Mixed-Use Property with
For Sale
$1,288,000
2114 Mermaid Avenue, Brooklyn, NY 11224
Residential Income, Brooklyn, NY
Property Size2,150 SF
Price / SF$599.07
Days on Market86
Property Features for 2114 Mermaid Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Mixed Use
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 6, Bedroom 3
Subdivision
Coney Island
View
City
Standard status
Active
Size
2,150 SF
Building Details
Floors in Building
3
Building materials
Brick
Listing Agency:
Tri State Commercial Realty LLC
Listed By:
Shlomi Bagdadi · License #10311204539
(718) 437-6100
Added: Jun 29
Changed: Sep 19
Last Checked: Sep 22 at 12:06PM
MLS# 11950606
Copyright © 2026 My State 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 brick mixed-use property at 2114 Mermaid Avenue combines a four-family residential configuration with a ground-floor store/office component. The residential portion includes four units totaling approximately 2,090 square feet, while the commercial space carries an S4 classification and supports retail or office use.
Located in Brooklyn’s Coney Island area, the property offers a combination of residential and commercial space within one building. The layout includes four bathrooms and six bedrooms, along with the street-level commercial component. The address is in Brooklyn, NY 11224, within Kings County.
Located in Brooklyn’s Coney Island area, the property offers a combination of residential and commercial space within one building. The layout includes four bathrooms and six bedrooms, along with the street-level commercial component. The address is in Brooklyn, NY 11224, within Kings County.
Key Highlights
- Four‑family residential configuration
- Four residential units totaling approximately 2,090 square feet
- Ground‑floor store/office component with S4 classification
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
$103,102
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
8.00%
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%
$2,062,040
$2.1M
Cap Rate 7%
$1,472,886
$1.5M
Cap Rate 9%
$1,145,578
$1.1M
Market Conditions
NOI Build-Up for 2,150 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
$167.2K $77.76/SF
− Vacancy
−$19.9K −$9.25/SF
EGI
$147.3K $68.51/SF
− OpEx
−$44.2K −$20.55/SF
NOI
$103.1K $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%
$2,062,040
Cap Rate 7%
$1,472,886
Cap Rate 9%
$1,145,578
Alternative Uses
Best Use
Retail
$1.47M
$1.29M – $1.72M
NOI $103,102 @ 7.0% cap · market cap 8.00%
Second Best
Mixed Use
$1.11M
$975.6K – $1.30M
NOI $78,045 @ 7.0% cap · market cap 6.06%
Theoretical Best
Specialty Retail
$1.78M
$1.56M – $2.08M
NOI $124,614 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,697
Businesses Nearby
Explore this area
Business Placement
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four residential units accompany a ground-floor store/office component classified S4.
Where is this mixed-use property located?
The property is located at 2114 Mermaid Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,288,000.
What are key features of this property?
This property features: Four‑family residential configuration; Four residential units totaling approximately 2,090 square feet; Ground‑floor store/office component with S4 classification
