Brooklyn Retail and Garage
For Sale
Contact for pricing
197-203 Berry St, Brooklyn, NY
52,000 SF retail and garage condominium units in Williamsburg, Brooklyn.
Property Size52,000 SF
Lot Size0.97 Acres
Price / SF$423.08
Days on Market702
Property Features for 197-203 Berry St
General Information
Standard status
Active
Size
52,000 SF
Lot size
0.97 Acres
Property subtype
RETAIL
Listing Agency:
ARM Real Estate Group
(212) 464-8815
Listed By:
Anand Melwani
Source:
Moodyscre
Added: Sep 18, 2024
Changed: Aug 20
Last Checked: Aug 20 at 7:43AM
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 ARM Real Estate Group
Investment Insights
Based on property information with market context.
This property features retail and garage condominium units, totaling 52,000 square feet. Located in Williamsburg, Brooklyn, the property is offered as a fee simple sale.
Key Highlights
- Prime Williamsburg, Brooklyn location
- 52,000 SF combined space
- Retail and Garage Condominium Units
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
$925,090
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
4.20%
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%
$18,501,800
$18.5M
Cap Rate 7%
$13,215,571
$13.2M
Cap Rate 9%
$10,278,778
$10.3M
Market Conditions
NOI Build-Up for 52,000 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
$1.39M $26.64/SF
− Vacancy
−$63.7K −$1.23/SF
EGI
$1.32M $25.41/SF
− OpEx
−$396.5K −$7.62/SF
NOI
$925.1K $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%
$18,501,800
Cap Rate 7%
$13,215,571
Cap Rate 9%
$10,278,778
Alternative Uses
Best Use
Retail
$35.62M
$31.17M – $41.56M
NOI $2,493,639 @ 7.0% cap · market cap 11.33%
Second Best
Industrial
$13.22M
$11.56M – $15.42M
NOI $925,090 @ 7.0% cap · market cap 4.20%
Theoretical Best
Specialty Retail
$43.06M
$37.67M – $50.23M
NOI $3,013,920 @ 7.0% cap · market cap 13.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,964
Businesses Nearby
65k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 32%
Dining 26%
Groceries 20%
Electronics 9%
C-Town Supermarkets
Groceries
13,145 visits/mo
0.3 miles
Moxy Brooklyn Williamsburg
Hotels & Casinos
10,345 visits/mo
0.4 miles
Hotel Indigo Williamsburg
Hotels & Casinos
10,187 visits/mo
0.5 miles
T-Mobile
Electronics
5,770 visits/mo
0.1 miles
Dos Toros Taqueria
Dining
5,518 visits/mo
0.2 miles
Market
Vacancy Rate% for Retail 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?
Parking lot & garage - 52,000 SF retail and garage condominium units in Williamsburg, Brooklyn.
Where is this parking lot & garage located?
The property is located at 197-203 Berry St Brooklyn, NY.
What is the asking price?
The asking price for this property is $22,000,000.
What are key features of this property?
This property features: Prime Williamsburg, Brooklyn location; 52,000 SF combined space; Retail and Garage Condominium Units
