Listing Agency: Kalmon Dolgin Affiliates Show Phone

Listed By: Robert Klein · License #30KL0628210 Show Phone

Source: Moodyscre

Added: Dec 14, 2023 Changed: Sep 5 Last Checked: Oct 4 at 12:37PM

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Investment Insights

Based on property information with market context.

The property at 9 North 15th Street is a single-story industrial warehouse situated between Gem Street and Franklin Street, bordering Greenpoint and Williamsburg. The existing brick and mill construction building encompasses approximately 6,950 square feet. It features over 50 feet of frontage on both streets, benefiting from high foot and vehicle traffic. The building dimensions are 50 ft x 138.58 ft. The property is zoned M1-2 with a Floor Area Ratio (FAR) of 2, allowing for an additional 6,950 square feet of unused development rights. The building square footage is 6,300 SF. The warehouse includes a 15-foot ceiling height, 400 Amps of electric power, and a 100% sprinkler system. It also features two drive-in entrances providing street-to-street access. The property taxes are $28,575.

Key Highlights

• Prime location on the Greenpoint/Williamsburg border with high foot and vehicle traffic.
• Significant development potential with 6,950 SF of unused development rights.
• Two drive‑in entrances providing street‑to‑street access.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$150,137

Cap Rate

4.17%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,002,740 $3.0M

Cap Rate 7%

$2,144,814 $2.1M

Cap Rate 9%

$1,668,189 $1.7M

Market Conditions

NOI Build-Up for 6,950 SF

Gross rent

$185.1K $26.64/SF

− Vacancy

−$8.5K −$1.23/SF

EGI

$176.6K $25.41/SF

− OpEx

−$26.5K −$3.81/SF

NOI

$150.1K $21.60/SF

Area

Brooklyn, NY

Vacancy

4.60%

Lease Rate

$26.64 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,002,740

Cap Rate 7%

$2,144,814

Cap Rate 9%

$1,668,189

Alternative Uses

Best Use

Warehouse

$2.14M

$1.88M – $2.50M (±1% cap)

NOI $150,137 @ 7.0% cap · market cap 4.17%

Second Best

Industrial

$1.77M

$1.55M – $2.06M (±1% cap)

NOI $123,642 @ 7.0% cap · market cap 3.43%

Theoretical Best

Specialty Retail

$5.75M

$5.04M – $6.71M (±1% cap)

NOI $402,822 @ 7.0% cap · market cap 11.19%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Warehouses

Suggested Use

Top Pick Building Supply Law Firm Real Estate Agency Auto Repair Shop Dental Office Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

7,365

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - Single-story warehouse with development potential in Greenpoint/Williamsburg border.

Where is this warehouse located?

The property is located at 9 N 15th St Brooklyn, NY.

What is the asking price?

The asking price for this property is $3,600,000.

What are key features of this property?

This property features: Prime location on the Greenpoint/Williamsburg border with high foot and vehicle traffic.; Significant development potential with **6,950 SF of unused development rights.**; Two drive‑in entrances providing street‑to‑street access.