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

    538 Johnson Ave Brooklyn, NY 11237

    • Manufacturing properties
    • 121,279 SF
    • 1.33 lot acres
    For Lease
    View listing
    $30 SF/Yr
    Value Estimations
    $1,530,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2723606
    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

    • Architectural Coatings Inc / Powder Coating Service / Painter
    • Mik Space / Photography Studio
    • THE PRINT HOUSE / Commercial Printer
    • Free Mind, The Studio / Yoga Studio / Dance School
    • seandshoots inc. / Commercial Photographer

    Property Details for 538 Johnson Ave

    Year built
    1930
    Lot size
    1.33 lot acres
    Property size
    121,279 SF
    Zone code
    M1-2
    Property type
    Manufacturing properties
    APN
    02994-0011
    APU
    29940011

    Description

    This exceptional property at 538 Johnson Avenue in Brooklyn, New York offers a unique opportunity for businesses seeking versatile office space. Located in the vibrant East Williamsburg neighborhood, this newly converted warehouse boasts a range of sizes, from 1,216 square feet to 6,670 square feet, making it suitable for a variety of needs. The space features attractive, modern updates including level concrete flooring, upgraded electrical systems, and brand new lighting fixtures throughout. Renovated bathrooms add a touch of contemporary comfort. High ceilings and large, new windows create an airy and bright atmosphere, maximizing natural light and ventilation – a rare find in this area. The flexible lease terms are ideal for startups or growing companies requiring adaptable space to accommodate expansion. Its convenient location offers easy access to public transportation, with the Morgan and Jefferson L train stations within walking distance. The property is classified as Office and Industrial, encompassing Executive Office, Medical Office, Manufacturing, Distribution, Warehouse, and Traditional Office subtypes, catering to a diverse range of potential tenants. This Kings County location provides a compelling blend of modern amenities, convenient transit access, and flexible lease options. The multiple tenancy structure allows for diverse occupancy arrangements.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,530,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9262
    Latitude
    40.7084
    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
    $452,865
    $989,550
    $4,038,750
    $5,028,300
    -
    $2,199,000
    $8,975,000
    $11,174,000

    Comparable in this City

    • Value Estimation
      $590,000
      2,500 SF

      34 Porter Ave

      FACTORY (MANUFACTURING) • 2,500 SF
      34 Porter Ave, Brooklyn, NY 11237
      View Details
    • Value Estimation by Request
      20,000 SF

      450 Johnson Ave

      FACTORY (MANUFACTURING) • 20,000 SF
      450 Johnson Ave, Brooklyn, NY 11237-1202
      View Details
    • Value Estimation
      $1,695,000
      83,636 SF

      1177 Flushing Ave

      FACTORY (MANUFACTURING) • 83,636 SF
      1177 Flushing Ave, Brooklyn, NY 11237-1717
      View Details
    • Value Estimation
      $480,000
      3,800 SF

      604 Johnson Ave

      FACTORY (MANUFACTURING) • 3,800 SF
      604 Johnson Ave, Brooklyn, NY 11237-1312
      View Details
    • Value Estimation
      $1,160,000
      77,000 SF

      114 Scott Ave, Unit 136

      HEAVY MANUFACTURING • 77,000 SF
      114 Scott Ave, Brooklyn, NY 11237-1309
      View Details
    • Value Estimation
      $470,000
      2,900 SF

      178 Stockholm St

      MANUFACTURING (LIGHT) • 2,900 SF
      178 Stockholm St, Brooklyn, NY 11237-3704
      View Details

    Similar Nearby for Sale

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      Bushwick Industrial Warehouse

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      97,570 SF

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      Brooklyn Warehouse Investment Opportunity

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    • $10,500,000
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      Brooklyn Warehouse with Loading Dock

      Three-story industrial building with loading dock and parking area.
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      52,974 SF

      Brooklyn Industrial/Commercial Facility For Sale

      Prime industrial/commercial property near Morgan Avenue L train station.
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    • $2,998,000
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      Brooklyn Mixed-Use Redevelopment Opportunity

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    Similar Nearby for Lease

    • $25 SF/Yr
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      Bushwick Industrial Warehouse For Sale

      22,400 SF Warehouse, Prime Location
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    • 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
      100,000 SF

      East Williamsburg Industrial Space

      10,000 SF Warehouse/Studio Available
      1229 Flushing Ave, Brooklyn, NY 11237
      View Details
    • Contact for pricing
      40,000 SF

      Williamsburg Industrial Flex Space

      Prime East Williamsburg Warehouse, 10,500 SF Available
      206 Ingraham St, Brooklyn, NY 11237
      View Details
    • $28 SF/Yr
      21,000 SF

      Williamsburg Warehouse: 21,000 SF

      New Construction, Multiple Units Available
      538 Johnson Ave, Brooklyn, NY 11237
      View Details
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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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