Industrial Warehouse in Prime
For Sale
Contact for pricing
9 N 15th St, Brooklyn, NY
Single-story warehouse with development potential in Greenpoint/Williamsburg border.
Property Size6,950 SF
Lot Size0.16 Acres
Price / SF$517.99
Days on Market980
Property Features for 9 N 15th St
General Information
Standard status
Active
Size
6,950 SF
Lot size
0.16 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Kalmon Dolgin Affiliates
(732) 533-9511
Listed By:
Robert Klein · License #30KL0628210
(732) 533-9511
Source:
Moodyscre
Added: Dec 14, 2023
Changed: Jul 6
Last Checked: Aug 20 at 8:50AM
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 Kalmon Dolgin Affiliates
Investment Insights
Based on property information with market context.
The property at 9 North 15th Street is a single-story industrial warehouse situated between Gem Street and Franklin Street, bordering Greenpoint and Williamsburg. The existing brick and mill construction building encompasses approximately 6,950 square feet. It features over 50 feet of frontage on both streets, benefiting from high foot and vehicle traffic. The building dimensions are 50 ft x 138.58 ft. The property is zoned M1-2 with a Floor Area Ratio (FAR) of 2, allowing for an additional 6,950 square feet of unused development rights. The building square footage is 6,300 SF. The warehouse includes a 15-foot ceiling height, 400 Amps of electric power, and a 100% sprinkler system. It also features two drive-in entrances providing street-to-street access. The property taxes are $28,575.
Key Highlights
- Prime location on the Greenpoint/Williamsburg border with high foot and vehicle traffic.
- Significant development potential with 6,950 SF of unused development rights.
- Two drive‑in entrances providing street‑to‑street access.
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
$150,137
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
4.17%
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%
$3,002,740
$3.0M
Cap Rate 7%
$2,144,814
$2.1M
Cap Rate 9%
$1,668,189
$1.7M
Market Conditions
NOI Build-Up for 6,950 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
$185.1K $26.64/SF
− Vacancy
−$8.5K −$1.23/SF
EGI
$176.6K $25.41/SF
− OpEx
−$26.5K −$3.81/SF
NOI
$150.1K $21.60/SF
Area
Brooklyn, NY
Vacancy
4.60%
Lease Rate
$26.64 /SF/Yr
Expense Ratio
15.00%
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%
$3,002,740
Cap Rate 7%
$2,144,814
Cap Rate 9%
$1,668,189
Alternative Uses
Best Use
Warehouse
$2.14M
$1.88M – $2.50M
NOI $150,137 @ 7.0% cap · market cap 4.17%
Second Best
Industrial
$1.77M
$1.55M – $2.06M
NOI $123,642 @ 7.0% cap · market cap 3.43%
Theoretical Best
Specialty Retail
$5.75M
$5.04M – $6.71M
NOI $402,822 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,365
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Single-story warehouse with development potential in Greenpoint/Williamsburg border.
Where is this warehouse located?
The property is located at 9 N 15th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Prime location on the Greenpoint/Williamsburg border with high foot and vehicle traffic.; Significant development potential with **6,950 SF of unused development rights.**; Two drive‑in entrances providing street‑to‑street access.
