Mixed-Use Building with Corner
For Sale
$2,950,000
203 Avenue U, Brooklyn, NY 11223
Mixed-use property combining ground-floor commercial space with six residential apartments and a vacant corner unit.
Property Size8,500 SF
Lot Size0.05 Acres
Days on Market58
Property Features for 203 Avenue U
General Information
Standard status
Active
Size
8,500 SF
Lot size
0.05 Acres
Property subtype
Commercial Mixed Use
Zoning
R5B
Site & Location
Corner Location
Yes
Public Transit
Yes
Additional Details
Multifamily Units
6
Building Details
Building Size
8,500 SF
Year Built
1928
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Source:
Kirinny
Added: Jul 3
Changed: Aug 28
Last Checked: Aug 28 at 11:28AM
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 Tiger Realty
Investment Insights
Based on property information with market context.
Built in 1928 on a 20×100 lot with a matching building footprint, this mixed-use property contains two commercial units at street level and six apartments above. The residential component includes nine bedrooms and six bathrooms. Two apartments are market-rate and four are rent-stabilized. One corner retail unit is vacant, while the second commercial space contributes to the building’s existing configuration.
The property is located at 203 Avenue U in Gravesend, Brooklyn, along the Avenue U commercial corridor. Shopping, restaurants, schools, and public transportation are identified nearby, with the corner position supporting a prominent street presence. R5B zoning applies to the property.
The combination of residential units and ground-floor commercial space creates a varied mixed-use layout, with the vacant corner unit available for occupancy or leasing. The building’s compact lot and full footprint provide a straightforward urban configuration for the existing uses.
The property is located at 203 Avenue U in Gravesend, Brooklyn, along the Avenue U commercial corridor. Shopping, restaurants, schools, and public transportation are identified nearby, with the corner position supporting a prominent street presence. R5B zoning applies to the property.
The combination of residential units and ground-floor commercial space creates a varied mixed-use layout, with the vacant corner unit available for occupancy or leasing. The building’s compact lot and full footprint provide a straightforward urban configuration for the existing uses.
Key Highlights
- Mixed‑use building at 203 Avenue U, Brooklyn, NY 11223
- 20×100 lot with a full 20×100 building footprint
- Two ground‑floor commercial units, including a vacant corner retail space
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
$259,496
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
8.80%
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%
$5,189,920
$5.2M
Cap Rate 7%
$3,707,086
$3.7M
Cap Rate 9%
$2,883,289
$2.9M
Market Conditions
NOI Build-Up for 8,500 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
$481.4K $56.64/SF
− Vacancy
−$9.6K −$1.13/SF
EGI
$471.8K $55.51/SF
− OpEx
−$212.3K −$24.98/SF
NOI
$259.5K $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%
$5,189,920
Cap Rate 7%
$3,707,086
Cap Rate 9%
$2,883,289
Alternative Uses
Best Use
Retail
$5.82M
$5.10M – $6.79M
NOI $407,614 @ 7.0% cap · market cap 13.82%
Second Best
Mixed Use
$4.41M
$3.86M – $5.14M
NOI $308,550 @ 7.0% cap · market cap 10.46%
Theoretical Best
Specialty Retail
$7.04M
$6.16M – $8.21M
NOI $492,660 @ 7.0% cap · market cap 16.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,120
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
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 - Mixed-use property combining ground-floor commercial space with six residential apartments and a vacant corner unit.
Where is this mixed-use property located?
The property is located at 203 Avenue U Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Mixed‑use building at 203 Avenue U, Brooklyn, NY 11223; 20×100 lot with a full 20×100 building footprint; Two ground‑floor commercial units, including a vacant corner retail space
