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 Market545
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
(347) 721-6599
Added: Mar 20, 2025
Changed: Sep 8
Last Checked: Sep 15 at 3:06PM
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 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.
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 = 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
$72,072
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
3.61%
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%
$1,441,440
$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
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
$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 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%
$1,441,440
Cap Rate 7%
$1,029,600
Cap Rate 9%
$800,800
Alternative Uses
Best Use
Flex RnD
$1.03M
$900.9K – $1.20M
NOI $72,072 @ 7.0% cap · market cap 3.61%
Second Best
Warehouse
$925.8K
$810.1K – $1.08M
NOI $64,807 @ 7.0% cap · market cap 3.24%
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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
- 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
