Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1515 Myrtle Ave Brooklyn, NY 11237

    • Office Properties & Spaces
    • 5,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 1515 Myrtle Ave

    Property size
    5,000 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 5,000-square-foot executive office space at 1515 Myrtle Avenue in Brooklyn, New York, presents a unique opportunity for discerning businesses. Located in the vibrant Bushwick/East Williamsburg neighborhood of Kings County (zip code 11237), this single-tenant property boasts architecturally stunning features. The space features soaring 12-foot high exposed ceilings, adding to its impressive aesthetic. Exposed wood columns and beams, combined with hardwood floors, create a sophisticated and creative atmosphere. The open layout offers unparalleled flexibility, allowing for customization to perfectly suit your business needs. This property is ideal for tech companies, fashion businesses, artists, media firms, or any creative agency seeking a dynamic and inspiring workspace. The building's total square footage is 5,000 square feet, with all of it currently vacant and ready for immediate occupancy. The asking price is highly competitive at $22 per square foot. This location is in one of Brooklyn's most sought-after neighborhoods for creative professionals, offering easy access to a thriving community and excellent transportation links. Don't miss this chance to secure a truly remarkable office space in a prime Brooklyn location.

    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
    -73.915
    Latitude
    40.6992

    Comparable in this City

    • Value Estimation
      $245,000
      16,272 SF

      1399 Myrtle Ave, Unit C1

      CONDOMINIUM OFFICES • 16,272 SF
      1399 Myrtle Ave, Brooklyn, NY 11237-4597
      View Details
    • Value Estimation by Request
      7,680 SF

      67 Ingraham St

      Distribution properties • 7,680 SF
      67 Ingraham St, Brooklyn, NY 11237
      View Details
    • Value Estimation
      $575,000
      4,820 SF

      1455 Myrtle Ave

      OFFICE (GENERAL) • 4,820 SF
      1455 Myrtle Ave, Brooklyn, NY 11237-5135
      View Details
    • Value Estimation by Request
      9,417 SF

      195 Morgan Ave

      Distribution properties • 9,417 SF
      195 Morgan Ave, Brooklyn, NY 11237
      View Details
    • Value Estimation by Request
      18,000 SF

      Johnson St

      Office space • 18,000 SF
      0 Johnson St, Brooklyn, NY 11237
      View Details
    • Value Estimation by Request

      336 Himrod St

      Coworking space
      336 Himrod St, Brooklyn, NY 11237
      View Details

    Similar Nearby for Sale

    • $5,650,000
      16,982 SF

      Prime Brooklyn Office Condo Investment

      16,982 SF, 7.28% Cap Rate, High Demand
      1610 Dekalb Ave, Brooklyn, NY 11237
      View Details
    • $2,998,000
      10,880 SF

      Brooklyn Mixed-Use Redevelopment Opportunity

      Six-story building in Bushwick/Ridgewood with redevelopment potential.
      102 Wyckoff Ave, Brooklyn, NY 11237
      View Details
    • Contact for pricing
      97,570 SF

      Brooklyn Warehouse: 97,570 SF

      Spacious Brooklyn industrial warehouse, ideal for diverse uses.
      121 Morgan Ave, Brooklyn, NY 11237
      View Details
    • $2,600,000
      4,208 SF

      Brooklyn Multifamily and Retail Property

      Corner property with residential, commercial, and garage units near transit.
      283 Wyckoff Ave, Brooklyn, NY 11237
      View Details
    • $998,000
      5,100 SF

      Bushwick 6-Family Investment Opportunity

      Classic brick building in Bushwick with development potential.
      1440 Dekalb Ave, Brooklyn, NY 11237
      View Details
    • $2,150,000

      Brooklyn Multifamily Property For Sale

      Multifamily property available in Brooklyn, New York.
      1498 Greene Ave, Brooklyn, NY 11237
      View Details

    Similar Nearby for Lease

    • $50 SF/Yr
      1,350 SF

      Prime Brooklyn Executive Office Space

      1,350 SF, Flexible Suites Available
      117 Grattan St, Brooklyn, NY 11237
      View Details
    • $36 SF/Yr
      5,000 SF

      Brooklyn Flex Space For Rent

      Flex space with office component available for rent in Brooklyn.
      431 Johnson Ave, Brooklyn, NY 11237
      View Details
    • Contact for pricing
      4,000 SF

      East Williamsburg Commercial Gem

      Versatile 4,000 sq ft space, multiple uses.
      1115 Flushing Ave, Brooklyn, NY 11237
      View Details
    • $30 SF/Yr
      6,670 SF

      East Williamsburg Office Space

      Modern warehouse conversion, flexible lease terms.
      538 Johnson Ave, Brooklyn, NY 11237
      View Details
    • Contact for pricing
      1,437 SF

      Bushwick Office Suites Available

      Prime Brooklyn office space, flexible layouts.
      117 Grattan St, Brooklyn, NY 11237
      View Details
    • Contact for pricing
      1,200 SF

      Renovated Duplex Office Space

      Renovated corner duplex office space available for rent.
      448 Wilson Ave, Brooklyn, NY 11237
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1515 Myrtle Ave
    Brooklyn, NY 11237
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.