84 Withers St Brooklyn, NY 11211
- Office Properties & Spaces
- 16,250 SF
Current Use by Public Records
- Noreen Seabrook / Carpet Manufacturer
- Freddie Matara Custom Leather / Leather Goods Store / Leather Repair Service
- YOHOHO Studio / Advertising Agency
- Magnetic Pink Studio / Recording Studio
- Accurat / Design Agency
Property Details for 84 Withers St
- Property size
- 16,250 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Office space
Description
This exceptional five-story, 16,250 square foot creative office building in prime Williamsburg, Brooklyn (84 Withers St, 11211) presents a compelling value-add investment opportunity. The property boasts 19,500 square feet of net rentable space, currently generating a strong NOI of $550,000 and a 4.23% cap rate, with an asking price of $12,995,000 ($799.69/sq ft). Completely renovated in 2018, the building features a new roof, windows, and elevator, along with updated bathrooms, flooring, lighting, and mechanical systems on all floors. Currently, the five units are leased at below-market rates (under $40 per square foot), significantly below the current market average of approximately $60 per square foot, offering substantial upside potential through lease renewals or conversion to residential use (permitted zoning: M1-2/R6, MX-8). The building sits on a 5,000 square foot lot. The open floor plates and desirable location in Williamsburg make this a highly attractive investment. Short-term leases are currently in place. This property offers significant potential for increased profitability through lease adjustments and/or a conversion to residential units.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9488
- Latitude
- 40.7168
