Three-Story Mixed-Use
For Sale
$2,795,000
1188 Gates Avenue Brooklyn, Ny, NY 11221
Residential Income, Brooklyn NY, NY
Property Size4,450 SF
Lot Size0.06 Acres
Price / SF$628.09
Days on Market54
Property Features for 1188 Gates Avenue Brooklyn
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Mixed Use
Bedrooms
8
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 1, Bathroom 5, Bedroom 5, Bedroom 6, Bedroom 7, Bedroom 4, Bedroom 8, Bedroom 2, Bathroom 1, Bathroom 6
Patio and Porch features
Patio
Fencing
Fenced
Subdivision
Bushwick
Standard status
Active
Lot size
0.06 Acres
Utilities
Heating system
Natural Gas, Steam
Water source
Public
Building Details
Year built
1931
Floors in Building
3
Flooring type
Granite, Carpet, Hardwood, Tile
Building materials
Masonite, Brick
Roof type
Flat
Architectural style
Other
Listing Agency:
ONLINE REALTY NETWORK LLC
(212) 500-1192
Listed By:
Kevin Hamilton
(657) 306-3319
Added: Aug 11
Changed: Sep 14
Last Checked: Oct 2 at 11:06PM
MLS# 11929285
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story mixed-use property combines four free-market apartments with two ground-floor retail storefronts. Each apartment is configured as a true two-bedroom residence with a winged railroad layout and bedrooms positioned on opposite sides. The storefronts measure approximately 650 SF each, while the building contains approximately 4,450 SF of gross building area on an approximately 2,570 SF lot. Built in 1931, the low-rise brick and masonry structure also includes an unfinished basement with exterior access.
The property is located in Bushwick, Brooklyn, at 1188 Gates Avenue. Residential tenants currently pay apartment electric and cooking gas, while the owner pays heat and hot water. Public water service, natural gas, steam heat, a flat roof, fencing, and a patio are among the reported property features. The existing configuration provides both residential and commercial occupancy components, with delivery and tenant arrangements subject to contract terms and purchaser verification.
The property is located in Bushwick, Brooklyn, at 1188 Gates Avenue. Residential tenants currently pay apartment electric and cooking gas, while the owner pays heat and hot water. Public water service, natural gas, steam heat, a flat roof, fencing, and a patio are among the reported property features. The existing configuration provides both residential and commercial occupancy components, with delivery and tenant arrangements subject to contract terms and purchaser verification.
Key Highlights
- Four free‑market apartments, each configured as a true two‑bedroom residence
- Two ground‑floor retail storefronts measuring approximately 650 SF each
- Approximately 4,450 SF of gross building area on an approximately 2,570 SF lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$141,844
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,836,880
$2.8M
Cap Rate 7%
$2,026,343
$2.0M
Cap Rate 9%
$1,576,044
$1.6M
Market Conditions
NOI Build-Up for 4,450 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$267.0K $60.00/SF
− Vacancy
−$40.1K −$9.00/SF
EGI
$227.0K $51.00/SF
− OpEx
−$85.1K −$19.13/SF
NOI
$141.8K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,836,880
Cap Rate 7%
$2,026,343
Cap Rate 9%
$1,576,044
Alternative Uses
Best Use
Retail
$8.95M
$7.83M – $10.44M
NOI $626,224 @ 7.0% cap · market cap 22.41%
Second Best
Mixed Use
$2.03M
$1.77M – $2.36M
NOI $141,844 @ 7.0% cap · market cap 5.07%
Theoretical Best
Specialty Retail
$11.08M
$9.69M – $12.92M
NOI $775,368 @ 7.0% cap · market cap 27.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,577
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four residential apartments and two street-level retail spaces support a combined residential and commercial layout.
Where is this mixed-use property located?
The property is located at 1188 Gates Avenue Brooklyn Ny, NY.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Four free‑market apartments, each configured as a true two‑bedroom residence; Two ground‑floor retail storefronts measuring approximately 650 SF each; Approximately 4,450 SF of gross building area on an approximately 2,570 SF lot
