Mixed-Use Building with
For Sale
$1,500,000
928 Utica Ave, Brooklyn, NY 11203
Well-maintained mixed-use property with a ground-floor commercial storefront and three residential units above.
Property Size3,240 SF
Days on Market59
Property Features for 928 Utica Ave
General Information
Standard status
Active
Size
3,240 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$16,559
Building Details
Building Size
3,240 SF
Year Built
1931
Units
4
Listed By:
Weston Brown Jr
(848) 468-0423
Source:
Elliman
Added: Jul 11
Changed: Sep 4
Last Checked: Sep 7 at 7:09AM
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 Weston Brown Jr
Investment Insights
Based on property information with market context.
This well-maintained mixed-use property includes a prime ground-floor commercial storefront and three residential units on the levels above. The residential configuration consists of two-bedroom, one-bath apartments over additional two-bedroom, one-bath space, with a one-bedroom, one-bath unit as the top unit.
The property benefits from an area described as very walkable, with a high transit score of 92 (Rider’s Paradise) and bike score of 55 (Bikeable), supporting convenient access to daily needs.
For sale as an all-in-one investment and mixed-use asset, the building offers both commercial storefront space and income-producing apartments within the same structure.
The property benefits from an area described as very walkable, with a high transit score of 92 (Rider’s Paradise) and bike score of 55 (Bikeable), supporting convenient access to daily needs.
For sale as an all-in-one investment and mixed-use asset, the building offers both commercial storefront space and income-producing apartments within the same structure.
Key Highlights
- Year built 1931 mixed‑use property with ground‑floor commercial storefront plus 3 residential units
- Ground‑floor commercial storefront included as part of the mixed‑use setup
- Residential unit mix includes a 2‑bedroom, 1‑bath unit
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
$117,612
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
7.84%
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%
$2,352,240
$2.4M
Cap Rate 7%
$1,680,171
$1.7M
Cap Rate 9%
$1,306,800
$1.3M
Market Conditions
NOI Build-Up for 3,240 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
$213.8K $66.00/SF
− Vacancy
−$25.7K −$7.92/SF
EGI
$188.2K $58.08/SF
− OpEx
−$70.6K −$21.78/SF
NOI
$117.6K $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%
$2,352,240
Cap Rate 7%
$1,680,171
Cap Rate 9%
$1,306,800
Alternative Uses
Best Use
Retail
$2.22M
$1.94M – $2.59M
NOI $155,373 @ 7.0% cap · market cap 10.36%
Second Best
Mixed Use
$1.68M
$1.47M – $1.96M
NOI $117,612 @ 7.0% cap · market cap 7.84%
Theoretical Best
Specialty Retail
$2.68M
$2.35M – $3.13M
NOI $187,790 @ 7.0% cap · market cap 12.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,900
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Well-maintained mixed-use property with a ground-floor commercial storefront and three residential units above.
Where is this live-work space located?
The property is located at 928 Utica Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Year built 1931 mixed‑use property with ground‑floor commercial storefront plus 3 residential units; Ground‑floor commercial storefront included as part of the mixed‑use setup; Residential unit mix includes a 2‑bedroom, 1‑bath unit
