Brooklyn Warehouse with Office
For Sale
Contact for pricing
1229 60th Street, Brooklyn, NY 11219
Warehouse with office space, potential for community facility or rental.
Property Size5,300 SF
Price / SF$716.98
Days on Market852
Property Features for 1229 60th Street
General Information
Standard status
Active
Size
5,300 SF
Property subtype
Industrial
Building Details
Year Built
1931
Stories
2
Listing Agency:
RE/MAX Real Estate Professionals
(917) 708-9966
Listed By:
Hang Chen · License #New York
Source:
Crexi
Added: Apr 17, 2024
Changed: Aug 13
Last Checked: Aug 13 at 11:15AM
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 RE/MAX Real Estate Professionals
Investment Insights
Based on property information with market context.
This warehouse property, zoned M1-1, offers potential as a community facility. The building features 4,000 square feet of warehouse space with ceiling heights ranging from 15 to 18 feet. An additional 1,300 square feet on the second floor can serve as office space. The building can also be configured as three rental units, each with separate entrances. Unit 1, accessible at 1227, provides access to both the office and warehouse areas. Unit 2's entrance leads directly to the warehouse. Preliminary plans for a community facility are available from the seller for interested parties. The total property size is 5,300 square feet.
Key Highlights
- 4,000 sqft warehouse space with 15‑18 ft ceiling heights.
- M1‑1 zoning allows for use as a community facility.
- Potential for 3 rental units with separate entrances.
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
$145,103
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
3.82%
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%
$2,902,060
$2.9M
Cap Rate 7%
$2,072,900
$2.1M
Cap Rate 9%
$1,612,256
$1.6M
Market Conditions
NOI Build-Up for 5,300 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
$248.0K $46.80/SF
− Vacancy
−$54.6K −$10.30/SF
EGI
$193.5K $36.50/SF
− OpEx
−$48.4K −$9.13/SF
NOI
$145.1K $27.38/SF
Area
ZIP 11219
Vacancy
22.00%
Lease Rate
$46.80 /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%
$2,902,060
Cap Rate 7%
$2,072,900
Cap Rate 9%
$1,612,256
Alternative Uses
Best Use
Office B
$2.07M
$1.81M – $2.42M
NOI $145,103 @ 7.0% cap · market cap 3.82%
Second Best
Warehouse
$1.46M
$1.28M – $1.70M
NOI $102,173 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,510 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,179
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11219, NY
103,447
Population
27,973
Households
3.7
Avg Household Size
27
Median Age
21%
College-Educated
70%
High-School Grad
1.5 sq mi
ZIP Area
68,965
Density / Sq Mi
$55,685
Median Household Income
$30,647
Median Earnings
$1,678
Median Rent
$1,086,000
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse with office space, potential for community facility or rental.
Where is this warehouse located?
The property is located at 1229 60th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 4,000 sqft warehouse space with 15‑18 ft ceiling heights.; M1‑1 zoning allows for use as a community facility.; Potential for 3 rental units with separate entrances.
