Storefront Property with Drive-In
New
For Sale
$5,799,000
1261 Coney Island Ave, Brooklyn, NY 11230
Two-story commercial building with retail, office, and ground-floor warehouse space under R5 and C2-3 zoning.
Property Size5,958 SF
Lot Size0.14 Acres
Price / SF$878.64
Days on Market3
Property Features for 1261 Coney Island Ave
General Information
Standard status
Active
Size
5,958 SF
Lot size
0.14 Acres
Property subtype
Commercial
Zoning
R5, C2-3
Site & Location
Road Frontage
59.58 ft
Road Access
Yes
Additional Details
Land Use
commercial, retail, office, warehouse
Taxes and HOA fees
Annual Taxes
$54,960
Amenities
drive-in gate
Building Details
Building Size
5,958 SF
Year Built
1923
Buildings
1
Stories
2
Listing Agency:
Allure NY Properties
Listed By:
Orian Hakmon
(917) 730-6336
Source:
Elliman
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 4 at 11:46AM
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 Allure NY Properties
Investment Insights
Based on property information with market context.
This storefront property at 1261 Coney Island Avenue includes an existing two-story commercial building totaling approximately 6,600 SF. The improvements comprise approximately 5,958 SF of retail or commercial space, approximately 500 SF of office space, and ground-floor warehouse or commercial space with a full drive-in gate. The property was built in 1923.
The parcel measures 59.58 feet by 100 feet, providing approximately 5,958 SF of land along Coney Island Avenue. Zoning is identified as R5 and C2-3. Continued commercial use, renovation, expansion, or mixed-use redevelopment may be evaluated subject to applicable zoning requirements, independent review, and required NYC approvals. Walk Score and Transit Score are each 93, while Bike Score is 68.
The parcel measures 59.58 feet by 100 feet, providing approximately 5,958 SF of land along Coney Island Avenue. Zoning is identified as R5 and C2-3. Continued commercial use, renovation, expansion, or mixed-use redevelopment may be evaluated subject to applicable zoning requirements, independent review, and required NYC approvals. Walk Score and Transit Score are each 93, while Bike Score is 68.
Key Highlights
- 59.58′ × 100′ lot with approximately 5,958 SF of land
- Existing two‑story commercial building totaling approximately 6,600 SF
- Approximately 5,958 SF of retail / commercial space
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
$316,500
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
5.46%
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%
$6,330,000
$6.3M
Cap Rate 7%
$4,521,429
$4.5M
Cap Rate 9%
$3,516,667
$3.5M
Market Conditions
NOI Build-Up for 6,600 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
$513.2K $77.76/SF
− Vacancy
−$61.1K −$9.25/SF
EGI
$452.1K $68.51/SF
− OpEx
−$135.6K −$20.55/SF
NOI
$316.5K $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%
$6,330,000
Cap Rate 7%
$4,521,429
Cap Rate 9%
$3,516,667
Alternative Uses
Best Use
Retail
$4.52M
$3.96M – $5.28M
NOI $316,500 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.46M
$4.78M – $6.38M
NOI $382,536 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,812
Businesses Nearby
84k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 87%
Dining 11%
Home Improvements & Furnishings 2%
TD Bank
Shops & Services
22,439 visits/mo
0.1 miles
7-Eleven
Shops & Services
11,776 visits/mo
0.2 miles
Sunoco
Shops & Services
11,658 visits/mo
0.2 miles
Apple Bank
Shops & Services
9,250 visits/mo
0.1 miles
Starbucks
Dining
9,041 visits/mo
0.2 miles
Demographics for 11230, NY
91,391
Population
34,269
Households
2.7
Avg Household Size
35
Median Age
44%
College-Educated
82%
High-School Grad
1.8 sq mi
ZIP Area
50,773
Density / Sq Mi
$69,522
Median Household Income
$43,135
Median Earnings
$1,734
Median Rent
$863,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-story commercial building with retail, office, and ground-floor warehouse space under R5 and C2-3 zoning.
Where is this storefront property located?
The property is located at 1261 Coney Island Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,799,000.
What are key features of this property?
This property features: 59.58′ × 100′ lot with approximately 5,958 SF of land; Existing two‑story commercial building totaling approximately 6,600 SF; Approximately 5,958 SF of retail / commercial space
