Storefront Property With
For Sale
$4,500,000
2232 Pitkin Avenue, Brooklyn, NY 11207
Commercial Sale, Brooklyn, NY
Property Size7,500 SF
Lot Size0.29 Acres
Price / SF$600
Days on Market165
Property Features for 2232 Pitkin Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R7A
Directions
Take the New York City Subway A or C train. Get off at Broadway Junction Station. Exit toward Pitkin Avenue.
Standard status
Active
APN
04010-0019
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
49840
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
1
Number of units
2
Building materials
Brick
Listing Agency:
Winzone Realty Inc
(718) 899-7000
Listed By:
Arnold Min
(718) 899-7000
Added: Mar 8
Changed: Aug 20
Last Checked: Aug 20 at 7:06AM
MLS# 970640
Copyright © 2026 OneKey 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.
Located at 2232 Pitkin Avenue in Brooklyn, this single-story storefront property includes a 7,500 Sq Ft commercial building on an 11,325 Sq Ft lot. The structure was built in 2002 and features brick construction, central air, natural gas heating, public water, and public sewer. An attached private parking area accommodates up to 10 cars.
The property sits within the Pitkin Avenue retail corridor in East New York and has substantial street frontage. Approximately half of the property is owner-occupied. R7A zoning supports the existing retail use and provides potential for mixed-use or residential redevelopment, as identified in the property information.
The property sits within the Pitkin Avenue retail corridor in East New York and has substantial street frontage. Approximately half of the property is owner-occupied. R7A zoning supports the existing retail use and provides potential for mixed-use or residential redevelopment, as identified in the property information.
Key Highlights
- 11,325 Sq Ft lot with a 7,500 Sq Ft single‑story commercial building
- R7A zoning with potential for mixed‑use or residential redevelopment
- Attached private parking lot accommodating up to 10 cars
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
$359,659
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
7.99%
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%
$7,193,180
$7.2M
Cap Rate 7%
$5,137,986
$5.1M
Cap Rate 9%
$3,996,211
$4.0M
Market Conditions
NOI Build-Up for 7,500 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
$583.2K $77.76/SF
− Vacancy
−$69.4K −$9.25/SF
EGI
$513.8K $68.51/SF
− OpEx
−$154.1K −$20.55/SF
NOI
$359.7K $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%
$7,193,180
Cap Rate 7%
$5,137,986
Cap Rate 9%
$3,996,211
Alternative Uses
Best Use
Retail
$5.14M
$4.50M – $5.99M
NOI $359,659 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.21M
$5.43M – $7.25M
NOI $434,700 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,159
Businesses Nearby
100k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 35%
Groceries 13%
Electronics 2%
McDonald's
Dining
32,207 visits/mo
0.2 miles
Mobil
Shops & Services
25,696 visits/mo
0.2 miles
C-Town Supermarkets
Groceries
6,985 visits/mo
0.4 miles
C-Town Supermarkets
Groceries
6,380 visits/mo
0.3 miles
Advance Auto Parts
Shops & Services
5,958 visits/mo
0.4 miles
Demographics for 11207, NY
100,330
Population
38,030
Households
2.6
Avg Household Size
35
Median Age
19%
College-Educated
81%
High-School Grad
2.7 sq mi
ZIP Area
37,159
Density / Sq Mi
$55,419
Median Household Income
$41,008
Median Earnings
$1,443
Median Rent
$657,400
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?
Storefront property - Single-story commercial space with R7A zoning, central air, natural gas heating, and an attached private parking lot.
Where is this storefront property located?
The property is located at 2232 Pitkin Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 11,325 Sq Ft lot with a 7,500 Sq Ft single‑story commercial building; R7A zoning with potential for mixed‑use or residential redevelopment; Attached private parking lot accommodating up to 10 cars
