Seven-Story Elevator Apartment
For Sale
$6,500,000
1613 Mermaid Avenue, Brooklyn, NY 11224
Commercial Sale, Brooklyn, NY
Property Size15,986 SF
Price / SF$406.61
Days on Market109
Property Features for 1613 Mermaid Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
45
Bathrooms
16
Full bathrooms
16
Rooms
Bedroom 45, Bedroom 21, Bedroom 37, Bedroom 17, Bathroom 2, Bedroom 6, Bathroom 12, Bedroom 41, Bedroom 5, Bedroom 7, Bedroom 38, Bedroom 42, Bedroom 4, Bedroom 31, Bathroom 6, Bedroom 14, Bathroom 13, Bedroom 43, Bedroom 12, Bedroom 35, Bedroom 24, Bathroom 14, Bedroom 27, Bedroom 22, Bathroom 11, Bedroom 32, Bedroom 34, Bedroom 28, Bedroom 29, Bedroom 44, Bedroom 39, Bedroom 19, Bedroom 36, Bedroom 25, Bedroom 26, Bathroom 5, Bedroom 16, Bedroom 30, Bedroom 1, Bedroom 10, Bathroom 10, Bedroom 8, Bedroom 20, Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 15, Bathroom 4, Bedroom 9, Bedroom 11, Bathroom 15, Bathroom 8, Bedroom 13, Bedroom 3, Bedroom 33, Bathroom 9, Bathroom 16, Bedroom 40, Bathroom 7, Bedroom 23, Bedroom 18
Subdivision
Coney Island
High school district
000000
Standard status
Active
Size
15,986 SF
Amenities
laundry facility
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Sarah Sawyer · License #10301214928
(917) 854-1898
Added: May 21
Changed: Sep 5
Last Checked: Sep 6 at 6:06AM
MLS# 11779824
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Constructed in 2020, this seven-story elevator apartment building contains approximately 15,986 square feet with 16 residential apartments. The property also includes eight parking spaces and a laundry facility, providing a practical mix of residential and ancillary improvements.
Located at 1613 Mermaid Avenue in Brooklyn, the building sits between West 16th and West 17th Streets, one block from Surf Avenue and two blocks from Nathan's hot dogs. The Coney Island Boardwalk, beaches, New York Aquarium, Luna Park, Maimonides Park, retail conveniences, and the Stillwell Avenue transportation hub are nearby.
The property benefits from a 421A tax exemption currently in year 8 of 15, extending through June 30, 2034. Its modern construction and elevator service support the 16-unit residential configuration.
Located at 1613 Mermaid Avenue in Brooklyn, the building sits between West 16th and West 17th Streets, one block from Surf Avenue and two blocks from Nathan's hot dogs. The Coney Island Boardwalk, beaches, New York Aquarium, Luna Park, Maimonides Park, retail conveniences, and the Stillwell Avenue transportation hub are nearby.
The property benefits from a 421A tax exemption currently in year 8 of 15, extending through June 30, 2034. Its modern construction and elevator service support the 16-unit residential configuration.
Key Highlights
- 2020 construction with approximately 15,986 square feet
- 16 residential apartments in a seven‑story elevator building
- Eight on‑site parking spaces and a laundry facility
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
$580,292
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
8.93%
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%
$11,605,840
$11.6M
Cap Rate 7%
$8,289,886
$8.3M
Cap Rate 9%
$6,447,689
$6.4M
Market Conditions
NOI Build-Up for 15,986 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
$1.06M $66.00/SF
− Vacancy
−$126.6K −$7.92/SF
EGI
$928.5K $58.08/SF
− OpEx
−$348.2K −$21.78/SF
NOI
$580.3K $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%
$11,605,840
Cap Rate 7%
$8,289,886
Cap Rate 9%
$6,447,689
Alternative Uses
Best Use
Mixed Use
$8.29M
$7.25M – $9.67M
NOI $580,292 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$6.97M
$6.10M – $8.13M
NOI $488,036 @ 7.0% cap · market cap 7.51%
Theoretical Best
Specialty Retail
$13.24M
$11.58M – $15.44M
NOI $926,549 @ 7.0% cap · market cap 14.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
1,939
Businesses Nearby
Explore this area
Business Placement
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Modern residential property with on-site parking, laundry facilities, and a 421A tax exemption.
Where is this apartment building located?
The property is located at 1613 Mermaid Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 2020 construction with approximately 15,986 square feet; 16 residential apartments in a seven‑story elevator building; Eight on‑site parking spaces and a laundry facility
