Turnkey Bakery with Two Multi-Family
For Sale
$9,750,000
192-194 Union Street, Brooklyn, NY 11231
COMMERCIAL - Other - Brooklyn, NY
Property Size7,390 SF
Price / SF$1,319
Days on Market353
Property Features for 192-194 Union Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Bathroom 2, Bathroom 5, Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 8, Bedroom 3, Bathroom 3, Bedroom 9, Bathroom 6, Bedroom 5, Bedroom 4, Bathroom 4, Bedroom 6
Subdivision
Carroll Gardens
High school district
000000
Standard status
Active
Size
7,390 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Nicole Galluccio
Added: Sep 4, 2025
Changed: Aug 16
Last Checked: Aug 22 at 3:06PM
MLS# 11568936
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.
Two adjacent, turn-of-the-century multi-family buildings at 192 and 194 Union Street were built in 1900 and offer a combined setup of seven residential units plus a commercial component. 192 Union Street is a four-story mixed-use building with 3 residential units and a commercial storefront. 194 Union Street is a four-story building currently arranged as 3 apartments and a commercial component. The buildings feature classic Brooklyn brownstone architecture.
The offering includes a turnkey Italian bakery operation, presented as a long-running Carroll Gardens institution since 1928. The property also reflects capital improvements completed across both buildings, including boiler replacement in 2022, updated water metering in 2022, retail build-out in 2022, repointing on all four sides in 2021, and electrical and gas line updates in 2001 for 192 Union Street. For 194 Union Street, improvements include a new sewer line in 2023, residential electrical updates in 2022, boiler replacement in 2022, and repointing on all four sides in 2021, along with a 2017 parlor apartment renovation.
The offering includes a turnkey Italian bakery operation, presented as a long-running Carroll Gardens institution since 1928. The property also reflects capital improvements completed across both buildings, including boiler replacement in 2022, updated water metering in 2022, retail build-out in 2022, repointing on all four sides in 2021, and electrical and gas line updates in 2001 for 192 Union Street. For 194 Union Street, improvements include a new sewer line in 2023, residential electrical updates in 2022, boiler replacement in 2022, and repointing on all four sides in 2021, along with a 2017 parlor apartment renovation.
Key Highlights
- Two adjacent four‑story multi‑family buildings built in 1900
- 192 Union Street: 3 residential units plus commercial storefront
- 194 Union Street: currently arranged as 3 apartments plus commercial component
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
$428,324
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
4.39%
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%
$8,566,480
$8.6M
Cap Rate 7%
$6,118,914
$6.1M
Cap Rate 9%
$4,759,156
$4.8M
Market Conditions
NOI Build-Up for 7,390 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
$620.8K $84.00/SF
− Vacancy
−$49.7K −$6.72/SF
EGI
$571.1K $77.28/SF
− OpEx
−$142.8K −$19.32/SF
NOI
$428.3K $57.96/SF
Area
Brooklyn, NY
Vacancy
8.00%
Lease Rate
$84.00 /SF/Yr
Expense Ratio
25.00%
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%
$8,566,480
Cap Rate 7%
$6,118,914
Cap Rate 9%
$4,759,156
Alternative Uses
Best Use
Specialty Retail
$6.12M
$5.35M – $7.14M
NOI $428,324 @ 7.0% cap · market cap 4.39%
Second Best
Apartment 5plus
$3.22M
$2.82M – $3.76M
NOI $225,609 @ 7.0% cap · market cap 2.31%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent four-story, 1900-built apartment buildings with seven residential units and a commercial storefront component.
Where is this apartment building located?
The property is located at 192-194 Union Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $9,750,000.
What are key features of this property?
This property features: Two adjacent four‑story multi‑family buildings built in 1900; 192 Union Street: 3 residential units plus commercial storefront; 194 Union Street: currently arranged as 3 apartments plus commercial component
