Wingate Community Facility
For Sale
Contact for pricing
Pending
513 New York Ave, Brooklyn, NY 11225
New 3,000 SF commercial space ideal for various uses.
Property Size3,000 SF
Days on Market663
Property Features for 513 New York Ave
General Information
Standard status
Pending
Size
3,000 SF
Property subtype
Hospitality, Office, Retail, Self Storage, Special Purpose
Building Details
Year Built
2025
Listing Agency:
Corcoran
(347) 306-4996
Listed By:
Salomon Danielov · License #NY 10401221164
Source:
Crexi
Added: Oct 29, 2024
Changed: Aug 21
Last Checked: Aug 21 at 6:08AM
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 Corcoran
Investment Insights
Based on property information with market context.
Located in the Wingate neighborhood, this new 3,000 SF ground-floor commercial space is suitable for a medical office, daycare, school, or other uses. The space offers high visibility with street frontage. It will be delivered in vanilla box condition, ready for custom build-out. The projected delivery date is Summer 2025. A long-term tax abatement is in place.
Key Highlights
- Long‑term Tax Abatement: Enjoy significant property tax savings.
- 3,000 SF Ground‑Floor Space: Ideal for medical, daycare, school, or other community facility uses.
- Prime Location in Thriving Wingate Neighborhood.
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
$143,864
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
7.19%
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%
$2,877,280
$2.9M
Cap Rate 7%
$2,055,200
$2.1M
Cap Rate 9%
$1,598,489
$1.6M
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
$233.3K $77.76/SF
− Vacancy
−$27.8K −$9.25/SF
EGI
$205.5K $68.51/SF
− OpEx
−$61.7K −$20.55/SF
NOI
$143.9K $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /SF/Yr
Expense Ratio
30.00%
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%
$2,877,280
Cap Rate 7%
$2,055,200
Cap Rate 9%
$1,598,489
Alternative Uses
Best Use
Retail
$2.06M
$1.80M – $2.40M
NOI $143,864 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,028
Businesses Nearby
101k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 23%
Groceries 14%
Home Improvements & Furnishings 2%
BP
Shops & Services
17,442 visits/mo
0.4 miles
Chase Bank
Shops & Services
15,303 visits/mo
0.4 miles
Key Food Supermarkets
Groceries
13,741 visits/mo
0.5 miles
Mobil
Shops & Services
12,905 visits/mo
0.3 miles
Popeyes Louisiana Kitchen
Dining
11,613 visits/mo
0.4 miles
Demographics for 11225, NY
58,786
Population
26,703
Households
2.2
Avg Household Size
36
Median Age
48%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
65,318
Density / Sq Mi
$85,201
Median Household Income
$54,639
Median Earnings
$1,733
Median Rent
$1,218,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - New 3,000 SF commercial space ideal for various uses.
Where is this retail space located?
The property is located at 513 New York Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Long‑term Tax Abatement: Enjoy significant property tax savings.; 3,000 SF Ground‑Floor Space: Ideal for medical, daycare, school, or other community facility uses.; Prime Location in Thriving Wingate Neighborhood.
