Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    88 1st St Brooklyn, NY 11249-3522

    Property Lookup

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

    88 1st St Brooklyn, NY 11249-3522

    View on Map
    • Retail residential properties
    • 47,314 SF
    • 0.21 lot acres
    Off-Market
    Last Sale Apr 18, 2022
    $11,000,000
    Property ID
    US63-3783684
    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
    $10,830,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Goodie HQ / Media Distribution

    Property Details for 88 1st St

    Year built
    2023
    Lot size
    0.21 lot acres
    Property size
    47,314 SF
    Zone code
    M12R6A
    Property type
    Retail residential properties
    APN
    02379-0009
    APU
    23790009

    Description

    This exceptional retail space at 88 North 1st Street in Brooklyn, New York offers a unique opportunity for businesses seeking a modern, adaptable location. The property, completed in 2024, boasts 6,850 square feet of immediately available, pristine white-boxed space, perfect for customization to suit any tenant's needs. With a total building size of 47,314 square feet, the space is part of a multi-tenant building, offering a vibrant and collaborative environment. Units as small as 2,850 square feet are divisible, while contiguous spaces up to 4,000 square feet are available. The property features impressive 15-foot frontage and striking 14-foot ceilings, creating a bright and spacious atmosphere. Situated on a 9,175 square foot lot, the building is zoned M1-2/R6A/MX-8/C2-4, providing flexibility for a variety of commercial uses. Its location in Kings County, New York, offers excellent visibility and accessibility, making it an ideal location for businesses seeking to establish a strong presence in a thriving Brooklyn neighborhood. The property's modern design and prime location make it an exceptional investment opportunity. Contact us today to learn more about this exciting leasing opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,380,000
      ML approach
      $9,940,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9636
    Latitude
    40.7159
    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
    $308,378
    $413,100
    $2,421,450
    $2,834,550
    -
    $918,000
    $5,381,000
    $6,299,000

    Comparable in this City

    • Value Estimation
      $14,090,000
      59,333 SF

      150 12th St

      STORES & APARTMENTS • 59,333 SF
      150 12th St, Brooklyn, NY 11249-1104
      View Details
    • Value Estimation
      $36,750,000
      68,300 SF

      240 Wythe Ave

      STORES & APARTMENTS • 68,300 SF
      240 Wythe Ave, Brooklyn, NY 11249-3121
      View Details
    • Value Estimation
      $31,815,000
      58,738 SF

      110 1st St

      STORES & APARTMENTS • 58,738 SF
      110 1st St, Brooklyn, NY 11249-3936
      View Details
    • Value Estimation by Request
      4,140 SF

      91 6th St

      STORE/OFFICE (MIXED USE) • 4,140 SF
      91 6th St, Brooklyn, NY 11249
      View Details
    • Value Estimation by Request
      383,249 SF

      325 Kent Ave

      STORES & APARTMENTS • 383,249 SF
      325 Kent Ave, Brooklyn, NY 11249-5268
      View Details
    • Value Estimation
      $2,805,000
      11,516 SF

      91 3rd St

      STORES & APARTMENTS • 11,516 SF
      91 3rd St, Brooklyn, NY 11249-5114
      View Details

    Similar Nearby for Sale

    • $5,500,000
      5,350 SF

      Extra Large Mixed-Use Brick 6 Family + 2 Stores

      Extra Large Mixed-Use Brick 6 Family + 2 Stores
      105 BERRY STREET, BROOKLYN, NY 11249
      View Details
    • Contact for pricing
      2,930 SF

      Established Bar with Roofdeck, Mezzanine

      Craft cocktail bar with roofdeck and mezzanine near Williamsburg Bridge.
      69 S 6Th St, Brooklyn, NY 11249
      View Details
    • Contact for pricing
      52,000 SF

      Brooklyn Retail and Garage Condominiums

      52,000 SF retail and garage condominium units in Williamsburg, Brooklyn.
      197-203 Berry St, Brooklyn, NY 11249
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Luxury Williamsburg Living

      Prime location, luxury amenities, near Bedford Avenue.
      250 Bedford Ave, Brooklyn, NY 11249
      View Details
    • $23,000

      Brooklyn, NY 11249

      AMAZING DRAMATIC FULL FLOOR CREATIVE LOFT / OFFICE IN PRIME NORTH WILLIAMSBURG - QUADRUPLE EXPOSURE + 3 WALLS OF WINDOWS
      Brooklyn, NY 11249
      View Details
    • Contact for pricing

      Williamsburg Renovated Office and Retail

      Renovated office and retail spaces in Williamsburg, Brooklyn.
      97 S 3Rd St, Brooklyn, NY 11249
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Brooklyn, New York.
      184 Kent Ave, Brooklyn, NY 11249
      View Details
    • Contact for pricing
      2,341 SF

      Retail Space in Marsha P. Johnson Park

      Commercial property inside park, adjacent to Smorgasburg.
      110 Kent Ave, Brooklyn, NY 11249
      View Details
    • Contact for pricing
      3,500 SF

      Williamsburg Retail Space on Kent

      Retail space in affluent Williamsburg waterfront area, open layout.
      420 Kent Ave, Brooklyn, NY 11249
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    88 1st St
    Brooklyn, NY 11249-3522
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!