Mixed-Use Building with Church
For Sale
Contact for pricing
2218 Fulton St, Brooklyn, NY 11233
Three-story, two-unit mixed-use building with retail and residential spaces.
Property Size2,400 SF
Price / SF$625
Days on Market1229
Property Features for 2218 Fulton St
General Information
Standard status
Active
Size
2,400 SF
Class
C
Property subtype
Mixed Use
Zoning
R6 (2.43)
Occupancy
80%
Investment Type
Redevelopment
Building Details
Buildings
1
Stories
3
Units
2
Listing Agency:
Brown Harris Stevens
(212) 396-8244
Listed By:
Kervin Vales · License #109918089
Source:
Crexi
Added: Apr 14, 2023
Changed: Aug 14
Last Checked: Aug 24 at 10:50AM
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 Brown Harris Stevens
Investment Insights
Based on property information with market context.
This is a 20-foot wide, three-story mixed-use building containing two units. The ground floor is occupied by a church and includes access to the basement and backyard. The second and third floors each contain a two-bedroom apartment. Each apartment includes a full kitchen, bathroom, and living/dining area. The property is individually metered for electric and gas. The total property size is 2400 square feet.
Key Highlights
- Two income‑generating 2‑bedroom apartments
- Mixed‑use building featuring a commercial space on the ground floor
- Individually metered for electric and gas
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
$115,091
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
7.67%
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%
$2,301,820
$2.3M
Cap Rate 7%
$1,644,157
$1.6M
Cap Rate 9%
$1,278,789
$1.3M
Market Conditions
NOI Build-Up for 2,400 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
$186.6K $77.76/SF
− Vacancy
−$22.2K −$9.25/SF
EGI
$164.4K $68.51/SF
− OpEx
−$49.3K −$20.55/SF
NOI
$115.1K $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%
$2,301,820
Cap Rate 7%
$1,644,157
Cap Rate 9%
$1,278,789
Alternative Uses
Best Use
Retail
$1.64M
$1.44M – $1.92M
NOI $115,091 @ 7.0% cap · market cap 7.67%
Second Best
Mixed Use
$1.24M
$1.09M – $1.45M
NOI $87,120 @ 7.0% cap · market cap 5.81%
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,104 @ 7.0% cap · market cap 9.27%
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
74k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Dining 27%
Groceries 27%
Hotels & Casinos 2%
Popeyes Louisiana Kitchen
Dining
19,139 visits/mo
0.3 miles
America's Food Basket
Groceries
13,570 visits/mo
0.3 miles
Shell
Shops & Services
8,338 visits/mo
0.3 miles
Family Dollar
Shops & Services
7,329 visits/mo
0.1 miles
Marketplace of Bushwick
Groceries
6,662 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story, two-unit mixed-use building with retail and residential spaces.
Where is this mixed-use property located?
The property is located at 2218 Fulton St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two income‑generating 2‑bedroom apartments; Mixed‑use building featuring a commercial space on the ground floor; Individually metered for electric and gas
