Brooklyn Retail Building on
For Sale
Contact for pricing
Pending
1622 Pitkin Ave, Brooklyn, NY 11212
Two-story retail building in Brooklyn with high visibility.
Property Size2,855 SF
Days on Market2632
Property Features for 1622 Pitkin Ave
General Information
Standard status
Pending
Size
2,855 SF
Property subtype
Retail
Zoning
C4 - 3
Occupancy
100%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1930
Stories
2
Units
1
Tenancy
Single
Listing Agency:
JA Cohen Advisory Group LLC
(917) 533-8905
Listed By:
Jack A. Cohen · License #NY 10491209522
Source:
Crexi
Added: Jun 3, 2019
Changed: Aug 14
Last Checked: Aug 12 at 12:32PM
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 JA Cohen Advisory Group LLC
Investment Insights
Based on property information with market context.
Located in Brooklyn, NY, the two-story retail building at 1622 PITKIN AVE offers an investment opportunity. The property is positioned on a corner of Pitkin Avenue and Thomas S. Boyland Street, providing high visibility from two streets. It is located close to the Sutter Avenue (L) train station, which ensures foot traffic. The property has a size of 2855 square feet. With an upcoming lease expiration, there is an opportunity for re-tenanting or owner occupancy. The property offers the ability to enhance NOI through market-rate leasing.
Key Highlights
- Prime corner location on Pitkin Avenue and Thomas S. Boyland Street with high visibility.
- Close proximity to the Sutter Avenue (L) train station, ensuring high foot traffic.
- Reduced price of $560 PSF.
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
$136,910
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
8.56%
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%
$2,738,200
$2.7M
Cap Rate 7%
$1,955,857
$2.0M
Cap Rate 9%
$1,521,222
$1.5M
Market Conditions
NOI Build-Up for 2,855 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
$222.0K $77.76/SF
− Vacancy
−$26.4K −$9.25/SF
EGI
$195.6K $68.51/SF
− OpEx
−$58.7K −$20.55/SF
NOI
$136.9K $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /SF/Yr
Expense Ratio
30.00%
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%
$2,738,200
Cap Rate 7%
$1,955,857
Cap Rate 9%
$1,521,222
Alternative Uses
Best Use
Retail
$1.96M
$1.71M – $2.28M
NOI $136,910 @ 7.0% cap · market cap 8.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.36M
$2.07M – $2.76M
NOI $165,476 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,765
Businesses Nearby
144k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Groceries 28%
Apparel 19%
Beauty & Spa 1%
Food Bazaar Supermarket
Groceries
26,934 visits/mo
0.3 miles
BP
Shops & Services
17,847 visits/mo
0.2 miles
Shoppers World
Apparel
14,472 visits/mo
0.0 miles
Dollar Tree
Shops & Services
10,409 visits/mo
0.3 miles
Family Dollar
Shops & Services
10,124 visits/mo
0.5 miles
Demographics for 11212, NY
91,574
Population
34,782
Households
2.6
Avg Household Size
36
Median Age
16%
College-Educated
78%
High-School Grad
1.5 sq mi
ZIP Area
61,049
Density / Sq Mi
$40,060
Median Household Income
$32,553
Median Earnings
$1,231
Median Rent
$549,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-story retail building in Brooklyn with high visibility.
Where is this retail space located?
The property is located at 1622 Pitkin Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Prime corner location on Pitkin Avenue and Thomas S. Boyland Street with high visibility.; Close proximity to the Sutter Avenue (L) train station, ensuring high foot traffic.; Reduced price of $560 PSF.
