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    6416 Bay Pkwy Brooklyn, NY 11204

    • Office buildings
    • 2,190 SF
    • 0.05 lot acres
    For Lease
    View listing
    $22 SF/Yr
    Last Sale
    Sep 02, 2022
    $950,000
    Value Estimations
    $985,000
    Cap Rate Potential
    5.9%
    Office buildings
    Location Intelligence
    Property ID
    US63-0825258
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Live Well Medical Group / Medical Clinic
    • Kate Farley Realtor / Real Estate Agency / Commercial Real Estate Agency
    • Joe Devito Real Estate Associate Broker / Real Estate Consultant
    • BHHS Fillmore Bay Parkway / Real Estate Agency
    • Berkshire Hathaway HomeServices Fillmore Real Estate / Real Estate Agency

    Property Details for 6416 Bay Pkwy

    Year built
    1931
    Lot size
    0.05 lot acres
    Property size
    2,190 SF
    Zone code
    R6A
    Property type
    Office buildings
    APN
    05550-0037
    APU
    55500037

    Description

    This exceptional 2,160-square-foot office space is available for lease at 6416 Bay Parkway in Brooklyn, New York, zip code 11204. Located in Kings County, this single-tenant property offers a unique opportunity for businesses seeking a convenient and well-situated location. The building features a desirable 11-15 foot ceiling height, providing ample space and a sense of openness. The layout comprises a duplex structure, with each floor offering approximately 720 square feet of usable space. A bathroom is conveniently located on the second floor. Additionally, an unfinished basement is included, providing extra storage or potential for future development, and containing two bathrooms. The property is in excellent move-in condition, requiring no renovations. A one-year lease is offered, with an option to renew for an additional year. Property taxes are included in the rental price. This high-traffic location on Bay Parkway makes it an ideal space for a variety of businesses, including office, retail, or storage uses. The property's prime location and ready-to-occupy condition make it a truly compelling opportunity. Schedule a viewing to experience this exceptional space firsthand.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $985,000
      ML approach
      $995,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $970,000
      6.5%
      $895,000
      7%
      $835,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,129,000
      Market price range: $793k - $2.00M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9814
    Latitude
    40.6142
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $14,433
    $46,800
    $106,650
    $153,450
    -
    $104,000
    $237,000
    $341,000

    Comparable in this City

    • Value Estimation
      $335,000
      3,150 SF

      7206 Bay Pkwy

      PROFESSIONAL BUILDING • 3,150 SF
      7206 Bay Pkwy, Brooklyn, NY 11204-6026
      View Details
    • Value Estimation
      $765,000
      31,764 SF

      2357 60th St

      OFFICE BUILDING (MULTI-STORY) • 31,764 SF
      2357 60th St, Brooklyn, NY 11204-2689
      View Details
    • Value Estimation
      $375,000
      4,440 SF

      5809 16th Ave

      OFFICE BUILDING (MULTI-STORY) • 4,440 SF
      5809 16th Ave, Brooklyn, NY 11204-2112
      View Details
    • Value Estimation
      $445,000
      4,716 SF

      4424 18th Ave

      OFFICE BUILDING (MULTI-STORY) • 4,716 SF
      4424 18th Ave, Brooklyn, NY 11204-1201
      View Details
    • Value Estimation
      $600,000
      11,630 SF

      1602 62nd St

      PROFESSIONAL BUILDING • 11,630 SF
      1602 62nd St, Brooklyn, NY 11204
      View Details
    • Value Estimation
      $455,000
      2,560 SF

      5417 18th Ave

      OFFICE BUILDING (MULTI-STORY) • 2,560 SF
      5417 18th Ave, Brooklyn, NY 11204-1928
      View Details

    Similar Nearby for Sale

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      Mixed-Use Property on Bay Parkway

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    Similar Nearby for Lease

    • $43 SF/Yr
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      Bensonhurst Office Space For Lease

      Prime Bensonhurst Office: 1,104 sq ft
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      View Details
    • Contact for pricing
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      Renovated Office Space Available

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      View Details
    • New
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      1,104 SF

      Bensonhurst Commercial Unit for Rent

      Commercial unit in Bensonhurst, previously a medical office, for rent.
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      Prime Brooklyn Medical Office Space

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      Bay Parkway Office Space for Lease

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    • $40 SF/Yr
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      Bay Parkway Medical Office Space

      Brooklyn Medical Office, 2 Suites Available
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      View Details
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    Brooklyn, NY 11204
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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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