Mixed-Use Building with Air
For Sale
Contact for pricing
Pending
1601 Saint Johns, New York, NY 11233
Two-level property combining a street-facing commercial space with an upper-floor three-bedroom apartment.
Property Size2,460 SF
Days on Market419
Property Features for 1601 Saint Johns
General Information
Standard status
Pending
Size
2,460 SF
Property subtype
Mixed Use
Zoning
C2-3
Investment Type
Value Add
Building Details
Year Built
1920
Buildings
1
Stories
2
Units
1
Listing Agency:
Peace of Mind Realty
(347) 742-8669
Listed By:
Scarla Pineda · License #10311209866
Source:
Crexi
Added: Jul 10, 2025
Changed: Aug 30
Last Checked: Aug 31 at 8:45AM
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 Peace of Mind Realty
Investment Insights
Based on property information with market context.
Located at 1601 Saint Johns in Crown Heights, Brooklyn, this mixed-use property was built in 1920 and includes 2,460 of reported property size. The ground floor contains a commercial space suited to retail, café, or office use, while the upper level provides a three-bedroom, one-bath apartment. The configuration supports commercial and residential occupancy within the same building.
The property is zoned C2-3 and offers over 3,000 square feet of unused air rights. Its Crown Heights setting places it near businesses, parks, and subway access, providing proximity to neighborhood services and public transportation. The address is 1601 Saint Johns, New York, NY 11233.
The property is zoned C2-3 and offers over 3,000 square feet of unused air rights. Its Crown Heights setting places it near businesses, parks, and subway access, providing proximity to neighborhood services and public transportation. The address is 1601 Saint Johns, New York, NY 11233.
Key Highlights
- Over 3,000 square feet of unused air rights
- Ground‑floor commercial space with street visibility
- Upper‑level 3‑bedroom, 1‑bath apartment
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
$78,413
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
8.82%
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%
$1,568,260
$1.6M
Cap Rate 7%
$1,120,186
$1.1M
Cap Rate 9%
$871,256
$871.3K
Market Conditions
NOI Build-Up for 2,460 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
$147.6K $60.00/SF
− Vacancy
−$22.1K −$9.00/SF
EGI
$125.5K $51.00/SF
− OpEx
−$47.0K −$19.13/SF
NOI
$78.4K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /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%
$1,568,260
Cap Rate 7%
$1,120,186
Cap Rate 9%
$871,256
Alternative Uses
Best Use
Retail
$4.95M
$4.33M – $5.77M
NOI $346,182 @ 7.0% cap · market cap 38.94%
Second Best
Mixed Use
$1.12M
$980.2K – $1.31M
NOI $78,413 @ 7.0% cap · market cap 8.82%
Theoretical Best
Specialty Retail
$6.12M
$5.36M – $7.14M
NOI $428,630 @ 7.0% cap · market cap 48.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
29,321
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
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?
Mixed-use property - Two-level property combining a street-facing commercial space with an upper-floor three-bedroom apartment.
Where is this mixed-use property located?
The property is located at 1601 Saint Johns New York, NY.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: Over 3,000 square feet of unused air rights; Ground‑floor commercial space with street visibility; Upper‑level 3‑bedroom, 1‑bath apartment
