Commercial Land with Existing
New
For Sale
$12,500,000
972-974 Dean Street, Brooklyn, NY 11215
Land, Brooklyn, NY
Property Size18,400 SF
Price / SF$502.47
Days on Market6
Property Features for 972-974 Dean Street
General Information
Property type
Land
Property subtype
Other
Subdivision
Crown Heights
High school district
000000
Standard status
Active
Size
24,877 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Spencer Corley
Added: Sep 8
Changed: Sep 13
Last Checked: Sep 13 at 4:06PM
MLS# 11970529
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.
The property at 972-974 Dean Street comprises a 24,877-square-foot commercial parcel improved with a three-story daylight factory and full basement. Existing features include brick construction, heavy floors, large upper-level window openings, and full lot depth. A factory-to-office conversion has been filed with the Department of Buildings, including renovation of the existing brick structure and foundation work intended to support additional development.
The site is located within the Special Atlantic Avenue Mixed Use District and carries M1-2AAM zoning. Office, retail, warehouse, and light manufacturing uses are permitted as of right under the applicable M1 use groups. No residential floor area is permitted as of right under this designation. The property lies on the Prospect Heights and Crown Heights line within the Atlantic Avenue Mixed-Use Plan corridor.
The site is located within the Special Atlantic Avenue Mixed Use District and carries M1-2AAM zoning. Office, retail, warehouse, and light manufacturing uses are permitted as of right under the applicable M1 use groups. No residential floor area is permitted as of right under this designation. The property lies on the Prospect Heights and Crown Heights line within the Atlantic Avenue Mixed-Use Plan corridor.
Key Highlights
- 24,877‑square‑foot commercial parcel at 972‑974 Dean Street
- Existing three‑story daylight factory with a full basement
- M1‑2AAM zoning within the Special Atlantic Avenue Mixed Use District
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
$442,567
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
3.54%
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%
$8,851,340
$8.9M
Cap Rate 7%
$6,322,386
$6.3M
Cap Rate 9%
$4,917,411
$4.9M
Market Conditions
NOI Build-Up for 24,877 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
$662.7K $26.64/SF
− Vacancy
−$30.5K −$1.23/SF
EGI
$632.2K $25.41/SF
− OpEx
−$189.7K −$7.62/SF
NOI
$442.6K $17.79/SF
Area
Brooklyn, NY
Vacancy
4.60%
Lease Rate
$26.64 /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%
$8,851,340
Cap Rate 7%
$6,322,386
Cap Rate 9%
$4,917,411
Alternative Uses
Best Use
Industrial
$6.32M
$5.53M – $7.38M
NOI $442,567 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$20.60M
$18.02M – $24.03M
NOI $1,441,871 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
14 ft
Clear height
Location Intelligence
Trade Area within ½ mile
6,139
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Commercial land - M1-2AAM zoning supports office, retail, warehouse, and light manufacturing uses as of right.
Where is this commercial land located?
The property is located at 972-974 Dean Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $12,500,000.
What are key features of this property?
This property features: 24,877‑square‑foot commercial parcel at 972‑974 Dean Street; Existing three‑story daylight factory with a full basement; M1‑2AAM zoning within the Special Atlantic Avenue Mixed Use District
