Brooklyn Development Site For
For Sale
$4,900,000
8120 15th Ave, Brooklyn, NY 11228
Development site in Dyker Heights, Brooklyn, with existing medical facility.
Property Size5,700 SF
Lot Size0.20 Acres
Price / SF$494.95
Days on Market104
Property Features for 8120 15th Ave
General Information
Standard status
Active
Size
5,700 SF
Lot size
0.20 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$30,171
Building Details
Building Size
5,700 SF
Year Built
1931
Stories
1
Listing Agency:
Peerless Properties Corp.
Listed By:
Richard Dinerman · License #35DIO767533
(718) 368-3305
Source:
Elliman
Added: May 27
Changed: Aug 23
Last Checked: Sep 6 at 8:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Peerless Properties Corp.
Investment Insights
Based on property information with market context.
This property in Dyker Heights, Brooklyn, presents a prime development opportunity. The site currently hosts an active medical facility spanning 9900 square feet, which can remain for medical use. Alternatively, the site allows for the construction of up to 13000 square feet for residential purposes. The owner is willing to provide time for prospective purchasers to secure zoning and permits. Potential development after demolition could involve strictly residential use, most likely a 3-story attached two-family residence with a total floor area of 8,550 square feet, or potentially a 3-story multiple dwelling building, which can be condominiums of up to 12,825 square feet total with no required parking under the Qualifying Residential Site (QRS) zoning, recently introduced under the "City of Yes" zoning. The existing medical office building, built in 1931, occupies 5700 square feet. The lot size is 8550 square feet, zoned R4 (QRS)(Outer T.Z.) with a minimum required lot size of 30' frontage (2850 square feet). On-site parking is available.
Key Highlights
- Prime development site in Dyker Heights with potential for residential or continued medical use.
- Existing 9900 sq ft medical facility currently in operation with on‑site parking.
- Potential to build up to 12,825 sq ft of residential condominiums under 'City of Yes' zoning with no required parking.
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
$246,985
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
5.04%
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%
$4,939,700
$4.9M
Cap Rate 7%
$3,528,357
$3.5M
Cap Rate 9%
$2,744,278
$2.7M
Market Conditions
NOI Build-Up for 9,900 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
$427.7K $43.20/SF
− Vacancy
−$98.4K −$9.94/SF
EGI
$329.3K $33.26/SF
− OpEx
−$82.3K −$8.32/SF
NOI
$247.0K $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%
$4,939,700
Cap Rate 7%
$3,528,357
Cap Rate 9%
$2,744,278
Alternative Uses
Best Use
Office B
$3.53M
$3.09M – $4.12M
NOI $246,985 @ 7.0% cap · market cap 5.04%
Second Best
Healthcare Medical
$3.28M
$2.87M – $3.83M
NOI $229,522 @ 7.0% cap · market cap 4.68%
Theoretical Best
Specialty Retail
$8.20M
$7.17M – $9.56M
NOI $573,804 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,148
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11228, NY
45,906
Population
16,336
Households
2.8
Avg Household Size
41
Median Age
37%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
30,604
Density / Sq Mi
$80,737
Median Household Income
$47,062
Median Earnings
$1,828
Median Rent
$1,131,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Development site in Dyker Heights, Brooklyn, with existing medical facility.
Where is this medical office space located?
The property is located at 8120 15th Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Prime development site in Dyker Heights with potential for residential or continued medical use.; Existing 9900 sq ft medical facility currently in operation with on‑site parking.; Potential to build up to **12,825 sq ft of residential condominiums** under 'City of Yes' zoning with no required parking.
