Historic Building with Vaulted
For Sale
$7,250,000
405 Gates Avenue, Brooklyn, NY 11216
COMMERCIAL - Brooklyn, NY
Property Size11,250 SF
Lot Size0.09 Acres
Price / SF$644.44
Days on Market523
Property Features for 405 Gates Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Security features
Security System
Subdivision
Bedford-Stuyvesant
Lot features
Corner Lot
View
City
Standard status
Active
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
82281
Building Details
Year built
1931
Floors in Building
3
Building materials
Brick
Listing Agency:
CAPLINE CONSOLIDATED LLC
Listed By:
Robert Shiryak · License #NY10491213394
Added: Feb 27, 2025
Changed: Jul 2
Last Checked: Aug 4 at 3:06PM
MLS# 11440801
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This meticulously renovated historic building offers approximately 11,250 square feet of versatile commercial space across three floors, plus a substantial basement. Interiors feature 28-foot vaulted ceilings, oversized windows, and high-quality ceramic tile, blending original architectural character with modern upgrades. ADA compliance is supported by a brand-new passenger elevator, multiple restrooms on each floor, and two stairwells. The building is equipped with a new electric AC/heating system, supplementary gas space heaters on each floor, and provisions for ventilation. For utilities and flexibility, the property includes separate gas and electric meters for each space, and it is secured with state-of-the-art security gates.
The asset provides approximately 130 feet of wrap-around frontage, supporting strong street presence for a wide range of storefront or office-oriented concepts. It is positioned in the Bedford-Stuyvesant/Clinton Hill area near the Bedford-Nostrand Avenue subway station and within reach of neighborhood destinations including Brooklyn Botanic Garden and Brooklyn Children’s Museum, along with parks, educational institutions, and fitness centers.
Designed for an owner-user, the building’s layout and infrastructure can accommodate medical office uses, urgent care, daycare/senior care, fitness, spa and wellness, restaurants, retail, and educational facilities, among other commercial applications. Expansion may be possible through a bundle deal with the adjacent development site at 403 Gates Avenue, which is described as separately available.
The asset provides approximately 130 feet of wrap-around frontage, supporting strong street presence for a wide range of storefront or office-oriented concepts. It is positioned in the Bedford-Stuyvesant/Clinton Hill area near the Bedford-Nostrand Avenue subway station and within reach of neighborhood destinations including Brooklyn Botanic Garden and Brooklyn Children’s Museum, along with parks, educational institutions, and fitness centers.
Designed for an owner-user, the building’s layout and infrastructure can accommodate medical office uses, urgent care, daycare/senior care, fitness, spa and wellness, restaurants, retail, and educational facilities, among other commercial applications. Expansion may be possible through a bundle deal with the adjacent development site at 403 Gates Avenue, which is described as separately available.
Key Highlights
- Approximately 11,250 SF across three floors plus a substantial basement, offering versatile space for commercial uses
- Historic brick building (Year built 1931) with 28‑foot vaulted ceilings and oversized windows
- ADA‑compliant with brand‑new passenger elevator, two stairwells, and multiple restrooms on each floor
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $945.0k | $84.00 |
| − Vacancy | −$75.6k | −$6.72 |
| EGI | $869.4k | $77.28 |
| − OpEx | −$217.4k | −$19.32 |
| NOI | $652.1k | $57.96 |
11,250 SF · lease $84.00/SF/yr · vacancy 8.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$9.32M
$8.15M – $10.87M
NOI $652,050 @ 7.0% cap · market cap 8.99%
Second Best
Office B
$4.01M
$3.51M – $4.68M
NOI $280,665 @ 7.0% cap · market cap 3.87%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28 ft
Clear height
Location Intelligence
Trade Area within ½ mile
4,616
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
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?
Medical Office Space - Renovated three-story, ADA-compliant building with a new passenger elevator and expansive wrap-around frontage for multiple business uses.
Where is this medical office space located?
The property is located at 405 Gates Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: Approximately 11,250 SF across three floors plus a substantial basement, offering versatile space for commercial uses; Historic brick building (Year built 1931) with 28‑foot vaulted ceilings and oversized windows; ADA‑compliant with brand‑new passenger elevator, two stairwells, and multiple restrooms on each floor
