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    16 Harrison Pl Brooklyn, NY 11237
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    16 Harrison Pl Brooklyn, NY 11237

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    • Commercial real estate
    Off-Market
    Property ID
    US63-0061991
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 16 Harrison Pl

    Property type
    Commercial real estate

    Description

    This exceptional 2,210 square foot vacant commercial lot, located at 16 Harrison Place in the vibrant East Williamsburg section of Brooklyn, New York, presents a unique investment opportunity. Zoned M1-2, this property boasts a 2.0 Floor Area Ratio (FAR), allowing for a substantial 4,420 square foot buildable commercial project. Measuring 25 feet wide by 88.42 feet deep, the lot is ideally suited for a variety of uses, including parking, outdoor storage, or the development of retail, office, or warehouse space. Its strategic location places it within a thriving neighborhood known for its creative businesses, diverse culinary scene, and vibrant nightlife. Nearby, major companies like Netflix and Rivian have recently established a presence, underscoring the area's growing appeal. The property's proximity to the Morgan Avenue L train station (half a block away) ensures excellent accessibility and convenient transportation links. This is a rare chance to acquire a well-positioned lot in a rapidly developing area with significant potential for future growth. The asking price is $795,000. The property is situated in Kings County, New York, zip code 11237.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9212858
    Latitude
    40.7043156

    Comparable in this City

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      92 Harrison Pl, Brooklyn, NY 11237
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      97,570 SF

      Brooklyn Industrial/Commercial Development Opportunity

      Industrial/commercial property near Morgan Avenue L train station.
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    • $1,300,000
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      Development Opportunity in Brooklyn, NY

      25x100 lot with approved plans for 7 residential units.
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      Mixed-Use Property in Bushwick

      Mixed-use investment property with retail and residential units in Brooklyn.
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    Similar Nearby for Sale

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      97,570 SF

      Brooklyn Industrial/Commercial Development Opportunity

      Industrial/commercial property near Morgan Avenue L train station.
      121 Morgan Ave, Brooklyn, NY 11237
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      Vacant Land in Brooklyn

      Vacant land with M1-1 zoning near Morgan Ave subway.
      92 Harrison Pl, Brooklyn, NY 11237
      View Details
    • $1,300,000
      5,500 SF

      Development Opportunity in Brooklyn, NY

      25x100 lot with approved plans for 7 residential units.
      1580 Dekalb Ave, Brooklyn, NY 11237
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    • $990,000
      Pending

      Pre-war Multifamily Investment Opportunity

      Six 2-bedroom units near L & M trains.
      345 Grove St, Brooklyn, NY 11237
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    Similar Nearby for Lease

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      Brooklyn Industrial/Commercial Facility For Lease

      Industrial/commercial facility near Morgan Avenue L train station available for lease.
      121 Morgan Ave, Brooklyn, NY 11237
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      Williamsburg Commercial Space For Rent

      New development commercial space in the heart of Williamsburg.
      538 Johnson Ave, Brooklyn, NY 11237
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      Brooklyn Warehouse with Secured Yard

      22,400 SF warehouse with 5,600 SF secured yard.
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      Retail Space in Brooklyn Available

      500 SF retail space for rent in Brooklyn, NY.
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      2,200 SF

      Retail Space in Brooklyn Available

      Retail property available for rent in Brooklyn, New York.
      1427 Dekalb Ave, Brooklyn, NY 11237
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      5,000 SF

      Brooklyn Flex Space For Rent

      Flex space with office component available for rent in Brooklyn.
      431 Johnson Ave, Brooklyn, NY 11237
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    Brooklyn, NY 11237
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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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