East Williamsburg Warehouse and
For Sale
Contact for pricing
15 Division Pl, Brooklyn, NY 11222
Three-story, 7,500 SF building with warehouse and office space.
Property Size7,500 SF
Price / SF$400
Days on Market1121
Property Features for 15 Division Pl
General Information
Standard status
Active
Size
7,500 SF
Class
A
Total Parking Spaces
2
Property subtype
Industrial
Zoning
M1-1
Investment Type
Value Add
Building Details
Year Built
1920
Year Renovated
2018
Buildings
1
Stories
3
Units
9
Tenancy
Multi
Listing Agency:
Safdie Realty Group
Listed By:
Roni Yaghoobzar · License #NY 10401324145
Source:
Crexi
Added: Aug 14, 2023
Changed: Aug 26
Last Checked: Sep 7 at 4:38AM
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 Safdie Realty Group
Investment Insights
Based on property information with market context.
Located between Kingsland and Debevoise Avenues in the East Williamsburg neighborhood of Brooklyn, this 7,500 SF, three-story building features a warehouse on the ground floor and office space above. The warehouse component offers a curb cut and drive-in loading for accessibility, along with a 12-foot high roll-up door. The warehouse provides 2,000 SF of space and includes a 500 SF basement. The offices feature 12 feet of frontage and high ceilings between 12 and 14 feet, as well as 400 Amps. The 2nd and 3rd floors comprise 4,000 SF of office space, consisting of 8 newly renovated private offices with HVAC. The warehouse is suitable for various commercial business uses, including dining, leisure, art gallery, industrial, and office purposes. Transportation is accessible via the Graham Avenue Station, which serves the L Line, and direct access to the Brooklyn-Queens Expressway. The building can be delivered vacant.
Key Highlights
- Delivered Vacant: Offers immediate occupancy and flexibility.
- Versatile 2,000 SF Warehouse Space: Includes curb cut, drive‑in loading, and 12ft roll‑up door.
- Newly Renovated 4,000 SF Office Space: Features 8 private offices with HVAC across the 2nd and 3rd floors.
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
$180,180
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
6.01%
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%
$3,603,600
$3.6M
Cap Rate 7%
$2,574,000
$2.6M
Cap Rate 9%
$2,002,000
$2.0M
Market Conditions
NOI Build-Up for 7,500 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
$315.0K $42.00/SF
− Vacancy
−$37.8K −$5.04/SF
EGI
$277.2K $36.96/SF
− OpEx
−$97.0K −$12.94/SF
NOI
$180.2K $24.02/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
35.00%
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%
$3,603,600
Cap Rate 7%
$2,574,000
Cap Rate 9%
$2,002,000
Alternative Uses
Best Use
Flex RnD
$2.57M
$2.25M – $3.00M
NOI $180,180 @ 7.0% cap · market cap 6.01%
Second Best
Industrial
$1.91M
$1.67M – $2.22M
NOI $133,426 @ 7.0% cap · market cap 4.45%
Theoretical Best
Specialty Retail
$6.21M
$5.43M – $7.25M
NOI $434,700 @ 7.0% cap · market cap 14.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,889
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Three-story, 7,500 SF building with warehouse and office space.
Where is this flex space located?
The property is located at 15 Division Pl Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Delivered Vacant: Offers immediate occupancy and flexibility.; Versatile 2,000 SF Warehouse Space: Includes curb cut, drive‑in loading, and 12ft roll‑up door.; Newly Renovated 4,000 SF Office Space: Features 8 private offices with HVAC across the 2nd and 3rd floors.
