Two-Story Commercial Building with
For Sale
$1,999,000
821 39th Street, Brooklyn, NY 11232
COMMERCIAL - Brooklyn, NY
Property Size3,500 SF
Lot Size0.06 Acres
Price / SF$571.14
Days on Market150
Property Features for 821 39th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M1-2
Parking features
Carport
Subdivision
Sunset Park
Standard status
Active
Size
3,500 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
19733
Amenities
private parking
second-floor terrace
four separate HVAC systems
Building Details
Year built
2000
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Block, Brick, Steel
Roof type
Flat
Listing Agency:
Kirin Real Estate LLC
(929) 460-0008
Listed By:
Allen Z. Luo · License #10491214007
(929) 460-0008
Added: Mar 17
Changed: Aug 4
Last Checked: Aug 13 at 11:06AM
MLS# 499743
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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.
Located at 821 39th Street in Brooklyn, this two-story commercial building is presented as a turnkey luxury atelier and designer showroom. The gallery level features finished walls, architectural ceilings, and a white and red oak material palette, while the upstairs private studio includes bamboo detailing. The property also offers private parking and a second-floor terrace.
The building is in Sunset Park and is described as minutes from public transit, including the NYC Subway D line at 9th Avenue Station.
Built in 2000, the property is set on a 3,500-square-foot lot with approximately 2,500 square feet of interior space. Zoning is listed as M1-2, and the building is equipped with four separate HVAC systems, supporting flexible layout potential.
The building is in Sunset Park and is described as minutes from public transit, including the NYC Subway D line at 9th Avenue Station.
Built in 2000, the property is set on a 3,500-square-foot lot with approximately 2,500 square feet of interior space. Zoning is listed as M1-2, and the building is equipped with four separate HVAC systems, supporting flexible layout potential.
Key Highlights
- Turnkey, two‑story luxury atelier and designer showroom with high‑end finishes.
- Approximately 2,500 sq ft commercial building on a 3,500 sq ft lot in Sunset Park.
- Premium material palette including White & Red Oak and bamboo detailing.
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
$167,841
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
8.40%
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%
$3,356,820
$3.4M
Cap Rate 7%
$2,397,729
$2.4M
Cap Rate 9%
$1,864,900
$1.9M
Market Conditions
NOI Build-Up for 3,500 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
$272.2K $77.76/SF
− Vacancy
−$32.4K −$9.25/SF
EGI
$239.8K $68.51/SF
− OpEx
−$71.9K −$20.55/SF
NOI
$167.8K $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /SF/Yr
Expense Ratio
30.00%
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%
$3,356,820
Cap Rate 7%
$2,397,729
Cap Rate 9%
$1,864,900
Alternative Uses
Best Use
Retail
$2.40M
$2.10M – $2.80M
NOI $167,841 @ 7.0% cap · market cap 8.40%
Second Best
Flex RnD
$1.20M
$1.05M – $1.40M
NOI $84,084 @ 7.0% cap · market cap 4.21%
Theoretical Best
Specialty Retail
$2.90M
$2.54M – $3.38M
NOI $202,860 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,588
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11232, NY
30,181
Population
10,004
Households
3
Avg Household Size
35
Median Age
36%
College-Educated
69%
High-School Grad
1.2 sq mi
ZIP Area
25,151
Density / Sq Mi
$87,517
Median Household Income
$45,983
Median Earnings
$1,972
Median Rent
$782,500
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Turnkey designer showroom with finished gallery level, upstairs private studio, private parking, and a second-floor terrace.
Where is this flex space located?
The property is located at 821 39th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Turnkey, two‑story luxury atelier and designer showroom with high‑end finishes.; Approximately 2,500 sq ft commercial building on a 3,500 sq ft lot in Sunset Park.; Premium material palette including White & Red Oak and bamboo detailing.
