Mixed-Use Building with
For Sale
$2,100,000
1962 Coney Island Avenue, Brooklyn, NY 11223
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 Market95
Property Features for 1962 Coney Island Avenue
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Mixed Use
Zoning
C8-2
Additional Details
Multifamily Units
2
Building Details
Year Built
1931
Stories
3
Listing Agency:
RE/MAX Edge
(718) 612-3088
Listed By:
Jason Zhou · License #jz1320
(718) 612-3088
Source:
Compass
Added: Apr 29
Changed: Jul 21
Last Checked: Jul 31 at 10:26AM
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
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 authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,318
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
Market
Properties on Market for Mixed-use properties in Brooklyn
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 - 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
