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    115 Myrtle Ave Brooklyn, NY 11201

    Sponsored
    For Lease
    $30 SF/Yr

    Flexible Office Suites in Prime Brooklyn Location

    Lot size:
    11,283 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional office space at 115 Myrtle Avenue in Brooklyn, Kings County, New York (zip code 11201) offers a diverse range of options to suit various business needs. The property provides flexible workspace solutions, including traditional offices, executive suites, coworking spaces, medical offices, and creative office environments. Tenancy is multiple, allowing for a variety of configurations to accommodate businesses of all sizes. The space caters to companies seeking private, fully furnished, and equipped offices, ranging from single-person setups to large corporate spaces. Customization options are available to tailor the office to specific requirements, including serviced offices, custom-designed spaces, disaster recovery spaces, and day offices. Beyond private offices, the location also offers coworking areas, providing a collaborative and social work environment with both dedicated desks and hot-desking options. Meeting rooms are available for short-term or long-term use, equipped with Wi-Fi and presentation equipment, suitable for various events from informal meetings to large conferences. Virtual office services are also provided, including prestigious business addresses, mail handling, and professional virtual assistant support, with options for lounge access and occasional office use. Flexible working plans are available, offering access to a global network of workspaces. While the total building square footage is not specified, the property offers a wide array of options to accommodate businesses of all sizes and types. This location provides a blend of professional, inspiring, and collaborative workspaces, supported by a comprehensive suite of services.

    Property Features for 115 Myrtle Ave

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    11,283 SF

    Unit(s) available at that property

    Space
    Virtual Office
    Size
    54 SF
    Rate per SF
    $50
    Space
    Coworking Non Reserve
    Size
    108 SF
    Rate per SF
    $62
    Space
    Coworking dedicated
    Size
    108 SF
    Rate per SF
    $62
    Space
    Private office for 2 people
    Size
    538 SF
    Rate per SF
    $30
    Space
    Private office for 3 people
    Size
    646 SF
    Rate per SF
    $37
    Space
    Private office for 4 people
    Size
    646 SF
    Rate per SF
    $46
    Space
    Private office for 5 people
    Size
    807 SF
    Rate per SF
    $50
    Space
    Open plan office space for + 10 people
    Size
    1,184 SF
    Rate per SF
    $42
    Space
    Open plan office space for + 15 people
    Size
    7,192 SF
    Rate per SF
    $59
    Property Profile Location Intelligence

    Current Use by Public Records

    Brooklyn Digital Boost Internet Marketing Service VILKA | Creative video ... Video Production Service Brownstoner Media Company Circle for Justice Innovations Association / Organization Orchard Workspace by ... Real Estate Agency

    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
    -73.9849144
    Latitude
    40.6940152

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    FAQs

    What type of property is this?
    Office space - Flexible Office Suites in Prime Brooklyn Location
    Where is this office space located?
    The property is located at 115 Myrtle Ave Brooklyn, NY.
    What is the lease rate?
    The lease rate is $30-$62 SF/Yr.
    Request Owner's contact information
    115 Myrtle Ave Brooklyn, NY 11201
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    Brooklyn, NY 11201
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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.

    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
    115 Myrtle Ave Brooklyn, NY 11201
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