Renovated Shopping Center With
For Sale
$6,950,000
1249 Utica Ave, Brooklyn, NY 11203
Fully occupied Brooklyn asset combines ground-floor retail, office space, and three free-market apartments across two contiguous buildings.
Property Size16,958 SF
Price / SF$409.84
Days on Market111
Property Features for 1249 Utica Ave
General Information
Standard status
Active
Size
16,958 SF
Property subtype
Shopping Strip
Occupancy
100%
Site & Location
Frontage
225 ft
Corner Location
Yes
Anchor Co-Tenants
Dollar Tree
Additional Details
Cap Rate
7.36%
Amenities
100% Occupied ±16,958 SF Mixed-Use Asset Consisting of Seven Retail Units, One Office, and Three Free-Market Apartments on the Corner of Avenue D and Utica Avenue in Brooklyn.
Anchored by Corporate-Guaranteed Dollar Tree with Lease Through June 2027 and Three Five-Year Renewal Options with 10% Increases
Prominent Corner Location Featuring 225 Feet of Combined Retail Frontage and Direct Access to the B46 Bus Line (5.5 Million Annual Riders)
Building Details
Building Size
16,958 SF
Year Built
1965
Year Renovated
2016
Buildings
2
Tenancy
Multi
Listing Agency:
New York City Office
(212) 430-5229
Listed By:
Scott Plasky · License #License(s): NY: 40PL1176852
(212) 430-5229
Source:
Marcusmillichap
Added: May 14
Changed: Aug 30
Last Checked: Sep 1 at 2:41PM
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 New York City Office
Investment Insights
Based on property information with market context.
This Brooklyn shopping center comprises two contiguous buildings on four tax lots, with 16,958 square feet of property area. The configuration includes seven ground-floor retail units, a second-floor office, and three free-market apartments featuring three bedrooms and one bathroom each. The corner building includes a basement and received a complete renovation in 2016, while the Dollar Tree building was constructed essentially new that year.
The property occupies the corner of Utica Avenue and Avenue D, with 225 feet of combined retail frontage. The B46 bus line stops directly in front of the property. Occupancy is reported at 100 percent. Dollar Tree occupies the three lots at 1251–1265 Utica Avenue under a corporate-guaranteed lease running through June 2027, with three five-year renewal options and 10 percent increases during each option period. Those lots also carry a 25-year ICAP Tax Abatement through June 30, 2042.
The property occupies the corner of Utica Avenue and Avenue D, with 225 feet of combined retail frontage. The B46 bus line stops directly in front of the property. Occupancy is reported at 100 percent. Dollar Tree occupies the three lots at 1251–1265 Utica Avenue under a corporate-guaranteed lease running through June 2027, with three five-year renewal options and 10 percent increases during each option period. Those lots also carry a 25-year ICAP Tax Abatement through June 30, 2042.
Key Highlights
- 16,958‑square‑foot shopping center with seven ground‑floor retail units, one office, and three apartments
- 100 percent occupied across two contiguous buildings and four separate tax lots
- 225 feet of combined retail frontage at Utica Avenue and Avenue D
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
$615,575
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
8.86%
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%
$12,311,500
$12.3M
Cap Rate 7%
$8,793,929
$8.8M
Cap Rate 9%
$6,839,722
$6.8M
Market Conditions
NOI Build-Up for 16,958 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
$1.12M $66.00/SF
− Vacancy
−$134.3K −$7.92/SF
EGI
$984.9K $58.08/SF
− OpEx
−$369.3K −$21.78/SF
NOI
$615.6K $36.30/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
37.50%
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%
$12,311,500
Cap Rate 7%
$8,793,929
Cap Rate 9%
$6,839,722
Alternative Uses
Best Use
Retail
$11.62M
$10.17M – $13.55M
NOI $813,214 @ 7.0% cap · market cap 11.70%
Second Best
Mixed Use
$8.79M
$7.69M – $10.26M
NOI $615,575 @ 7.0% cap · market cap 8.86%
Theoretical Best
Specialty Retail
$14.04M
$12.29M – $16.38M
NOI $982,886 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,074
Businesses Nearby
126k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 41%
Home Improvements & Furnishings 3%
Electronics 2%
McDonald's
Dining
21,090 visits/mo
0.4 miles
BP
Shops & Services
15,381 visits/mo
0.5 miles
Starbucks
Dining
15,195 visits/mo
0.5 miles
BP
Shops & Services
14,999 visits/mo
0.5 miles
Shell
Shops & Services
13,843 visits/mo
0.2 miles
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walltgreens — 569 E 42nd St, Brooklyn, NY 11203
- James Hollomon III — 1159 Utica Ave, Brooklyn, NY 11203
- Utica Plaza — 1163 Utica Ave Building #2, Brooklyn, NY 11203
- 711 front parking — 1159 utica ave, brooklyn, ny 11203
- Canarsie Plaza — 8925 Avenue D, Brooklyn, NY 11236
Frequently Asked Questions
What type of property is this?
Shopping center - Fully occupied Brooklyn asset combines ground-floor retail, office space, and three free-market apartments across two contiguous buildings.
Where is this shopping center located?
The property is located at 1249 Utica Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: 16,958‑square‑foot shopping center with seven ground‑floor retail units, one office, and three apartments; 100 percent occupied across two contiguous buildings and four separate tax lots; 225 feet of combined retail frontage at Utica Avenue and Avenue D
