Crown Heights Development
For Sale
$3,525,000
Pending
15 Portal St, Brooklyn, NY 11233
Corner warehouse in prime location with development potential.
Property Size9,378 SF
Lot Size0.22 Acres
Days on Market167
Property Features for 15 Portal St
General Information
Standard status
Pending
Size
9,378 SF
Lot size
0.22 Acres
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$70,295
Building Details
Building Size
9,378 SF
Stories
2
Listing Agency:
Bergen Basin Realty
(718) 763-4110
Listed By:
Kevin Stile
(718) 763-4110
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:23AM
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 Bergen Basin Realty
Investment Insights
Based on property information with market context.
This corner warehouse is located in the Crown Heights area, bordering the Brownsville section of Brooklyn, New York. The lot measures 78.08 x 101.92 feet and is zoned R6, offering a residential FAR of 2.43, which allows for 22,789 buildable square feet. There is also an option for facility use with a FAR of 4.8, providing 45,014 buildable square feet. The location is in an opportunity zone and an SBA Hub-zone. The first floor of the building features a roll-up gate entrance and an open space layout without columns, encompassing approximately 8,968 square feet. An additional roll-up gate with a drive ramp leads to the second level, which offers another 8,968 square feet of open space. The building requires some TLC. It is close to transportation and major roads, and one block from Lincoln Park. The building is vacant and offers a bright future.
Key Highlights
- Prime corner lot location in Crown Heights/Brownsville area with dimensions of 78.08 x 101.92.
- R6 Zoning with significant residential FAR: 2.43 (22,789 buildable sq ft) or 4.8 (45,014 buildable sq ft) for facility use.
- Large warehouse space with two floors, each approximately 8,968 sq ft, and open layouts (no columns).
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
$193,730
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
5.50%
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%
$3,874,600
$3.9M
Cap Rate 7%
$2,767,571
$2.8M
Cap Rate 9%
$2,152,556
$2.2M
Market Conditions
NOI Build-Up for 8,968 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
$238.9K $26.64/SF
− Vacancy
−$11.0K −$1.23/SF
EGI
$227.9K $25.41/SF
− OpEx
−$34.2K −$3.81/SF
NOI
$193.7K $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%
$3,874,600
Cap Rate 7%
$2,767,571
Cap Rate 9%
$2,152,556
Alternative Uses
Best Use
Warehouse
$2.77M
$2.42M – $3.23M
NOI $193,730 @ 7.0% cap · market cap 5.50%
Second Best
Industrial
$2.28M
$1.99M – $2.66M
NOI $159,542 @ 7.0% cap · market cap 4.53%
Theoretical Best
Specialty Retail
$7.43M
$6.50M – $8.66M
NOI $519,785 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,985
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
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?
Commercial land - Corner warehouse in prime location with development potential.
Where is this commercial land located?
The property is located at 15 Portal St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,525,000.
What are key features of this property?
This property features: Prime corner lot location in Crown Heights/Brownsville area with dimensions of 78.08 x 101.92.; R6 Zoning with significant residential FAR: 2.43 (22,789 buildable sq ft) or 4.8 (45,014 buildable sq ft) for facility use.; Large warehouse space with two floors, each approximately 8,968 sq ft, and open layouts (no columns).
