Mixed-Use Building with
1962 Coney Island Avenue Brooklyn, NY 11223
1962 Coney Island Avenue, Brooklyn, NY, 11223
$2,100,000
For Sale
$2,100,000
Ground-floor restaurant with central heat and A/C, plus two residential units above, fully gutted and renovated.
Property Size3,300 SF
Price / SF$636.36
Days on Market85
Property Features for 1962 Coney Island Avenue
General Information
- Standard status
- Active
- Size
- 3,300 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1931
Listing agency
RE/MAX Edge
(718) 612-3088
Listed by
Jason Zhou · License #jz1320
(718) 612-3088
Source
Compass
Added: Apr 29 Updated: Jul 21 at 9:55PM Checked: Jul 21 at 9:55PM
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 RE/MAX Edge
Investment Insights
Based on property information with market context.
This mixed-use building at 1962 Coney Island Avenue, Brooklyn, NY 11223, was fully gutted and renovated approximately 9 years ago. The ground-floor restaurant has its own central heat and A/C. Above, the property includes two residential units: the second floor offers 4 bedrooms and 1.5 baths, and the third floor offers 3 bedrooms and 1 full bath. Separate gas boilers and water heaters serve the building.
The owner reports low ongoing expenses, with responsibility limited to property taxes, building insurance, and hallway electric. The property is zoned C8-2. The seller also notes potential additional buildable square footage.
Overall, the configuration combines a street-level commercial space with two sizable residential units in a renovated mixed-use asset.
The owner reports low ongoing expenses, with responsibility limited to property taxes, building insurance, and hallway electric. The property is zoned C8-2. The seller also notes potential additional buildable square footage.
Overall, the configuration combines a street-level commercial space with two sizable residential units in a renovated mixed-use asset.
Key Highlights
- Mixed‑use building with 3 units: ground‑floor restaurant plus two residential units above
- Ground‑floor restaurant has its own central heat and A/C
- Residential layout: 2nd floor has 4 bedrooms and 1.5 baths; 3rd floor has 3 bedrooms and 1 full bath
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $277.2k | $84.00 |
| − Vacancy | −$22.2k | −$6.72 |
| EGI | $255.0k | $77.28 |
| − OpEx | −$63.8k | −$19.32 |
| NOI | $191.3k | $57.96 |
3,300 SF · lease $84.00/SF/yr · vacancy 8.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.73M
$2.39M – $3.19M
NOI $191,268 @ 7.0% cap · market cap 9.11%
Second Best
Mixed Use
$1.71M
$1.50M – $2.00M
NOI $119,790 @ 7.0% cap · market cap 5.70%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Casa Marias Restaurant
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Ground-floor restaurant with central heat and A/C, plus two residential units above, fully gutted and renovated.
Where is this mixed-use property located?
The property is located at 1962 Coney Island Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Mixed‑use building with 3 units: ground‑floor restaurant plus two residential units above; Ground‑floor restaurant has its own central heat and A/C; Residential layout: 2nd floor has 4 bedrooms and 1.5 baths; 3rd floor has 3 bedrooms and 1 full bath
