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    Versatile Greenwood Heights Commercial Space Title is generated by Realmo AI

    663 3rd Avenue, Brooklyn, NY 11232

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    Claim this Listing
    For Lease
    $6,900/Mo $30 SF/Yr (calc)

    SINGLE_FAMILY - Brooklyn, NY

    Type:Office
    Property size:
    2,700 SF
    Lot size:
    0.05 Acres
    Added:
    Mar 27, 2026
    Days on Market:
    56
    Last Refresh:
    May 21 at 9:06 pm

    Property Features for 663 3rd Avenue

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    M1-2D
    Standard status
    Active
    Size
    2,700 SF
    Lot size
    0.05 Acres

    Building Details

    Year built
    1963
    Floors in Building
    3
    Number of units
    1
    Flooring type
    Hardwood, Tile

    We can help!

    Listing Contact
    Sherif Sadek
    Sherif Sadek

    Listing agent Sherif Sadek License #10401327808

    Listing office RE/MAX Edge 1812 Bath Ave, Brooklyn, NY

    Listing date Mar 27, 2026

    MLS# 500037

    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.

    HighLights

    • Expansive commercial space with approximately 2,700 square feet.
    • Versatile open floor plans adaptable to various commercial uses (offices, studios, showrooms).
    • Prime location in Greenwood Heights on 3rd Ave and 20th St.
    • Mezzanine level provides additional space for storage or offices.
    • Abundant natural light from large windows.
    • M1‑2D zoning supports a wide range of light industrial and commercial uses.

    Overview

    Located in Greenwood Heights, this commercial space offers a versatile property on 3rd Ave and 20th St. Situated on the second and third floors, with a mezzanine level, of a three-story building, the space totals approximately 2,700 square feet. The open floor plans are adaptable to a variety of commercial uses, including offices, creative studios, or showrooms. The mezzanine level provides additional space suitable for storage, private offices, or break areas. Large windows throughout the space provide natural light. Located within an M1-2D zoning district, the property supports a range of light industrial and commercial uses. The property's lot size is 0.0455 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Eastman Comm'L & Ind'L ... Real Estate Agency Pizza & Bagels On 3rd (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.997094
    Latitude
    40.663848

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    FAQs

    What type of property is this?
    Creative space - Expansive 2,700 SF commercial space in Greenwood Heights, Brooklyn.
    Where is this creative space located?
    The property is located at 663 3rd Avenue Brooklyn, NY.
    What is the lease rate?
    The lease rate is $6,900 /Mo.
    What are key features of this property?
    This property features: Expansive commercial space with approximately 2,700 square feet.; Versatile open floor plans adaptable to various commercial uses (offices, studios, showrooms).; Prime location in Greenwood Heights on 3rd Ave and 20th St.
    (718) 612-3088
    We can help!
    Listing Contact
    Sherif Sadek
    Sherif Sadek
    Real Estate License ID: 10401327808
    Learn More
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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.

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