Ground-Floor Office Condo with Street
For Sale
$1,099,000
664 New York Avenue, Brooklyn, NY 11203
COMMERCIAL - Brooklyn, NY
Property Size2,453 SF
Price / SF$448.02
Days on Market171
Property Features for 664 New York Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R6
Subdivision
Lefferts Garden
Standard status
Active
Building Details
Year built
2016
Number of units
1
Building materials
Brick, Steel
Roof type
Rubber, Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Vito Angelo · License #VITLO524
(718) 532-2000
Added: Feb 17
Changed: Aug 4
Last Checked: Aug 7 at 7:06PM
MLS# 498905
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.
A ground-floor office condo offering a large open plan space of 2,453 SF, designed with modern floor-to-ceiling windows. The property provides an open layout for office, retail, or medical use, supported by street-level presence with 77 feet of frontage.
Constructed in 2016 with brick and steel materials and a flat, rubber roof, the space is configured to serve as an on-site business location or potentially support a tenant-ready setup. The property is located in the Prospect Lefferts Gardens area, minutes from SUNY Downstate Hospital and near the 2/5 trains, with close proximity to Prospect Park and Flatbush Avenue.
Zoned R6, this space is positioned for businesses seeking a street-facing ground-floor environment in a high-traffic area.
Constructed in 2016 with brick and steel materials and a flat, rubber roof, the space is configured to serve as an on-site business location or potentially support a tenant-ready setup. The property is located in the Prospect Lefferts Gardens area, minutes from SUNY Downstate Hospital and near the 2/5 trains, with close proximity to Prospect Park and Flatbush Avenue.
Zoned R6, this space is positioned for businesses seeking a street-facing ground-floor environment in a high-traffic area.
Key Highlights
- 2,453 SF ground‑floor open space with modern floor‑to‑ceiling windows
- 77 feet of street frontage for strong street‑level presence
- Zoned R6
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
$61,197
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
5.57%
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%
$1,223,940
$1.2M
Cap Rate 7%
$874,243
$874.2K
Cap Rate 9%
$679,967
$680.0K
Market Conditions
NOI Build-Up for 2,453 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
$106.0K $43.20/SF
− Vacancy
−$24.4K −$9.94/SF
EGI
$81.6K $33.26/SF
− OpEx
−$20.4K −$8.32/SF
NOI
$61.2K $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%
$1,223,940
Cap Rate 7%
$874,243
Cap Rate 9%
$679,967
Alternative Uses
Best Use
Retail
$1.68M
$1.47M – $1.96M
NOI $117,633 @ 7.0% cap · market cap 10.70%
Second Best
Office B
$874.2K
$765.0K – $1.02M
NOI $61,197 @ 7.0% cap · market cap 5.57%
Theoretical Best
Specialty Retail
$2.03M
$1.78M – $2.37M
NOI $142,176 @ 7.0% cap · market cap 12.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,921
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
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 units - Ground-floor office condo with floor-to-ceiling windows and R6 zoning, featuring 77 feet of street frontage.
Where is this office units located?
The property is located at 664 New York Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: 2,453 SF ground‑floor open space with modern floor‑to‑ceiling windows; 77 feet of street frontage for strong street‑level presence; Zoned R6
