Brooklyn Mixed-Use Building For
1397 Flatbush Ave Brooklyn, NY
For Sale
Contact for pricing
Turn-key investment property with retail and residential income.
Property Size2,280 SF
Lot Size0.02 Acres
Price / SF$537.28
Days on Market362
Property Features for 1397 Flatbush Ave
General Information
Standard status
Active
Size
2,280 SF
Lot size
0.02 Acres
Property subtype
RETAIL
Listing Agency:
RIPCO Real Estate - Brooklyn
(646) 827-9968
Listed By:
Alex Svetlakou · License #10401242416
Source:
Moodyscre
Added: Jul 31, 2025
Changed: Jul 6
Last Checked: Jul 21 at 6:41AM
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 RIPCO Real Estate - Brooklyn
Investment Insights
Based on property information with market context.
This is a three-story, 2,280 square foot masonry mixed-use building situated on a single tax lot. The ground floor retail space is leased to a hair salon until April 2035. The two upper free-market apartments feature two-bedroom layouts and are leased for $2,842 per month and $2,500 per month, respectively. The property currently generates over $103,000 gross annually and has a favorable Tax Class 1, which limits future tax increases. Zoned R7A with a commercial overlay, the property offers additional air rights that may be used to add a floor in the future. It is located on one of Brooklyn’s busiest retail corridors, within four blocks of Brooklyn College and near numerous stores, restaurants, and other conveniences. Situated between the Newkirk Av 2, 5 Station and the Newkirk Plaza B, Q Station, the property provides convenient connectivity across Brooklyn and to other boroughs. This renovated, turn-key investment asset is located on a busy corridor with high pedestrian foot traffic in a rapidly evolving market.
Key Highlights
- High‑traffic location on a busy Brooklyn retail corridor near Brooklyn College and multiple transportation options (2, 5, B, Q trains).
- Turn‑key investment property generating over $103K gross annually.
- Favorable Tax Class 1 limits future tax increases.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $177.3k | $77.76 |
| − Vacancy | −$21.1k | −$9.25 |
| EGI | $156.2k | $68.51 |
| − OpEx | −$46.9k | −$20.55 |
| NOI | $109.3k | $47.95 |
2,280 SF · lease $77.76/SF/yr · vacancy 11.90% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.56M
$1.37M – $1.82M
NOI $109,336 @ 7.0% cap · market cap 8.93%
Second Best
Mixed Use
$1.18M
$1.03M – $1.38M
NOI $82,764 @ 7.0% cap · market cap 6.76%
Theoretical Best
Specialty Retail
$1.89M
$1.65M – $2.20M
NOI $132,149 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Turn-key investment property with retail and residential income.
Where is this mixed-use property located?
The property is located at 1397 Flatbush Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: High‑traffic location on a busy Brooklyn retail corridor near Brooklyn College and multiple transportation options (2, 5, B, Q trains).; Turn‑key investment property generating over $103K gross annually.; Favorable Tax Class 1 limits future tax increases.
