Brooklyn Retail Corner Property For
For Sale
$3,500,000
Pending
191 Greenpoint Ave, Brooklyn, NY 11222
Prime location with high traffic and strong residential base.
Property Size2,737 SF
Days on Market100
Property Features for 191 Greenpoint Ave
General Information
Standard status
Pending
Size
2,737 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,496
Building Details
Building Size
2,737 SF
Year Built
1931
Stories
2
Units
3
Listing Agency:
DynamicEdge Realty LLC
Listed By:
Eddie McGowan E-PRO PSA SFR GRI
(718) 440-4180
Source:
Elliman
Added: Jun 1
Changed: Sep 4
Last Checked: Sep 7 at 6:05AM
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 DynamicEdge Realty LLC
Investment Insights
Based on property information with market context.
Located in a prime Brooklyn location at the corner of McGuinness Blvd and Greenpoint Ave, this property benefits from high foot and vehicle traffic and proximity to the East River Waterfront. The surrounding area features a strong and growing residential base, driven by a growing population of young professionals seeking rentals and condos, and is surrounded by new luxury developments. Boutique lifestyle amenities, including cafés, restaurants, nightlife, parks, and boutique shops, are located along Manhattan Avenue and Franklin Street. The property is zoned R6A (FAR 3 max) / C2-4 (FAR 2 max) and consists of 2 stories, while adjacent buildings have 5 or more stories. Originally built in 1931, the property was renovated in 2019 and 2023. Transportation options include buses on the same street, a subway (G) one block away, and nearby ferry service at India Street and LIRR. The property can be delivered vacant and includes appliances in as-is condition. The property is sold entirely "as is" in its present condition, including all structures and improvements. Taxes are stated for 2024-2025.
Key Highlights
- Prime Brooklyn location at the corner of McGuinness Blvd & Greenpoint Ave with high foot and vehicle traffic, near the East River Waterfront.
- Strong, growing residential base of young professionals driving high demand.
- R6A/C2‑4 zoning with FAR up to 3, offering development potential.
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
$131,252
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
3.75%
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%
$2,625,040
$2.6M
Cap Rate 7%
$1,875,029
$1.9M
Cap Rate 9%
$1,458,356
$1.5M
Market Conditions
NOI Build-Up for 2,737 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
$212.8K $77.76/SF
− Vacancy
−$25.3K −$9.25/SF
EGI
$187.5K $68.51/SF
− OpEx
−$56.3K −$20.55/SF
NOI
$131.3K $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /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%
$2,625,040
Cap Rate 7%
$1,875,029
Cap Rate 9%
$1,458,356
Alternative Uses
Best Use
Retail
$1.88M
$1.64M – $2.19M
NOI $131,252 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.27M
$1.98M – $2.64M
NOI $158,637 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,216
Businesses Nearby
152k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Groceries 30%
Dining 28%
Electronics 4%
McDonald's
Dining
23,761 visits/mo
0.2 miles
Key Food
Groceries
23,341 visits/mo
0.1 miles
BP
Shops & Services
20,819 visits/mo
0.1 miles
Associated Supermarkets
Groceries
13,420 visits/mo
0.3 miles
TD Bank
Shops & Services
10,699 visits/mo
0.3 miles
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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
- Y&E Flowershop — 130 Nassau Ave, Brooklyn, NY 11222
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- Sky Flowers — 164 Driggs Ave, Brooklyn, NY 11222
- Paradise Florist — 104 Norman Ave, Brooklyn, NY 11222
Frequently Asked Questions
What type of property is this?
Storefront property - Prime location with high traffic and strong residential base.
Where is this storefront property located?
The property is located at 191 Greenpoint Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Prime Brooklyn location at the corner of McGuinness Blvd & Greenpoint Ave with high foot and vehicle traffic, near the East River Waterfront.; Strong, growing residential base of young professionals driving high demand.; R6A/C2‑4 zoning with FAR up to 3, offering development potential.
