Warehouse With Mezzanine
For Sale
$1,999,000
51 Gravesend Neck Road, Brooklyn, NY 11223
COMMERCIAL - Brooklyn, NY
Property Size3,000 SF
Lot Size0.00 Acres
Price / SF$666.33
Days on Market523
Property Features for 51 Gravesend Neck Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M1-1
Subdivision
Gravesend
Standard status
Active
Size
3,000 SF
Lot size
0.00 Acres
Building Details
Floors in Building
1
Number of units
1
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Billy Apter · License #BEA5721
(718) 532-2000
Added: Mar 20, 2025
Changed: Aug 4
Last Checked: Aug 24 at 8:06PM
MLS# 490198
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 3000-square-foot warehouse at 51 Gravesend Neck Road includes a mezzanine office, providing dedicated administrative space within the industrial layout. The building features brick construction and a flat roof, with M1-1 zoning supporting its commercial warehouse classification.
The property is located in Brooklyn, NY 11223, within Kings (Brooklyn) County. Its compact 0.0014-acre lot accommodates the existing warehouse improvement and its office component. The combination of warehouse space and an elevated office area creates a functional configuration for commercial operations requiring both work and administrative areas in one building.
The property is located in Brooklyn, NY 11223, within Kings (Brooklyn) County. Its compact 0.0014-acre lot accommodates the existing warehouse improvement and its office component. The combination of warehouse space and an elevated office area creates a functional configuration for commercial operations requiring both work and administrative areas in one building.
Key Highlights
- 3000 square feet of warehouse space
- Mezzanine office included
- M1‑1 zoning
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
$64,807
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
3.24%
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%
$1,296,140
$1.3M
Cap Rate 7%
$925,814
$925.8K
Cap Rate 9%
$720,078
$720.1K
Market Conditions
NOI Build-Up for 3,000 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
$79.9K $26.64/SF
− Vacancy
−$3.7K −$1.23/SF
EGI
$76.2K $25.41/SF
− OpEx
−$11.4K −$3.81/SF
NOI
$64.8K $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%
$1,296,140
Cap Rate 7%
$925,814
Cap Rate 9%
$720,078
Alternative Uses
Best Use
Warehouse
$925.8K
$810.1K – $1.08M
NOI $64,807 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,056
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Self Storage — 2390 coney island ave, brooklyn, ny 11223
- EEE Moving — 2705 Coney Island Ave, Brooklyn, NY 11235
- Postman Joe 11223 (FedEx, USPS, UPS, PUDO, MEEST, Mail Boxes for rent) All in one drop off location — 1923 McDonald Ave, Brooklyn, NY 11223
- Trident Moving — 2510 Ocean Pkwy, Brooklyn, NY 11235
- B & H Moving & Storage Inc — 2312 Coney Island Ave, Brooklyn, NY 11223
Frequently Asked Questions
What type of property is this?
Warehouse - M1-1-zoned warehouse featuring brick construction, a flat roof, and an integrated office area.
Where is this warehouse located?
The property is located at 51 Gravesend Neck Road Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 3000 square feet of warehouse space; Mezzanine office included; M1‑1 zoning
