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    544 Union St Brooklyn, NY 11215

    • Mixed-use properties
    • 25,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mixed-use properties

    Property Details for 544 Union St

    Property size
    25,000 SF
    Property type
    Mixed-use properties

    Description

    This exceptional mixed-use development opportunity is located in the heart of Gowanus, Brooklyn, at 544-550 Union Street, zip code 11215. The property encompasses a substantial lot size ranging from 5,000 to 9,000 square feet, with a total buildable area of 27,551 square feet. The site currently features three existing mixed-use buildings, offering immediate potential for redevelopment. Benefiting from M1-4/R6A zoning, this property is ideal for a variety of commercial and light industrial projects. The favorable floor area ratio (FAR) of 3.6 allows for significant development density. Situated in a rapidly evolving neighborhood, this location offers unparalleled access to the vibrant cultural and economic landscape of Gowanus. The vacant property presents a unique chance to contribute to the ongoing transformation of this dynamic Brooklyn community. This 1031 exchange eligible property offers a compelling investment opportunity for developers seeking a prime location with substantial buildable area and favorable zoning regulations. The property's square footage is estimated between 25,000 and 30,000 square feet. This is a redevelopment opportunity for a motivated buyer.

    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
    -73.9861
    Latitude
    40.6785

    Comparable in this City

    • Value Estimation by Request
      3,000 SF

      Undisclosed

      Flex space • 3,000 SF
      0 Undisclosed, Brooklyn, NY 11215
      View Details
    • Value Estimation by Request
      1,680 SF

      346 7Th Ave

      Mixed-use properties • 1,680 SF
      346 7Th Ave, Brooklyn, NY 11215
      View Details
    • Value Estimation
      $385,000
      3,007 SF

      557 4th Ave, Unit 3

      OFFICE/RESIDENTIAL (MIXED USE) • 3,007 SF
      557 4th Ave, Brooklyn, NY 11215-4716
      View Details
    • Value Estimation
      $520,000
      6,988 SF

      195 7th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,988 SF
      195 7th Ave, Brooklyn, NY 11215-3045
      View Details
    • Value Estimation
      $505,000
      9,404 SF

      291 5th Ave, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 9,404 SF
      291 5th Ave, Brooklyn, NY 11215-2492
      View Details
    • Value Estimation
      $505,000
      7,235 SF

      365 6th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 7,235 SF
      365 6th Ave, Brooklyn, NY 11215-3331
      View Details

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    544 Union St
    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
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