Renovated Brooklyn Commercial
For Sale
Contact for pricing
405 Gates Avenue, Brooklyn, NY 11216
Meticulously renovated commercial building with historic character and modern amenities.
Property Size11,250 SF
Price / SF$644.44
Days on Market588
Property Features for 405 Gates Avenue
General Information
Standard status
Active
Size
11,250 SF
Property subtype
Office
Zoning
R6A, C2-4
Investment Type
Owner/User
Building Details
Year Built
1931
Year Renovated
2024
Stories
3
Listing Agency:
Capline Consolidated
Listed By:
Robert Shiryak · License #NY10491213394
(347) 908-7623
Source:
Crexi
Added: Feb 27, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:11PM
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 Capline Consolidated
Investment Insights
Based on property information with market context.
This meticulously renovated building offers approximately 11,250 square feet of versatile space across three floors, complemented by a substantial basement. The property is positioned for various commercial ventures and suits an owner-user seeking a prominent presence in a thriving community. The building blends original architectural details with contemporary upgrades, including 28-foot vaulted ceilings, oversized windows, and high-quality ceramic tile. It is ADA compliant and features a new passenger elevator, multiple restrooms on each floor, and two stairwells. The property is equipped with a new electric AC/Heating system, separate gas and electric meters for each space, supplementary gas space heaters on each floor, and provisions for ventilation. It has approximately 130 feet of wrap-around frontage with state-of-the-art security gates. Situated within an Opportunity Zone, the property offers tax advantages and potential for property value appreciation. Expansion is possible via a bundle deal with the adjacent development site at 403 Gates Avenue, Brooklyn, NY 11216 (1,875 SF with 5,625 BSF), available separately.
Key Highlights
- Approximately 11,250 square feet of versatile space across three floors, plus a substantial basement.
- Prime location for an owner‑user.
- Historic character with 28‑foot vaulted ceilings and oversized windows.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$280,665
Cap Rate
3.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,613,300
$5.6M
Cap Rate 7%
$4,009,500
$4.0M
Cap Rate 9%
$3,118,500
$3.1M
Market Conditions
NOI Build-Up for 11,250 SF
Gross rent
$486.0K $43.20/SF
− Vacancy
−$111.8K −$9.94/SF
EGI
$374.2K $33.26/SF
− OpEx
−$93.6K −$8.32/SF
NOI
$280.7K $24.95/SF
Area
Brooklyn, NY
Vacancy
23.00%
Lease Rate
$43.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,613,300
Cap Rate 7%
$4,009,500
Cap Rate 9%
$3,118,500
Alternative Uses
Best Use
Office B
$4.01M
$3.51M – $4.68M
NOI $280,665 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.32M
$8.15M – $10.87M
NOI $652,050 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,908
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Meticulously renovated commercial building with historic character and modern amenities.
Where is this office building 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 square feet of versatile space across three floors, plus a substantial basement.; Prime location for an owner‑user.; Historic character with **28‑foot vaulted ceilings and oversized windows**.
