Five-Story Office
For Sale
$8,100,000
1523 Voorhies Avenue, Brooklyn, NY 11235
Commercial, Brooklyn, NY
Property Size18,858 SF
Lot Size0.08 Acres
Price / SF$429.53
Days on Market165
Property Features for 1523 Voorhies Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C4-2
Parking features
Carport
Basement
Partial
Subdivision
Sheepshead Bay
Standard status
Active
Size
18,858 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
133000
Building Details
Year built
2000
Floors in Building
5
Number of units
5
Building materials
Block
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Vladimir Levitan · License #10301214390
(347) 863-4623
Added: Apr 20
Changed: Sep 6
Last Checked: Oct 1 at 7:06PM
MLS# 500421
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-story office building contains 18,858 square feet and is configured for medical and professional office use. The interior includes built-in cabinetry, a finished lobby, and building systems described as being in excellent working condition. Block construction, a flat roof, and a carport are additional physical features. Completed in 2000, the property is zoned C4-2.
The building is located at 1523 Voorhies Avenue in Brooklyn’s Sheepshead Bay area, within Kings County and postal code 11235. The property occupies 0.0826 acres and is currently fully utilized. The source information also indicates an approximately 7% projected cap rate.
The building is located at 1523 Voorhies Avenue in Brooklyn’s Sheepshead Bay area, within Kings County and postal code 11235. The property occupies 0.0826 acres and is currently fully utilized. The source information also indicates an approximately 7% projected cap rate.
Key Highlights
- 18,858‑square‑foot, five‑story office building completed in 2000
- Configured for medical and professional office use
- C4‑2 zoning on a 0.0826‑acre property
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
$470,469
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
5.81%
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%
$9,409,380
$9.4M
Cap Rate 7%
$6,720,986
$6.7M
Cap Rate 9%
$5,227,433
$5.2M
Market Conditions
NOI Build-Up for 18,858 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
$814.7K $43.20/SF
− Vacancy
−$187.4K −$9.94/SF
EGI
$627.3K $33.26/SF
− OpEx
−$156.8K −$8.32/SF
NOI
$470.5K $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 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%
$9,409,380
Cap Rate 7%
$6,720,986
Cap Rate 9%
$5,227,433
Alternative Uses
Best Use
Office B
$6.72M
$5.88M – $7.84M
NOI $470,469 @ 7.0% cap · market cap 5.81%
Second Best
Healthcare Medical
$6.25M
$5.47M – $7.29M
NOI $437,204 @ 7.0% cap · market cap 5.40%
Theoretical Best
Specialty Retail
$15.61M
$13.66M – $18.22M
NOI $1,093,010 @ 7.0% cap · market cap 13.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,757
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Configured for medical and professional office use with built-in cabinetry, a lobby, and operational building systems.
Where is this office building located?
The property is located at 1523 Voorhies Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $8,100,000.
What are key features of this property?
This property features: 18,858‑square‑foot, five‑story office building completed in 2000; Configured for medical and professional office use; C4‑2 zoning on a 0.0826‑acre property
