Mixed-Use Property in
For Sale
$1,099,000
Pending
2148 Fulton St, Brooklyn, NY 11233
Mixed-use building with store and two apartments, delivered vacant.
Property Size3,000 SF
Lot Size0.04 Acres
Days on Market269
Property Features for 2148 Fulton St
General Information
Standard status
Pending
Size
3,000 SF
Lot size
0.04 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$3,470
Building Details
Building Size
3,000 SF
Year Built
1927
Stories
3
Listing Agency:
(718) 258-1222
Listed By:
Michael McGuire
(718) 258-1222
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 10
Last Checked: Aug 24 at 9:23AM
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 Michael McGuire
Investment Insights
Based on property information with market context.
This mixed-use property in Brooklyn features a store and two apartments. The building requires work and will be delivered vacant.
Key Highlights
- Vacant Possession: Allows immediate occupancy or renovation.
- Mixed‑Use Property: Store plus 2 apartments offers diverse income potential.
- Renovation Opportunity: Customize and increase value.
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
Retail
$2.06M
$1.80M – $2.40M
NOI $143,864 @ 7.0% cap · market cap 13.09%
Second Best
Mixed Use
$1.56M
$1.36M – $1.82M
NOI $108,900 @ 7.0% cap · market cap 9.91%
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 15.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,021
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?
Mixed-use property - Mixed-use building with store and two apartments, delivered vacant.
Where is this mixed-use property located?
The property is located at 2148 Fulton St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Vacant Possession: Allows immediate occupancy or renovation.; Mixed‑Use Property: Store plus 2 apartments offers diverse income potential.; Renovation Opportunity: Customize and increase value.
