Building Details

Building Size 5,500 SF

Year Built 1931

Year Renovated 2015

Units 6

Listed By: Gail Leone Show Phone

Source: Clairedleone

Added: Jul 10, 2023 Changed: Oct 23 Last Checked: Oct 23 at 3:15PM

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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 Gail Leone

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This 5,500-square-foot mixed-use property dates to 1931 and was renovated in 2015. The building includes residential apartments and commercial space. The source describes three apartments as potentially vacant at closing, so their occupancy should be confirmed.

Located at 1021 Manhattan Ave in Brooklyn’s Greenpoint area, the property is in an R-7A zone with a C2-4 commercial overlay. The stated zoning information indicates potential for an additional 2,005 square feet, subject to verification with an architect.

Key Highlights

• 5,500‑square‑foot mixed‑use property
• Built in 1931; renovated in 2015
• R‑7A zoning with C2‑4 commercial overlay

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$263,750

Cap Rate

7.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,275,000 $5.3M

Cap Rate 7%

$3,767,857 $3.8M

Cap Rate 9%

$2,930,556 $2.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,500 SF

Gross rent

$427.7K $77.76/SF

− Vacancy

−$50.9K −$9.25/SF

EGI

$376.8K $68.51/SF

− OpEx

−$113.0K −$20.55/SF

NOI

$263.8K $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 Rate 5%

$5,275,000

Cap Rate 7%

$3,767,857

Cap Rate 9%

$2,930,556

Alternative Uses

Best Use

Retail

$3.77M

$3.30M – $4.40M (±1% cap)

NOI $263,750 @ 7.0% cap · market cap 7.33%

Second Best

Mixed Use

$2.85M

$2.50M – $3.33M (±1% cap)

NOI $199,650 @ 7.0% cap · market cap 5.55%

Theoretical Best

Specialty Retail

$4.55M

$3.98M – $5.31M (±1% cap)

NOI $318,780 @ 7.0% cap · market cap 8.86%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Greenpoint Natural Market Specialty Food Shop

Suggested Use

Top Pick Nursing Home (Bike/Boat/Book/etc) Store Pet Grooming Service Law Firm Mobile Phone Store Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

4,350

Businesses Nearby

Explore this area Business Placement

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 Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A 2015 renovation and mixed-use configuration combine residential apartments with commercial space.

Where is this mixed-use property located?

The property is located at 1021 Manhattan Ave Brooklyn, NY.

What is the asking price?

The asking price for this property is $3,600,000.

What are key features of this property?

This property features: 5,500‑square‑foot mixed‑use property; Built in 1931; renovated in 2015; R‑7A zoning with C2‑4 commercial overlay