Four-Story Mixed-Use
For Sale
Contact for pricing
1731 PITKIN AVE BROOKLYN NY 11212, Brooklyn, NY 11212
Rehabilitated mixed-use property with free-market apartments, ground-floor retail, and basement storage in a neighborhood commercial corridor.
Property Size8,772 SF
Price / SF$341
Days on Market132
Property Features for 1731 PITKIN AVE BROOKLYN NY 11212
General Information
Standard status
Active
Size
8,772 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
C4-3, R6
Net Operating Income
$212,400
Building Details
Year Built
1930
Listing Agency:
Meridian Capital Group Midtown
(212) 468-5958
Listed By:
Shallini Mehra · License #NY 10301207794
Source:
Crexi
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 7:31PM
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 Meridian Capital Group Midtown
Investment Insights
Based on property information with market context.
This four-story walk-up mixed-use building contains 8,772 square feet arranged among six residential apartments and a ground-floor retail space. Basement storage supports the retail component, while substantial rehabilitation completed in 2020 and 2021 updates a property originally built in 1930. The residential units are 100% Free Market.
The building occupies a location between Osborn Street and Thatford Avenue on Pitkin Avenue in Brownsville, Brooklyn. Its C4-3, R6 zoning and combination of residential and retail space define a flexible neighborhood-oriented configuration. Local surroundings include residential buildings, neighborhood parks, and retail corridors.
The building occupies a location between Osborn Street and Thatford Avenue on Pitkin Avenue in Brownsville, Brooklyn. Its C4-3, R6 zoning and combination of residential and retail space define a flexible neighborhood-oriented configuration. Local surroundings include residential buildings, neighborhood parks, and retail corridors.
Key Highlights
- 8,772‑square‑foot, four‑story walk‑up mixed‑use building
- Six residential units plus one ground‑floor retail space
- Basement storage serving the retail component
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
$267,800
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%
$5,356,000
$5.4M
Cap Rate 7%
$3,825,714
$3.8M
Cap Rate 9%
$2,975,556
$3.0M
Market Conditions
NOI Build-Up for 8,772 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
$496.8K $56.64/SF
− Vacancy
−$9.9K −$1.13/SF
EGI
$486.9K $55.51/SF
− OpEx
−$219.1K −$24.98/SF
NOI
$267.8K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$5,356,000
Cap Rate 7%
$3,825,714
Cap Rate 9%
$2,975,556
Alternative Uses
Best Use
Retail
$6.01M
$5.26M – $7.01M
NOI $420,658 @ 7.0% cap · market cap 14.02%
Second Best
Mixed Use
$4.55M
$3.98M – $5.31M
NOI $318,424 @ 7.0% cap · market cap 10.61%
Theoretical Best
Specialty Retail
$7.26M
$6.36M – $8.47M
NOI $508,425 @ 7.0% cap · market cap 16.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,616
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Rehabilitated mixed-use property with free-market apartments, ground-floor retail, and basement storage in a neighborhood commercial corridor.
Where is this mixed-use property located?
The property is located at 1731 PITKIN AVE BROOKLYN NY 11212 Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 8,772‑square‑foot, four‑story walk‑up mixed‑use building; Six residential units plus one ground‑floor retail space; Basement storage serving the retail component
