Three-Story Mixed-Use
New
For Sale
$1,998,000
1962 Coney Island Avenue, Brooklyn, NY 11223
Residential Income, Brooklyn, NY
Property Size3,300 SF
Lot Size0.05 Acres
Price / SF$605.45
Days on Market1
Property Features for 1962 Coney Island Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 6, Bedroom 5, Bathroom 3, Basement, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 7, Bedroom 1, Bedroom 4
Basement
Full
Elementary school
Ps 238 Anne Sullivan
Middle school
Edward R Murrow High School
High school
Edward R Murrow High School
Elementary school district
Brooklyn 21
Middle school district
Brooklyn 21
High school district
Brooklyn 21
Directions
Google Maps
Standard status
Active
APN
06642-0016
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
12769
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Forced Air, Hot Water(Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1931
Number of units
2
Building materials
Brick
Listing Agency:
B Square Realty
(718) 939-8388
Listed By:
Li Li
(646) 889-9988
Added: Oct 1
Last Checked: Oct 1 at 2:06PM
MLS# 1057380
Copyright © 2026 OneKey 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.
This three-story brick property contains approximately 3,300 SF, with a commercial unit at street level and two residential units on the upper floors. The building was constructed in 1931 and renovated in 2018. Separate building systems and individual electric and gas meters serve the property; tenants pay their own utility costs. Heating includes baseboard, forced air, and hot water, with central air conditioning. The parcel measures 0.0459 acres.
The property fronts the Coney Island Avenue commercial corridor in Brooklyn. Shopping, dining, public transportation, and major roadways are nearby, as is the Kings Highway B/Q subway station.
The property fronts the Coney Island Avenue commercial corridor in Brooklyn. Shopping, dining, public transportation, and major roadways are nearby, as is the Kings Highway B/Q subway station.
Key Highlights
- Three‑story brick building with approximately 3,300 SF
- Ground‑level commercial space and two residential units
- Renovated in 2018; 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
$158,250
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
7.92%
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%
$3,165,000
$3.2M
Cap Rate 7%
$2,260,714
$2.3M
Cap Rate 9%
$1,758,333
$1.8M
Market Conditions
NOI Build-Up for 3,300 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
$256.6K $77.76/SF
− Vacancy
−$30.5K −$9.25/SF
EGI
$226.1K $68.51/SF
− OpEx
−$67.8K −$20.55/SF
NOI
$158.3K $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%
$3,165,000
Cap Rate 7%
$2,260,714
Cap Rate 9%
$1,758,333
Alternative Uses
Best Use
Retail
$2.26M
$1.98M – $2.64M
NOI $158,250 @ 7.0% cap · market cap 7.92%
Second Best
Mixed Use
$1.71M
$1.50M – $2.00M
NOI $119,790 @ 7.0% cap · market cap 6.00%
Theoretical Best
Specialty Retail
$2.73M
$2.39M – $3.19M
NOI $191,268 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open 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
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial premises sit below two apartments, combining business and residential space in one property.
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 $1,998,000.
What are key features of this property?
This property features: Three‑story brick building with approximately 3,300 SF; Ground‑level commercial space and two residential units; Renovated in 2018; built in 1931
