17-Unit Mixed-Use
New
For Sale
$5,000,000
188 Eagle St, Brooklyn, NY 11222
Commercial Sale, Brooklyn, NY
Property Size8,900 SF
Lot Size0.06 Acres
Price / SF$561.80
Days on Market3
Property Features for 188 Eagle St
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security System
Subdivision
Greenpoint
Standard status
Active
Size
8,900 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
68962
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1931
Flooring type
Hardwood
Listing Agency:
5 BORO REALTY CORP
(917) 705-0005
Listed By:
Nina Sabag · License #10311207532
855-305-DEAL
Added: Sep 30
Changed: Oct 2
Last Checked: Oct 2 at 3:06AM
MLS# 12007406
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.
At 188 Eagle Street, this four-story brick walk-up contains 17 units: 16 rent-stabilized apartments and one ground-floor retail space. The residential mix includes eight two-bedroom apartments, seven one-bedroom apartments and one studio. Built in 1931, the 8,900-square-foot property has hardwood flooring and baseboard heating fueled by natural gas.
The building is in Greenpoint, one block from McGuinness Boulevard and near the Pulaski Bridge, with access to Long Island City and Midtown Manhattan. Manhattan Avenue and India Street stations on the G train are a five-minute walk away. The property has a 93 Walk Score and a 93 Transit Score.
The building is in Greenpoint, one block from McGuinness Boulevard and near the Pulaski Bridge, with access to Long Island City and Midtown Manhattan. Manhattan Avenue and India Street stations on the G train are a five-minute walk away. The property has a 93 Walk Score and a 93 Transit Score.
Key Highlights
- 17 units: 16 rent‑stabilized apartments and 1 ground‑floor retail space
- Apartment mix includes eight 2‑bedrooms, seven 1‑bedrooms and one studio
- 8,900 square feet across a four‑story brick walk‑up built in 1931
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
$426,796
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
8.54%
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%
$8,535,920
$8.5M
Cap Rate 7%
$6,097,086
$6.1M
Cap Rate 9%
$4,742,178
$4.7M
Market Conditions
NOI Build-Up for 8,900 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
$692.1K $77.76/SF
− Vacancy
−$82.4K −$9.25/SF
EGI
$609.7K $68.51/SF
− OpEx
−$182.9K −$20.55/SF
NOI
$426.8K $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%
$8,535,920
Cap Rate 7%
$6,097,086
Cap Rate 9%
$4,742,178
Alternative Uses
Best Use
Retail
$6.10M
$5.33M – $7.11M
NOI $426,796 @ 7.0% cap · market cap 8.54%
Second Best
Mixed Use
$4.62M
$4.04M – $5.38M
NOI $323,070 @ 7.0% cap · market cap 6.46%
Theoretical Best
Specialty Retail
$7.37M
$6.45M – $8.60M
NOI $515,844 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
4,387
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-story brick construction combines stabilized apartments with street-level retail in a walk-up configuration.
Where is this mixed-use property located?
The property is located at 188 Eagle St Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 17 units: 16 rent‑stabilized apartments and 1 ground‑floor retail space; Apartment mix includes eight 2‑bedrooms, seven 1‑bedrooms and one studio; 8,900 square feet across a four‑story brick walk‑up built in 1931
