Add Listing
    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

    223 15Th St Brooklyn, NY 11215

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,200,000

    Four-unit building in prime Park Slope location near Prospect Park.

    Lot size:
    0.03 Acres

    Property Features for 223 15Th St

    General Information

    Property type
    Investment
    Standard status
    Active
    Lot size
    0.03 Acres

    Building Details

    Year built
    1931

    We can help!

    Listing Contact
    Nina Sabag
    Nina Sabag
    Source: Elliman

    Listing Agency: 5 BORO REALTY CORP Listing Agent: Nina Sabag

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Park Slope Four-Unit Building

    Located in the heart of Park Slope, Brooklyn, 223 15th Street is a four-story building configured as 4 residential units. The property offers flexibility for repositioning, renovation, or redevelopment. The building spans approximately 5,700 sq. ft. on a 20 ft × 71 ft lot within an R6B zoning district. Situated just three blocks from Prospect Park and minutes from the F, G, and R subway lines, the location offers convenience and long-term rental demand. This property is a short sale requiring an all-cash purchase, making it suitable for investors or developers seeking a value-add opportunity in Brooklyn’s sought-after neighborhood.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    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
    -73.989019
    Latitude
    40.665358

    Nearby Similar for Sale

    • $999,000
      8,820 SF

      Established Supermarket Business For Sale

      High-volume supermarket business opportunity in Brooklyn's Bensonhurst/Gravesend neighborhood.
      65 Quentin Rd, Brooklyn, NY 11223
      View Details
    • $375,000
      3,120 SF

      Established Restaurant in Sunset Park

      Turn-key Asian restaurant for sale in prime Sunset Park.
      5304 8Th Ave, Brooklyn, NY 11220
      View Details
    • $675,000
      1,265 SF

      Canarsie Avenue Retail Building

      Commercial building for sale in prime retail corridor.
      9518 Avenue L, Brooklyn, NY 11236
      View Details
    • New
      $660,000
      1,700 SF

      Brooklyn Commercial Building on Remsen

      Free-standing building in high-traffic area, suitable for various uses.
      992 Remsen Ave, Brooklyn, NY 11236
      View Details
    • New
      $680,000
      2,380 SF

      Medical Condo in Sheepshead Bay

      Renovated medical office condo in prime Sheepshead Bay location.
      2752 Ocean Ave, Brooklyn, NY 11229
      View Details
    • $650,000
      0.06 Acres

      Brooklyn Retail Building with Seating

      New retail building with seating in thriving Bushwick/East Williamsburg.
      1041 Flushing Ave, Brooklyn, NY 11237
      View Details
    • $1,149,900
      2,698 SF

      Brooklyn Commercial Building on Church Avenue

      Two-story commercial building with high-traffic frontage in East Flatbush.
      5215 Church Ave, Brooklyn, NY 11203
      View Details
    • $3,690,000
      4,670 SF

      Bensonhurst Commercial Condo with Business

      4,670 sq ft commercial condo with established daycare business.
      2066 85Th St, Brooklyn, NY 11214
      View Details
    • $4,500,000
      14,700 SF

      Brooklyn Commercial Building on Retail Corridor

      14,700 SF commercial property in Flatbush retail corridor.
      5203-5207 Church Ave, Brooklyn, NY 11203
      View Details
    • New
      $3,888,000
      12,399 SF

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use building with commercial and residential units in Dyker Heights.
      705 86Th St, Brooklyn, NY 11228
      View Details
    • $899,000
      2,879 SF

      Commercial Condo with Cellar Space

      Retail/office condo with cellar, parking, and tax abatement.
      2533 Ocean Ave, Brooklyn, NY 11229
      View Details
    • $659,000

      Brooklyn Commercial Building on Retail Corridor

      Commercial building on Canarsie Avenue retail corridor, delivered vacant.
      9518 Avenue L, Brooklyn, NY 11236
      View Details

    FAQs

    What type of property is this?
    Quadplex - Four-unit building in prime Park Slope location near Prospect Park.
    Where is this quadplex located?
    The property is located at 223 15Th St Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: - Prime Park Slope location, just three blocks from Prospect Park and close to shops, dining, and transit (F, G, R subway lines).; - Four-unit building offering immediate flexibility for repositioning, renovation, or redevelopment.; - Significant interior space: approximately 5,700 sq. ft.
    (855) 305-3325
    Request Owner's contact information
    223 15Th St Brooklyn, NY 11215
    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.
    223 15Th St
    Brooklyn, NY 11215
    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
    223 15Th St Brooklyn, NY 11215
    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
    Nina Sabag
    Nina Sabag
    (855) 305-3325 (917) 705-0005
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!