Mixed-Use Building with Commercial
For Sale
$1,100,000
2005 Fulton Street, Brooklyn, NY 11233
Well-maintained mixed-use building with two residential apartments and one commercial space, plus a finished basement.
Property Size3,000 SF
Price / SF$366.67
Days on Market154
Property Features for 2005 Fulton Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,096
Building Details
Building Size
3,000 SF
Year Built
1899
Listing Agency:
Compass
Listed By:
Parviz Latipzoda · License #10301222789
(917) 847-7771
Source:
Howardhannanyc
Added: Apr 7
Changed: Aug 31
Last Checked: Sep 7 at 7:29AM
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 Compass
Investment Insights
Based on property information with market context.
This well-maintained mixed-use building includes two residential apartments totaling 6 bedrooms and 4 full bathrooms, along with one commercial space currently in use. Reported improvements include updated plumbing, a roof in great condition, and solid electrical systems throughout. The property also features a finished basement with bonus rooms, adding additional usable space.
The building is located one block from the C train at Rockaway Avenue, providing convenient access to public transportation. It is positioned on a busy street with surrounding local shops, restaurants, and everyday conveniences. The current tenants are up to date on payments.
The building is located one block from the C train at Rockaway Avenue, providing convenient access to public transportation. It is positioned on a busy street with surrounding local shops, restaurants, and everyday conveniences. The current tenants are up to date on payments.
Key Highlights
- Mixed‑use building built in 1899 with two residential apartments and one commercial space
- Two residential units totaling 6 bedrooms and 4 full bathrooms
- Commercial space currently in use
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
$91,587
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
8.33%
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%
$1,831,740
$1.8M
Cap Rate 7%
$1,308,386
$1.3M
Cap Rate 9%
$1,017,633
$1.0M
Market Conditions
NOI Build-Up for 3,000 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
$169.9K $56.64/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$166.5K $55.51/SF
− OpEx
−$74.9K −$24.98/SF
NOI
$91.6K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,831,740
Cap Rate 7%
$1,308,386
Cap Rate 9%
$1,017,633
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,065 @ 7.0% cap · market cap 9.55%
Second Best
Apartment 5plus
$1.31M
$1.14M – $1.53M
NOI $91,587 @ 7.0% cap · market cap 8.33%
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained mixed-use building with two residential apartments and one commercial space, plus a finished basement.
Where is this duplex located?
The property is located at 2005 Fulton Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Mixed‑use building built in 1899 with two residential apartments and one commercial space; Two residential units totaling 6 bedrooms and 4 full bathrooms; Commercial space currently in use
