84 Withers StBrooklyn, NY 11211

Property Details for 84 Withers St

Property size (Sq ft)

16,250 SF

Property type

Office properties

Property subtype

Office space

Description

This exceptional five-story, 16,250 square foot creative office building in prime Williamsburg, Brooklyn (84 Withers St, 11211) presents a compelling value-add investment opportunity. The property boasts 19,500 square feet of net rentable space, currently generating a strong NOI of $550,000 and a 4.23% cap rate, with an asking price of $12,995,000 ($799.69/sq ft). Completely renovated in 2018, the building features a new roof, windows, and elevator, along with updated bathrooms, flooring, lighting, and mechanical systems on all floors. Currently, the five units are leased at below-market rates (under $40 per square foot), significantly below the current market average of approximately $60 per square foot, offering substantial upside potential through lease renewals or conversion to residential use (permitted zoning: M1-2/R6, MX-8). The building sits on a 5,000 square foot lot. The open floor plates and desirable location in Williamsburg make this a highly attractive investment. Short-term leases are currently in place. This property offers significant potential for increased profitability through lease adjustments and/or a conversion to residential units.

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7168

Longitude

-73.9488

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