Greenpoint Mixed-Use Income
For Sale
$3,600,000
1021 Manhattan Ave, Brooklyn, NY 11222
Recently updated mixed-use property in Greenpoint, Brooklyn.
Property Size5,500 SF
Lot Size0.04 Acres
Days on Market166
Property Features for 1021 Manhattan Ave
General Information
Standard status
Active
Size
5,500 SF
Lot size
0.04 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,986
Building Details
Building Size
5,500 SF
Year Built
1931
Units
6
Listing Agency:
Trademarko Realty Inc.
(347) 927-6829
Listed By:
Peter Nowik · License #10401329596
(347) 927-6829
Source:
Elliman
Added: Mar 10
Changed: Aug 9
Last Checked: Aug 21 at 10:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Trademarko Realty Inc.
Investment Insights
Based on property information with market context.
This income-producing mixed-use property is located on the main artery of Greenpoint. The property includes three apartments that might be vacant at the closing. The building is located in a Qualified Opportunity Zone. The property is zoned R-7A with a commercial overlay C2-4, potentially allowing for an additional 2,005 square feet, subject to verification with an architect. The building size is 20x55. The house was last renovated in 2015.
Key Highlights
- Income‑producing mixed‑use property on Greenpoint's main artery
- Potential for additional 2,005 SF development (verify with architect)
- Three apartments might be vacant at closing
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
$199,650
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
5.55%
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%
$3,993,000
$4.0M
Cap Rate 7%
$2,852,143
$2.9M
Cap Rate 9%
$2,218,333
$2.2M
Market Conditions
NOI Build-Up for 5,500 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
$363.0K $66.00/SF
− Vacancy
−$43.6K −$7.92/SF
EGI
$319.4K $58.08/SF
− OpEx
−$119.8K −$21.78/SF
NOI
$199.7K $36.30/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,993,000
Cap Rate 7%
$2,852,143
Cap Rate 9%
$2,218,333
Alternative Uses
Best Use
Mixed Use
$2.85M
$2.50M – $3.33M
NOI $199,650 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.55M
$3.98M – $5.31M
NOI $318,780 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,350
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Recently updated mixed-use property in Greenpoint, Brooklyn.
Where is this mixed-use property located?
The property is located at 1021 Manhattan Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Income‑producing mixed‑use property on Greenpoint's main artery; Potential for additional 2,005 SF development (verify with architect); Three apartments might be vacant at closing
