Mixed-Use Building with Expansion
For Sale
$1,899,999
1902 Stillwell Avenue, Brooklyn, NY 11223
Existing woodshop and apartment layouts are paired with R5 zoning for mixed-use redevelopment review.
Property Size3,780 SF
Days on Market64
Property Features for 1902 Stillwell Avenue
General Information
Standard status
Active
Size
3,780 SF
Units
Unit Mix
1 x 3BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,670
Amenities
Central Air
Forced Air
Storage Space
Building Details
Building Size
3,780 SF
Year Built
1931
Stories
2
Listing Agency:
Concrete Jungle NYC Realty
Listed By:
Massimo Accardo
(917) 717-0159
Source:
Evrealestate
Added: Jul 30
Changed: Sep 25
Last Checked: Sep 30 at 12:37PM
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 Concrete Jungle NYC Realty
Investment Insights
Based on property information with market context.
This mixed-use property is delivered vacant and includes a first-floor woodshop, basement storage, and a second-floor three-bedroom, one-bath apartment. Built in 1931, the structure also has a 3-foot crawl space at the roof level, with roof access available for measurements and other due diligence. Parking spaces are included beside the building near the garden.
The property is located at 1902 Stillwell Avenue in Brooklyn, NY 11223, in a densely populated neighborhood described as rapidly growing. Multiple train lines are within steps of the building. R5 zoning is identified as allowing consideration of substantial additional buildable area above the existing structure, subject to buyer verification and due diligence. The building’s prior mechanic and woodshop use is also cited as evidence of a heavy-duty structural frame suited to evaluating vertical additions.
The property is located at 1902 Stillwell Avenue in Brooklyn, NY 11223, in a densely populated neighborhood described as rapidly growing. Multiple train lines are within steps of the building. R5 zoning is identified as allowing consideration of substantial additional buildable area above the existing structure, subject to buyer verification and due diligence. The building’s prior mechanic and woodshop use is also cited as evidence of a heavy-duty structural frame suited to evaluating vertical additions.
Key Highlights
- R5 zoning identified for mixed‑use redevelopment review
- Delivered vacant with woodshop, basement storage, and apartment layout
- Second floor includes a 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
$137,214
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
7.22%
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%
$2,744,280
$2.7M
Cap Rate 7%
$1,960,200
$2.0M
Cap Rate 9%
$1,524,600
$1.5M
Market Conditions
NOI Build-Up for 3,780 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
$249.5K $66.00/SF
− Vacancy
−$29.9K −$7.92/SF
EGI
$219.5K $58.08/SF
− OpEx
−$82.3K −$21.78/SF
NOI
$137.2K $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%
$2,744,280
Cap Rate 7%
$1,960,200
Cap Rate 9%
$1,524,600
Alternative Uses
Best Use
Mixed Use
$1.96M
$1.72M – $2.29M
NOI $137,214 @ 7.0% cap · market cap 7.22%
Second Best
Industrial
$960.7K
$840.6K – $1.12M
NOI $67,247 @ 7.0% cap · market cap 3.54%
Theoretical Best
Specialty Retail
$3.13M
$2.74M – $3.65M
NOI $219,089 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,626
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Existing woodshop and apartment layouts are paired with R5 zoning for mixed-use redevelopment review.
Where is this mixed-use property located?
The property is located at 1902 Stillwell Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,899,999.
What are key features of this property?
This property features: R5 zoning identified for mixed‑use redevelopment review; Delivered vacant with woodshop, basement storage, and apartment layout; Second floor includes a 3‑bedroom, 1‑bath apartment
