations, including six two-bedroom units and one one-bedroom unit. The apartments are in decent condition and are being sold as-is with all tenants. One apartment is currently vacant. No tenant has a lease at the moment, and rents are currently under market value. The property is zoned R6, presenting a potential opportunity for developers looking to build up, subject to consultation with an architect. The lot size is 0.11 acres, and the property size is 7096 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    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
    -73.98399
    Latitude
    40.577535

    Nearby Similar for Sale

    • $2,495,000
      12,000 SF

      Brooklyn Multi-Unit Investment Opportunity

      Two contiguous buildings with 16 units in Columbia Waterfront District.
      96 Baltic St, Brooklyn, NY 11201
      View Details
    • $1,585,000
      1,870 SF

      Two-Family Home in Greenwood Heights

      Two-family home with income potential in evolving Greenwood Heights.
      200 31St St, Brooklyn, NY 11232
      View Details
    • $2,399,888
      3,200 SF

      Brooklyn Fourplex with High Income

      Updated 9-bedroom, 6.5-bath legal 4-family near Prospect Park.
      354 Rutland Rd, Brooklyn, NY 11225
      View Details
    • $4,599,900
      3,060 SF

      Renovated Brownstone in Park Slope

      Impeccably renovated three-family brownstone in prime Park Slope location.
      645 Carroll St, Brooklyn, NY 11215
      View Details
    • $7,250,000
      11,250 SF

      Renovated Commercial Building in Brooklyn

      Versatile commercial space in Bedford-Stuyvesant, ideal for owner-users.
      405 Gates Ave, Brooklyn, NY 11216
      View Details
    • $1,999,000
      2,700 SF

      Bedford-Stuyvesant Two-Family Townhouse

      Two-family townhouse in Bedford-Stuyvesant with income potential.
      427 Pulaski St, Brooklyn, NY 11221
      View Details
    • $1,650,000
      2,048 SF

      Renovated Two-Family Home, Brooklyn

      Newly renovated 2-family in Dyker Heights with rental potential.
      200 Bay 7Th St, Brooklyn, NY 11228
      View Details
    • $1,500,000
      4,522 SF

      Renovated Mixed-Use Corner Property

      Fully renovated mixed-use property in Gravesend/Bensonhurst, Brooklyn.
      248 Avenue P, Brooklyn, NY 11204
      View Details
    • $2,499,000
      3,648 SF

      Stuyvesant Heights Brownstone Two-Family Home

      Meticulously maintained two-family brownstone in Stuyvesant Heights Historic District.
      675 Putnam Ave, Brooklyn, NY 11221
      View Details
    • New
      $2,399,888
      3,200 SF

      Brooklyn Multifamily Colonial with Income

      Updated 9-bedroom, 6.5-bath legal 4-family near Prospect Park.
      354 Rutland Rd, Brooklyn, NY 11225
      View Details
    • $5,999,000
      15,800 SF

      Brooklyn Mixed-Use Investment Opportunity

      Three mixed-use buildings with established businesses in a desirable Brooklyn neighborhood.
      6119 20Th Ave, Brooklyn, NY 11204
      View Details
    • $3,500,000
      0.04 Acres

      East Williamsburg Multifamily Investment Opportunity

      Three adjacent brick buildings with 18 residential units near Grand St.
      234-238 Powers St, Brooklyn, NY 11211
      View Details

    FAQs

    What type of property is this?
    Apartment building - Seven-unit multifamily property in Coney Island, Brooklyn, being sold as-is.
    Where is this apartment building located?
    The property is located at 2860-2864 W 16Th St Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: - Seven total apartments: six 2BR and one 1BR.; - R6 zoning offers development potential.; - One vacant apartment.
    (917) 435-8024
    Request Owner's contact information
    2860-2864 W 16Th St Brooklyn, NY 11224
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2860-2864 W 16Th St
    Brooklyn, NY 11224
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    2860-2864 W 16Th St Brooklyn, NY 11224
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Hiram L Oquendo
    (917) 435-8024 (718) 766-7159
    Learn more
    Google sign-in failed. Please try again or use another login method.