Vacant Mixed-Use
For Sale
Contact for pricing
1171 - 1173 Eastern Parkway, Brooklyn, NY 11213
Two-building asset with permitted daycare and residential use, private outdoor space, and redevelopment flexibility under R6 zoning.
Property Size12,043 SF
Price / SF$377.81
Days on Market162
Property Features for 1171 - 1173 Eastern Parkway
General Information
Standard status
Active
Size
12,043 SF
Property subtype
Mixed Use, Multifamily
Zoning
R6
Investment Type
Owner/User
Units
Unit Mix
2 x 3BR, 1 x 4BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
private outdoor roof decks
courtyard access
Building Details
Buildings
2
Listing Agency:
Invictus Property Advisors
Listed By:
Matt Konicoff · License #10401383767
Source:
Crexi
Added: Mar 25
Changed: Aug 31
Last Checked: Aug 31 at 3:13AM
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 Invictus Property Advisors
Investment Insights
Based on property information with market context.
This 12,043-square-foot mixed-use property comprises two buildings delivered vacant, with Certificates of Occupancy permitting daycare and residential uses. The existing layout includes three-bedroom apartments on the second and third floors of 1171, plus a four-bedroom apartment on the third floor of 1173. Former daycare areas occupy the first floor of 1171 and the first and second floors of 1173. Residential units provide direct access to private roof decks and courtyard areas, while 1173 receives light and air from four sides. Driveway access is positioned between the buildings, with additional shared access involving 1179 Eastern Parkway.
The property is zoned R6, with development potential of up to 3.9 FAR through the Universal Affordability Preference program and up to 4.8 FAR for community facility use. A full buildout could include approximately 6,500 square feet of community facility space and 28,411 square feet of residential area. The site is one block from the Crown Heights Utica Avenue Subway Station, served by the 3 and 4 lines, and directly adjoins Lincoln Terrace / Arthur S. Somers Park.
The property is zoned R6, with development potential of up to 3.9 FAR through the Universal Affordability Preference program and up to 4.8 FAR for community facility use. A full buildout could include approximately 6,500 square feet of community facility space and 28,411 square feet of residential area. The site is one block from the Crown Heights Utica Avenue Subway Station, served by the 3 and 4 lines, and directly adjoins Lincoln Terrace / Arthur S. Somers Park.
Key Highlights
- 12,043‑square‑foot two‑building mixed‑use property delivered completely vacant
- Certificates of Occupancy permit daycare and residential use
- Existing residential layout includes 3‑bedroom units and one 4‑bedroom unit
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
$367,660
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
8.08%
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%
$7,353,200
$7.4M
Cap Rate 7%
$5,252,286
$5.3M
Cap Rate 9%
$4,085,111
$4.1M
Market Conditions
NOI Build-Up for 12,043 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
$682.1K $56.64/SF
− Vacancy
−$13.6K −$1.13/SF
EGI
$668.5K $55.51/SF
− OpEx
−$300.8K −$24.98/SF
NOI
$367.7K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$7,353,200
Cap Rate 7%
$5,252,286
Cap Rate 9%
$4,085,111
Alternative Uses
Best Use
Mixed Use
$6.25M
$5.46M – $7.29M
NOI $437,161 @ 7.0% cap · market cap 9.61%
Second Best
Apartment 5plus
$5.25M
$4.60M – $6.13M
NOI $367,660 @ 7.0% cap · market cap 8.08%
Theoretical Best
Specialty Retail
$9.97M
$8.73M – $11.63M
NOI $698,012 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,567
Businesses Nearby
Explore this area
Business Placement
Demographics for 11213, NY
67,217
Population
29,186
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
61,106
Density / Sq Mi
$62,040
Median Household Income
$43,736
Median Earnings
$1,607
Median Rent
$1,184,400
Median Home Value
Market
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 - Two-building asset with permitted daycare and residential use, private outdoor space, and redevelopment flexibility under R6 zoning.
Where is this mixed-use property located?
The property is located at 1171 - 1173 Eastern Parkway Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,550,000.
What are key features of this property?
This property features: 12,043‑square‑foot two‑building mixed‑use property delivered completely vacant; Certificates of Occupancy permit daycare and residential use; Existing residential layout includes 3‑bedroom units and one 4‑bedroom unit
