Brooklyn Mixed-Use Building For
For Sale
Contact for pricing
1397 Flatbush Ave, Brooklyn, NY
Turn-key investment property with retail and residential income.
Property Size2,280 SF
Lot Size0.02 Acres
Price / SF$482.46
Days on Market336
Property Features for 1397 Flatbush Ave
General Information
Standard status
Active
Size
2,280 SF
Lot size
0.02 Acres
Property subtype
MULTIFAMILY
Listing Agency:
Marcus & Millichap | Manhattan
(212) 430-5100
Listed By:
Alexander Arustamian · License #(S):NY:10401337149
(212) 430-5276
Source:
Moodyscre
Added: Nov 25, 2025
Changed: Oct 25
Last Checked: Oct 26 at 6:44PM
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 Marcus & Millichap | Manhattan
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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
Estimated NOI and Cap Rate
NOI / Yr
$82,764
Cap Rate
7.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,655,280
$1.7M
Cap Rate 7%
$1,182,343
$1.2M
Cap Rate 9%
$919,600
$919.6K
Market Conditions
NOI Build-Up for 2,280 SF
Gross rent
$150.5K $66.00/SF
− Vacancy
−$18.1K −$7.92/SF
EGI
$132.4K $58.08/SF
− OpEx
−$49.7K −$21.78/SF
NOI
$82.8K $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 Rate 5%
$1,655,280
Cap Rate 7%
$1,182,343
Cap Rate 9%
$919,600
Alternative Uses
Best Use
Retail
$1.56M
$1.37M – $1.82M
NOI $109,336 @ 7.0% cap · market cap 9.94%
Second Best
Mixed Use
$1.18M
$1.03M – $1.38M
NOI $82,764 @ 7.0% cap · market cap 7.52%
Theoretical Best
Specialty Retail
$1.89M
$1.65M – $2.20M
NOI $132,149 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,945
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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 $1,100,000.
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.
