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    8515 Bay Pkwy Brooklyn, NY 11214

    • Office Properties & Spaces
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • SEM Excellence Tutoring / Tutoring Service
    • Z Best Home Care, Inc / Home Health Care Service
    • Easy Touch Home Care, Inc / Home Health Care Service
    • Bay-Care Pharmacy / Pharmacy

    Property Details for 8515 Bay Pkwy

    Property type
    Office Properties & Spaces

    Description

    This exceptional 2,000 square foot office space is located on the second floor of 8515 Bay Parkway in Brooklyn, New York, 11214. The property is a single-tenant traditional office building within a vibrant commercial zone. Its convenient location offers easy access to public transportation, ensuring a seamless commute for employees and clients. The building boasts a strategic position, benefiting from high daily traffic volume averaging 37,000 vehicles between Bay Parkway and 86th Street, providing excellent visibility and accessibility. The space is zoned R5, C1-3, allowing for a variety of professional uses. A virtual tour is available online for a comprehensive view of the property. This is a fantastic opportunity to establish a presence in a high-traffic, prime location within a bustling Brooklyn neighborhood. The building is a two-story structure, offering a professional and efficient workspace. This single-tenant occupancy provides privacy and control over the entire space. Interested parties are encouraged to explore the virtual tour for a detailed view of the available space and its surroundings. The address is 8515 Bay Parkway, near the intersection of 86th Street.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9934
    Latitude
    40.6021

    Comparable in this City

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      20,000 SF

      1940 Shore Pkwy

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    • Value Estimation
      $345,000
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      174 Bay 29th St, Unit C1

      OFFICE (GENERAL) • 2,147 SF
      174 Bay 29th St, Brooklyn, NY 11214-5020
      View Details
    • Value Estimation
      $2,915,000
      4,670 SF

      2066 85th St1a

      CONDOMINIUM OFFICES • 4,670 SF
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      View Details
    • Value Estimation
      $320,000
      1,859 SF

      174 Bay 29th St, Unit C2

      OFFICE (GENERAL) • 1,859 SF
      174 Bay 29th St, Brooklyn, NY 11214-5020
      View Details
    • Value Estimation
      $350,000
      2,139 SF

      8686 Bay Pkwy Ste M4

      OFFICE (GENERAL) • 2,139 SF
      8686 Bay Pkwy Ste M4, Brooklyn, NY 11214-5193
      View Details
    • Value Estimation
      $410,000
      2,752 SF

      8686 Bay Pkwy Ste M2

      OFFICE (GENERAL) • 2,752 SF
      8686 Bay Pkwy Ste M2, Brooklyn, NY 11214-5193
      View Details

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    8515 Bay Pkwy
    Brooklyn, NY 11214
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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
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