Mixed-Use Building with
For Sale
$2,100,000
1223 Fulton Street, Brooklyn, NY 11216
Fully occupied mixed-use building with six rent-controlled apartments and a ground-floor retail space.
Property Size5,200 SF
Days on Market158
Property Features for 1223 Fulton Street
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Cap Rate
6.99%
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$18,503
Building Details
Building Size
5,200 SF
Year Built
1910
Units
7
Construction
brick
Tenancy
Multi
Listing Agency:
Exit Realty Continental
(917) 470-3438
Listed By:
Mohammed Rasel
(917) 470-3438
Source:
Cohenandcohenrealty
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 9 at 12:37PM
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 Exit Realty Continental
Investment Insights
Based on property information with market context.
This fully occupied mixed-use building includes six residential units and one ground-floor commercial retail space. The residential mix consists of three two-bedroom apartments and three one-bedroom apartments. The property is described as brick construction and is positioned to generate current in-place income with both residential and retail components.
The building is located on Fulton Street in Brooklyn. The public remarks note transit access near A and C subway lines and multiple MTA bus routes, and a surrounding context of retail, dining, schools, and residential density.
Residential units are stated to be under rent control, and the retail space is described as occupied by an established tenant. The configuration is listed as 6 residential units plus 1 retail unit, supported by the provided current lease status in the remarks.
The building is located on Fulton Street in Brooklyn. The public remarks note transit access near A and C subway lines and multiple MTA bus routes, and a surrounding context of retail, dining, schools, and residential density.
Residential units are stated to be under rent control, and the retail space is described as occupied by an established tenant. The configuration is listed as 6 residential units plus 1 retail unit, supported by the provided current lease status in the remarks.
Key Highlights
- 1910‑built mixed‑use building with 6 residential units and 1 ground‑floor retail unit
- Fully occupied with all residential and retail units fully leased; STRONG in‑place income
- Annual gross income of $195,708 based on current monthly rent roll of $16,309
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
$158,751
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
7.56%
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%
$3,175,020
$3.2M
Cap Rate 7%
$2,267,871
$2.3M
Cap Rate 9%
$1,763,900
$1.8M
Market Conditions
NOI Build-Up for 5,200 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
$294.5K $56.64/SF
− Vacancy
−$5.9K −$1.13/SF
EGI
$288.6K $55.51/SF
− OpEx
−$129.9K −$24.98/SF
NOI
$158.8K $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%
$3,175,020
Cap Rate 7%
$2,267,871
Cap Rate 9%
$1,763,900
Alternative Uses
Best Use
Retail
$3.56M
$3.12M – $4.16M
NOI $249,364 @ 7.0% cap · market cap 11.87%
Second Best
Apartment 5plus
$2.27M
$1.98M – $2.65M
NOI $158,751 @ 7.0% cap · market cap 7.56%
Theoretical Best
Specialty Retail
$4.31M
$3.77M – $5.02M
NOI $301,392 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,299
Businesses Nearby
Explore this area
Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
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?
Apartment building - Fully occupied mixed-use building with six rent-controlled apartments and a ground-floor retail space.
Where is this apartment building located?
The property is located at 1223 Fulton Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 1910‑built mixed‑use building with 6 residential units and 1 ground‑floor retail unit; Fully occupied with all residential and retail units fully leased; STRONG in‑place income; Annual gross income of $195,708 based on current monthly rent roll of $16,309
