Mixed-Use Building with
For Sale
$2,380,000
9104 3rd Ave, Brooklyn, NY 11209
Mixed-use property with a ground-floor commercial storefront and five renovated residential units, each metered for gas and electric.
Property Size4,560 SF
Days on Market97
Property Features for 9104 3rd Ave
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$25,835
Building Details
Building Size
4,560 SF
Year Built
1925
Units
6
Listing Agency:
RE Max Edge Group
Listed By:
Josephine Sabatino · License #JS6291
(718) 288-3835
Source:
Elliman
Added: Jun 3
Changed: Sep 6
Last Checked: Sep 7 at 7:54AM
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 RE Max Edge Group
Investment Insights
Based on property information with market context.
This mixed-use building offers six income-producing units total, including one ground-floor commercial storefront and five residential apartments. The residential mix includes 1-bedroom and 2-bedroom layouts, with updated kitchens and bathrooms and described spacious layouts with excellent natural light. The building was renovated in 2016 and is maintained in excellent condition. Separate gas and electric meters support independent utility service for added convenience.
A large, clean basement with updated mechanicals and ample storage space provides additional utility for the building.
The ground-floor tenant is described as an established nail salon, and the property benefits from in-place income across both the residential and commercial components.
A large, clean basement with updated mechanicals and ample storage space provides additional utility for the building.
The ground-floor tenant is described as an established nail salon, and the property benefits from in-place income across both the residential and commercial components.
Key Highlights
- Mixed‑use building (built 1925) with 1 ground‑floor commercial storefront and 5 residential units
- Renovated in 2016 and described as maintained in excellent condition
- Apartment mix includes updated 1‑bedroom and 2‑bedroom layouts with updated kitchens and bathrooms
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
$218,673
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
9.19%
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%
$4,373,460
$4.4M
Cap Rate 7%
$3,123,900
$3.1M
Cap Rate 9%
$2,429,700
$2.4M
Market Conditions
NOI Build-Up for 4,560 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
$354.6K $77.76/SF
− Vacancy
−$42.2K −$9.25/SF
EGI
$312.4K $68.51/SF
− OpEx
−$93.7K −$20.55/SF
NOI
$218.7K $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%
$4,373,460
Cap Rate 7%
$3,123,900
Cap Rate 9%
$2,429,700
Alternative Uses
Best Use
Retail
$3.12M
$2.73M – $3.64M
NOI $218,673 @ 7.0% cap · market cap 9.19%
Second Best
Mixed Use
$2.36M
$2.07M – $2.76M
NOI $165,528 @ 7.0% cap · market cap 6.95%
Theoretical Best
Specialty Retail
$3.78M
$3.30M – $4.40M
NOI $264,298 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
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 - Mixed-use property with a ground-floor commercial storefront and five renovated residential units, each metered for gas and electric.
Where is this apartment building located?
The property is located at 9104 3rd Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,380,000.
What are key features of this property?
This property features: Mixed‑use building (built 1925) with 1 ground‑floor commercial storefront and 5 residential units; Renovated in 2016 and described as maintained in excellent condition; Apartment mix includes updated 1‑bedroom and 2‑bedroom layouts with updated kitchens and bathrooms
