Three-Story Mixed-Use
For Sale
$4,650,000
397 5th Avenue, Brooklyn, NY 11215
COMMERCIAL - Other - Brooklyn, NY
Property Size3,828 SF
Price / SF$1,214
Days on Market9
Property Features for 397 5th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 6, Bedroom 8, Bathroom 3, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 7, Bedroom 5, Bedroom 4, Bedroom 1
Subdivision
Park Slope
High school district
000000
Standard status
Active
Size
3,828 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Louis Esposito · License #10301207785
Added: Jul 24
Changed: Aug 1
Last Checked: Aug 1 at 9:06AM
MLS# 11902327
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.
397 5th Avenue is a three-story mixed-use building in Park Slope, Brooklyn, with 3,828 square feet of space. The property is currently fully occupied and presents a diversified setup with residential and retail components. The residential portion includes four well-appointed two-bedroom rental units, each described as having front and back layouts.
The retail space is leased to Flatiron Steakhouse – Park Slope. The building is described as meticulously maintained and in excellent, turnkey condition, with no immediate renovations or repairs identified.
Based on actual and projected rent rolls, the property is presented as yielding a 5.2% cap rate, supporting an investment case built on both stable occupancy and ongoing rental demand in the area.
The retail space is leased to Flatiron Steakhouse – Park Slope. The building is described as meticulously maintained and in excellent, turnkey condition, with no immediate renovations or repairs identified.
Based on actual and projected rent rolls, the property is presented as yielding a 5.2% cap rate, supporting an investment case built on both stable occupancy and ongoing rental demand in the area.
Key Highlights
- 3,828 SF three‑story mixed‑use building at 397 5th Avenue
- Fully occupied with a mixed residential and retail tenant setup
- Four two‑bedroom rental units with front and back layouts
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $321.6k | $84.00 |
| − Vacancy | −$25.7k | −$6.72 |
| EGI | $295.8k | $77.28 |
| − OpEx | −$74.0k | −$19.32 |
| NOI | $221.9k | $57.96 |
3,828 SF · lease $84.00/SF/yr · vacancy 8.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$3.17M
$2.77M – $3.70M
NOI $221,871 @ 7.0% cap · market cap 4.77%
Second Best
Mixed Use
$1.99M
$1.74M – $2.32M
NOI $138,956 @ 7.0% cap · market cap 2.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
Median Home Value
Market
Properties on Market for Mixed-use properties in Brooklyn
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story mixed-use building fully occupied with four two-bedroom rentals and retail leased to Flatiron Steakhouse.
Where is this mixed-use property located?
The property is located at 397 5th Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 3,828 SF three‑story mixed‑use building at 397 5th Avenue; Fully occupied with a mixed residential and retail tenant setup; Four two‑bedroom rental units with front and back layouts
