Building Details

Floors in Building 1

Number of units 1

Building materials Brick

Roof type Flat

Listing Agency: RE/MAX Real Estate Professiona r***@outlook.com Show Phone

Listed By: Billy Apter · License #BEA5721 Show Phone

Added: Mar 20, 2025 Changed: Sep 8 Last Checked: Oct 9 at 9:06AM

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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 3,000-square-foot warehouse is configured with a mezzanine office, providing dedicated administrative space within the industrial building. The property has brick construction and a flat roof, with M1-1 zoning supporting its classification as a warehouse asset.

The property is located at 51 Gravesend Neck Road in Brooklyn, NY 11223. Its Gravesend setting and industrial zoning provide a clear context for warehouse-oriented commercial use.

Key Highlights

• 3,000 square feet of warehouse space
• Mezzanine office included within the building
• M1‑1 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$72,072

Cap Rate

3.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,441,440 $1.4M

Cap Rate 7%

$1,029,600 $1.0M

Cap Rate 9%

$800,800 $800.8K

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$126.0K $42.00/SF

− Vacancy

−$15.1K −$5.04/SF

EGI

$110.9K $36.96/SF

− OpEx

−$38.8K −$12.94/SF

NOI

$72.1K $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 Rate 5%

$1,441,440

Cap Rate 7%

$1,029,600

Cap Rate 9%

$800,800

Alternative Uses

Best Use

Flex RnD

$1.03M

$900.9K – $1.20M (±1% cap)

NOI $72,072 @ 7.0% cap · market cap 3.61%

Second Best

Warehouse

$925.8K

$810.1K – $1.08M (±1% cap)

NOI $64,807 @ 7.0% cap · market cap 3.24%

Theoretical Best

Specialty Retail

$2.48M

$2.17M – $2.90M (±1% cap)

NOI $173,880 @ 7.0% cap · market cap 8.70%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Law Firm Hotel & Motel Acupuncture Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

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

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Similar Off Market Nearby

• Trident Moving — 2510 Ocean Pkwy, Brooklyn, NY 11235
• EEE Moving — 2705 Coney Island Ave, Brooklyn, NY 11235
• Self Storage — 2390 coney island ave, brooklyn, ny 11223
• B & H Moving & Storage Inc — 2312 Coney Island Ave, Brooklyn, NY 11223
• Postman Joe 11223 (FedEx, USPS, UPS, PUDO, MEEST, Mail Boxes for rent) All in one drop off location — 1923 McDonald Ave, Brooklyn, NY 11223

Frequently Asked Questions

What type of property is this?

Warehouse - M1-1-zoned industrial property with brick construction and a flat roof.

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: 3,000 square feet of warehouse space; Mezzanine office included within the building; M1‑1 zoning