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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    423 Gates Ave Brooklyn, NY 11216

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5488386
    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

    • Commercial real estate

    Property Details for 423 Gates Ave

    Property type
    Commercial real estate

    Description

    This exceptional 850-square-foot traditional office space is ideally situated in the vibrant Bed-Stuy neighborhood of Brooklyn, New York. Located at 423 Gates Avenue, between Nostrand Avenue and Marcy Avenue, this single-tenant property offers unparalleled convenience with its proximity to the Bedford-Nostrand Avenue subway station (G train). Commuters will also appreciate the easy access to numerous bus lines, including the B52, 844-SBS, B44, B26, B38, and B43. The property's location within a thriving commercial district ensures high visibility and foot traffic. Nearby businesses include a diverse range of establishments, from popular restaurants like Bar Camillo and Macosa Trattoria, to unique shops such as Dear Friend Books and Greedi Vegan, along with service providers like Etta Salon and Arise Yoga. Other nearby businesses include Tamar Juice Bar, Sincerely, Tommy, Brown Butter Creamery, Bed-Vyne Brew, Cinnabon/Carvel, Nagle's Bagels, Peaches HotHouse, Doctor's Cave Café, Ancient Blends ApotheCare, WARUDE, Daphne's, and Rocco Pizza III. This property presents a fantastic opportunity for businesses seeking a well-located and accessible office space in a dynamic and bustling Brooklyn neighborhood. The property is located in Kings County, New York, with a zip code of 11216.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9500261
    Latitude
    40.6864539

    Comparable in this City

    • $7,000 /Mo

      Bedford-Stuyvesant Retail/Office Space

      In-line retail or office space in prime Bedford-Stuyvesant.
      1191 Bedford Ave, Brooklyn, NY 11216
      View Details
    • $4,999 /Mo
      1,699 SF

      Prime Retail Space on Nostrand

      High-visibility storefront in Bedford-Stuyvesant with excellent transit access.
      359 Nostrand Ave, Brooklyn, NY 11216
      View Details
    • $35 SF/Yr
      3,599 SF

      Bedford Ave Executive Office Suites

      Prime Brooklyn Office Space: Multiple Suites Available
      1217 Bedford Ave, Brooklyn, NY 11216
      View Details
    • Contact for pricing
      350 SF

      Brooklyn Office Space For Rent

      350 SF office space with two entrances available for rent.
      424 Gates Ave, Brooklyn, NY 11216
      View Details
    • $7,850 /Mo
      2,700 SF

      Fulton Street Office/Studio Space

      2700 SF Fulton Street space suitable for office or studio.
      1542 Fulton St, Brooklyn, NY 11216
      View Details
    • $25,000
      7,500 SF

      Renovated Office Space in Brooklyn

      7,500 sq ft of renovated office space for lease.
      405 Gates Ave, Brooklyn, NY 11216
      View Details

    Similar Nearby for Sale

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    • $7,250,000
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      Renovated Commercial Building in Brooklyn

      Versatile commercial space in Bedford-Stuyvesant, ideal for owner-users.
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      Renovated Brownstone Triplex in Brooklyn

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      Brooklyn Development Opportunity

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    • $2,250,000

      Brooklyn Multifamily Property For Sale

      Multifamily property available for purchase in Brooklyn, New York.
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    Similar Nearby for Lease

    • $7,000 /Mo

      Bedford-Stuyvesant Retail/Office Space

      In-line retail or office space in prime Bedford-Stuyvesant.
      1191 Bedford Ave, Brooklyn, NY 11216
      View Details
    • $4,999 /Mo
      1,699 SF

      Prime Retail Space on Nostrand

      High-visibility storefront in Bedford-Stuyvesant with excellent transit access.
      359 Nostrand Ave, Brooklyn, NY 11216
      View Details
    • $35 SF/Yr
      3,599 SF

      Bedford Ave Executive Office Suites

      Prime Brooklyn Office Space: Multiple Suites Available
      1217 Bedford Ave, Brooklyn, NY 11216
      View Details
    • Contact for pricing
      350 SF

      Brooklyn Office Space For Rent

      350 SF office space with two entrances available for rent.
      424 Gates Ave, Brooklyn, NY 11216
      View Details
    • $7,850 /Mo
      2,700 SF

      Fulton Street Office/Studio Space

      2700 SF Fulton Street space suitable for office or studio.
      1542 Fulton St, Brooklyn, NY 11216
      View Details
    • $25,000
      7,500 SF

      Renovated Office Space in Brooklyn

      7,500 sq ft of renovated office space for lease.
      405 Gates Ave, Brooklyn, NY 11216
      View Details
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    423 Gates Ave
    Brooklyn, NY 11216
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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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