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    Brooklyn Development Opportunity Title is generated by Realmo AI

    8120 15th Avenue, Brooklyn, NY 11228

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    Claim this Listing
    New
    For Sale
    $4,900,000

    COMMERCIAL - Brooklyn, NY

    Property size:
    5,700 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $859/SF
    Added:
    May 21, 2026
    Days on Market:
    2
    Last Refresh:
    May 22 at 3:06 am

    Property Features for 8120 15th Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    R4
    Parking features
    Garage - Attached
    Basement
    Full
    Standard status
    Active
    Size
    5,700 SF
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Annual Amount
    30171

    Building Details

    Year built
    1931
    Floors in Building
    1
    Number of units
    1
    Building materials
    Brick
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Richard Dinerman

    Listing agent Richard Dinerman

    Listing office Peerless Properties Corp. 411 99th Street #C1, Brooklyn, NY

    Listing date May 21, 2026

    MLS# 501656

    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.

    HighLights

    • Prime development site in Dyker Heights with potential for residential or continued medical use.
    • Existing 9900 sq ft medical facility, currently active, with on‑site parking.
    • Potential to build up to 13000 sq ft residential or keep existing medical facility.
    • R4 zoning (QRS) allows for potential construction of condominiums up to 12,825 sq ft with no required parking.
    • Lot size of 8550 sq ft suitable for development of 3‑story attached two‑family residences or a multiple dwelling building.
    • Owner will provide time for prospective purchasers to obtain zoning/permits.

    Overview

    This property represents a development opportunity in Dyker Heights, Brooklyn. The site is currently an active medical facility of 5700 square feet, built in 1931, and can continue to be used as a medical or radiology center. The property includes on-site parking. The lot size is 8550 square feet. The zoning is R4. Potential development after demolition would consist of strictly residential use, most likely 3-story attached two-family residences 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 minimum required lot size is 30' frontage (2850 square feet). The owner will allow time for prospective purchasers to obtain zoning and permits. The property can build up to 13000 square feet residential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Scafuri Debbie Employment Agency PATH Family Center Medical Clinic Guadagnino Victor J ... Physician Kendro Egias Gym & Fitness Center Samer Tawadros Dawood Physician

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -74.006881
    Latitude
    40.614314

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    FAQs

    What type of property is this?
    Medical center - Prime development site in Dyker Heights, Brooklyn.
    Where is this medical center located?
    The property is located at 8120 15th Avenue 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 active, with on‑site parking.; Potential to build up to **13000 sq ft residential** or keep existing medical facility.
    (718) 368-3305
    We can help!
    Listing Contact
    Richard Dinerman
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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