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    The Largest CRE Database in the US with Over 1 Million Listings

    319 3Rd Ave Brooklyn, NY 11215

    Sponsored
    For Lease
    $47 SF/Yr ($19,583 /Mo)

    2,000 SF Office, Ideal Gowanus Location

    Lot size:
    5,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    413
    This exceptional 2,000 square foot office space, situated on the second floor of a 5,000 square foot building at 185 1st Ave in Gowanus, Brooklyn, presents a unique opportunity. Built in 1956, the building offers a blend of classic charm and modern functionality. This particular unit boasts a dedicated first-street entrance and exclusive access to a private staircase, enhancing privacy and convenience. Below the stairs, additional storage space is available. Further adding to its appeal is exclusive access to a roof deck, providing an outdoor space for relaxation or informal meetings. The interior features two private bathrooms with two toilets, a kitchenette, a fully installed HVAC system, and a dedicated conference room. Natural light floods the space, complemented by attractive hardwood floors. The space is categorized as a Traditional Office, Executive Office, Coworking, Medical Office, and Creative Office, making it versatile and suitable for a wide range of businesses. Its location in the vibrant Gowanus submarket, within the Park Slope cluster of Kings County, offers unparalleled access to public transportation, including the D, N, R, and W subway lines, as well as numerous bus routes. A wealth of restaurants, bars, and other amenities are within easy walking distance. This is a truly exceptional opportunity to secure a well-appointed and conveniently located office space in a thriving Brooklyn neighborhood.

    Property Features for 319 3Rd Ave

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,000 SF
    Total Rate
    19583.33

    Building Details

    Year Built
    1956

    Unit(s) available at that property

    Space
    2nd Floor
    Size
    2,000 SF
    Rate per SF
    $47

    We can help!

    Listing Contact
    Sam Hamway

    Learn more

    Property Insight Report

    HighLights

    • 5,000 square foot office building in Gowanus, Kings County.
    • Multiple tenancies available.
    • One available space: 2,000 square feet on the second floor.
    • Built in 1956.
    • Features include private bathrooms, kitchenette, HVAC, conference room, hardwood floors, and roof deck access.
    • Excellent location with proximity to subway lines (D, N, R, W) and numerous amenities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Brooks Self Storage ... Self-Storage Facility Brooklyn Roots Veterinary ... Veterinarian

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.986913450089
    Latitude
    40.676248671686

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    FAQs

    What type of property is this?
    Office space - 2,000 SF Office, Ideal Gowanus Location
    Where is this office space located?
    The property is located at 319 3Rd Ave Brooklyn, NY.
    What is the lease rate?
    The lease rate is $47 SF/Yr.
    What are key features of this property?
    This property features: 5,000 square foot office building in Gowanus, Kings County.; Multiple tenancies available.; One available space: 2,000 square feet on the second floor.
    Request Owner's contact information
    319 3Rd Ave Brooklyn, NY 11215
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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.

    More about this property
    319 3Rd Ave Brooklyn, NY 11215
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    We can help!
    Listing Contact
    Sam Hamway
    Real Estate License ID: NY
    Learn more
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