Three-Story Mixed-Use
1188 Gates Avenue Brooklyn, Ny, NY 11221
For Sale
$2,795,000
The building combines four two-bedroom apartments with two ground-floor retail spaces.
Property Size4,450 SF
Lot Size0.06 Acres
Price / SF$628.09
Days on Market89
Property Features for 1188 Gates Avenue Brooklyn
General Information
Standard status
Size
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Asking Price
Mixed-Use Components
Tenant in Place
Building Details
Year Built
Buildings
Stories
Construction
Tenancy
Listing Agency:
ONLINE REALTY NETWORK LLC
(212) 500-1192
Listed By:
Kevin Hamilton
(657) 306-3319
Source:
Gosenproperties
Added: Aug 11
Changed: Nov 7
Last Checked: Nov 6 at 3:02PM
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 ONLINE REALTY NETWORK LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
At 1188 Gates Avenue, this three-story brick and masonry property contains four free-market apartments, each arranged as a true two-bedroom, and two storefronts at street level. The building has approximately 4,450 square feet of gross area on an approximately 2,570-square-foot lot. Built in 1931, it also includes an unfinished basement with exterior access; the basement is not presented as finished space.
The property is in Bushwick, Brooklyn. Each storefront is approximately 650 square feet. Residential tenants currently pay apartment electric and cooking gas, while the owner pays for heat and hot water. Existing tenancy, expenses, property condition, legal use and other details require purchaser verification.
The property is in Bushwick, Brooklyn. Each storefront is approximately 650 square feet. Residential tenants currently pay apartment electric and cooking gas, while the owner pays for heat and hot water. Existing tenancy, expenses, property condition, legal use and other details require purchaser verification.
Key Highlights
- Four free‑market apartments, each configured as a true two‑bedroom
- Two ground‑floor storefronts, approximately 650 square feet each
- Approximately 4,450 square feet of gross building area on an approximately 2,570‑square‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,844
Cap Rate
5.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,836,880
$2.8M
Cap Rate 7%
$2,026,343
$2.0M
Cap Rate 9%
$1,576,044
$1.6M
Market Conditions
NOI Build-Up for 4,450 SF
Gross rent
$267.0K $60.00/SF
− Vacancy
−$40.1K −$9.00/SF
EGI
$227.0K $51.00/SF
− OpEx
−$85.1K −$19.13/SF
NOI
$141.8K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,836,880
Cap Rate 7%
$2,026,343
Cap Rate 9%
$1,576,044
Alternative Uses
Best Use
Retail
$8.95M
$7.83M – $10.44M
NOI $626,224 @ 7.0% cap · market cap 22.41%
Second Best
Mixed Use
$2.03M
$1.77M – $2.36M
NOI $141,844 @ 7.0% cap · market cap 5.07%
Theoretical Best
Specialty Retail
$11.08M
$9.69M – $12.92M
NOI $775,368 @ 7.0% cap · market cap 27.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,577
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
Median Home Value
Market
Average Price Trend$/SF for Mixed-use properties in Kings County, NY
Properties on Market for Mixed-use properties in Kings County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The building combines four two-bedroom apartments with two ground-floor retail spaces.
Where is this mixed-use property located?
The property is located at 1188 Gates Avenue Brooklyn Ny, NY.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Four free‑market apartments, each configured as a true two‑bedroom; Two ground‑floor storefronts, approximately 650 square feet each; Approximately 4,450 square feet of gross building area on an approximately 2,570‑square‑foot lot
