Williamsburg Building in Opportunity
12 Grattan St, Brooklyn, NY 11206
2,500 SF building in Williamsburg, ideal for owner-user.
Type:Retail
Property size:
2,500 SFPrice / SF:
$760/SF- Added:
- Jun 15, 2023
- Days on Market:
- 1073
- Last Refresh:
- Mar 16 at 12:56 pm
Property Features for 12 Grattan St
General Information
- Standard status
- Active
- Size
- 2,500 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1931
Listing agent Salvatore Crifasi License #NY 31CR0315651
Listing office Crifasi Real Estate Inc
Listing date Jun 15, 2023
Source Crexi
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 Crifasi Real Estate Inc
HighLights
- Located in an Opportunity Zone.
- M1‑2 zoning with 2.0 FAR allows for up to 10,000 square feet of buildable space.
- Ideal for an owner‑user.
- Current triple net lease expires February 28, 2030, with 5% annual increases.
- Located in Williamsburg near major thoroughfares.
- The adjacent building at 10 Grattan Street is also available for sale and can be purchased together.
Overview
Located on Grattan Street near Bogart Street in Williamsburg, this 2,500-square-foot building is suitable for an owner-user and is located in an Opportunity Zone. The zoning is M1-2, with a 2.0 FAR, allowing for up to 10,000 square feet of buildable space. The current lease expires on February 28, 2030, with annual increases of 5%. It operates under a triple net lease. The adjacent building at 10 Grattan Street is also available for sale and can be purchased together.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$1.33M
NOI $119,886 @ 9.00% cap · cautious / downside scenario
Moderate
$1.71M
NOI $119,886 @ 7.00% cap · market / base-case scenario
Aggressive
$2.40M
NOI $119,886 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $194.4k | $77.76 |
| − Vacancy | −$23.1k | −$9.25 |
| EGI | $171.3k | $68.51 |
| − OpEx | −$51.4k | −$20.55 |
| NOI | $119.9k | $47.95 |
2,500 SF · lease $77.76/SF/yr · vacancy 11.90% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$1.71M
$1.50M – $2.00M
NOI $119,886 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.07M
$1.81M – $2.42M
NOI $144,900 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Pine Box Rock ...
Bar & Pub
Similar Places Nearby
- Luxuria Flowers — 1060 Broadway, Brooklyn, NY 11221
- Fleuncie Flower Shop — 1202 Myrtle Ave, Brooklyn, NY 11221
- Gaze Garden Floral — 308 Evergreen Ave, Brooklyn, NY 11221
- Mwah Flowers/Events By Leilani — 1086 Broadway, Brooklyn, NY 11221
- Adrian Florist — 1087 Broadway, Brooklyn, NY 11221
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.932502
- Latitude
- 40.705297
Nearby Similar for Sale
FAQs
What type of property is this?
Storefront property - 2,500 SF building in Williamsburg, ideal for owner-user.
Where is this storefront property located?
The property is located at 12 Grattan St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Located in an Opportunity Zone.; M1‑2 zoning with 2.0 FAR allows for up to 10,000 square feet of buildable space.; Ideal for an owner‑user.
