Mixed-Use Multifamily
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For Sale
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152 Patchen Avenue, Brooklyn, NY 11221
Seven apartments and one commercial space support a mixed-use property with varied two-, three-, and four-bedroom layouts.
Property Size6,240 SF
Lot Size0.06 Acres
Price / SF$400.64
Days on Market3
Property Features for 152 Patchen Avenue
General Information
Standard status
Active
Size
6,240 SF
Lot size
0.06 Acres
Property subtype
Mixed Use, Multifamily
Additional Details
Multifamily Units
7
Building Details
Year Built
1910
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Dan Greenblatt · License #NY 10301215921
Source:
Crexi
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 2:02PM
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
Investment Insights
Based on property information with market context.
This mixed-use property combines seven residential apartments with one commercial space in a 6,240-square-foot building on a 2,470-square-foot lot. The apartment mix includes two-, three-, and four-bedroom layouts, offering a range of residential configurations within the same building.
Constructed in 1910, the property is located at 152 Patchen Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood. The asset is positioned within an established Brooklyn residential area and includes both residential and commercial components.
Constructed in 1910, the property is located at 152 Patchen Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood. The asset is positioned within an established Brooklyn residential area and includes both residential and commercial components.
Key Highlights
- 7 residential units and 1 commercial space
- 6,240 square feet across the building
- 2,470‑square‑foot lot
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
$226,512
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
9.06%
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%
$4,530,240
$4.5M
Cap Rate 7%
$3,235,886
$3.2M
Cap Rate 9%
$2,516,800
$2.5M
Market Conditions
NOI Build-Up for 6,240 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
$411.8K $66.00/SF
− Vacancy
−$49.4K −$7.92/SF
EGI
$362.4K $58.08/SF
− OpEx
−$135.9K −$21.78/SF
NOI
$226.5K $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%
$4,530,240
Cap Rate 7%
$3,235,886
Cap Rate 9%
$2,516,800
Alternative Uses
Best Use
Specialty Retail
$5.17M
$4.52M – $6.03M
NOI $361,670 @ 7.0% cap · market cap 14.47%
Second Best
Retail
$4.27M
$3.74M – $4.99M
NOI $299,237 @ 7.0% cap · market cap 11.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
3,815
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Seven apartments and one commercial space support a mixed-use property with varied two-, three-, and four-bedroom layouts.
Where is this mixed-use property located?
The property is located at 152 Patchen Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 7 residential units and 1 commercial space; 6,240 square feet across the building; 2,470‑square‑foot lot
