Vacant Mixed-Use
For Sale
$799,000
Pending
224 E 55th Street, Brooklyn, NY 11203
Commercial Sale, Brooklyn, NY
Property Size2,700 SF
Lot Size0.03 Acres
Days on Market144
Property Features for 224 E 55th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R5
Rooms
Basement
Parking features
Driveway
Standard status
Pending
APN
04680-0028
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4269
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Amenities
private driveway
Building Details
Year built
1910
Number of units
2
Listing Agency:
Mitra Hakimi Realty Group LLC
Listed By:
Etan Hakimi · License #1014541
(718) 268-5588
Added: Apr 22
Changed: Aug 25
Last Checked: Sep 12 at 7:06PM
MLS# 988745
Copyright © 2026 OneKey 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 mixed-use building combines a street-level commercial area with a duplex residence occupying the second floor and basement. The commercial component has walk-in access and was formerly used as a beauty parlor, while the residential portion includes multiple bedrooms, a full bathroom, living areas, and basement space suitable for recreation or storage. Utility areas are also located in the lower level. The property will be delivered fully vacant.
A private driveway provides off-street parking and access for the building. Public water and public sewer serve the property, with water available listed among the utilities. Located at 224 E 55th Street in Brooklyn, the property is near shopping corridors, schools, and community amenities, with access to MTA bus routes B46, B47, and B82 and nearby subway service on the 2 and 5 lines. The parcel is zoned R5 and was built in 1910.
A private driveway provides off-street parking and access for the building. Public water and public sewer serve the property, with water available listed among the utilities. Located at 224 E 55th Street in Brooklyn, the property is near shopping corridors, schools, and community amenities, with access to MTA bus routes B46, B47, and B82 and nearby subway service on the 2 and 5 lines. The parcel is zoned R5 and was built in 1910.
Key Highlights
- Mixed‑use configuration with commercial space and a duplex residence
- Property to be delivered fully vacant
- Private driveway for off‑street parking
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
$67,360
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
8.43%
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%
$1,347,200
$1.3M
Cap Rate 7%
$962,286
$962.3K
Cap Rate 9%
$748,444
$748.4K
Market Conditions
NOI Build-Up for 2,700 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
$116.6K $43.20/SF
− Vacancy
−$26.8K −$9.94/SF
EGI
$89.8K $33.26/SF
− OpEx
−$22.5K −$8.32/SF
NOI
$67.4K $24.95/SF
Area
Brooklyn, NY
Vacancy
23.00%
Lease Rate
$43.20 /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%
$1,347,200
Cap Rate 7%
$962,286
Cap Rate 9%
$748,444
Alternative Uses
Best Use
Retail
$1.85M
$1.62M – $2.16M
NOI $129,477 @ 7.0% cap · market cap 16.20%
Second Best
Mixed Use
$1.40M
$1.23M – $1.63M
NOI $98,010 @ 7.0% cap · market cap 12.27%
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.61M
NOI $156,492 @ 7.0% cap · market cap 19.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space is paired with a duplex residence and private driveway.
Where is this mixed-use property located?
The property is located at 224 E 55th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Mixed‑use configuration with commercial space and a duplex residence; Property to be delivered fully vacant; Private driveway for off‑street parking
