Multi-Tenant Flex Industrial
For Sale
$9,850,000
228 46th Street, Brooklyn, NY 11220
Multi-floor flex space with ground-floor access, ADA compliance, plumbing in place, and curb parking in a heavy vehicle corridor.
Property Size30,000 SF
Lot Size0.46 Acres
Price / SF$328.33
Days on Market46
Property Features for 228 46th Street
General Information
Standard status
Active
Size
30,000 SF
Lot size
0.46 Acres
Property subtype
Industrial - Manufacturing
Additional Details
Highway Access
Yes
Clear Height
18 ft
Amenities
ADA Compliant
Signage Opportunity
Plumbing in Place
Six Egress Points
Curb Parking
Building Details
Building Size
30,000 SF
Stories
2
Tenancy
Multi
Listing Agency:
Tri State Commercial Realty
Listed By:
Shlomi Bagdadi · License #10311204539
(718) 437-6100
Source:
Commercialcafe
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 7 at 12:51PM
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 Tri State Commercial Realty
Investment Insights
Based on property information with market context.
This multi-tenant flex/industrial building offers a clean, flexible layout with 20,000 SF on the ground floor and 10,000 SF on the second floor. Ceiling heights range from 15 to 18 feet, with ground floor access designed to support practical day-to-day operations. ADA-compliant features and plumbing are already in place, and the building includes six egress points. Signage opportunity and the ability to deliver vacant provide additional flexibility for prospective tenants or buyers.
The property is located in a heavy vehicle traffic corridor with direct access to the B.Q.E. and I-278. It is minutes from the Belt Parkway, Prospect Parkway, and the Brooklyn-Battery Tunnel, offering convenient connectivity to major highways and bridges. Curb parking is available.
With a total lot/building dimension of approximately 200 feet by 100 feet and seven commercial units within the structure, the building is laid out for multiple tenants while retaining shared building infrastructure.
The property is located in a heavy vehicle traffic corridor with direct access to the B.Q.E. and I-278. It is minutes from the Belt Parkway, Prospect Parkway, and the Brooklyn-Battery Tunnel, offering convenient connectivity to major highways and bridges. Curb parking is available.
With a total lot/building dimension of approximately 200 feet by 100 feet and seven commercial units within the structure, the building is laid out for multiple tenants while retaining shared building infrastructure.
Key Highlights
- Multi‑floor flex space totaling 30,000 SF: 20,000 SF ground floor and 10,000 SF 2nd floor
- Ceiling heights range from 15 ft to 18 ft, with ground‑floor access throughout
- ADA compliant with plumbing in place and six egress points
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
$669,614
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
6.80%
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%
$13,392,280
$13.4M
Cap Rate 7%
$9,565,914
$9.6M
Cap Rate 9%
$7,440,156
$7.4M
Market Conditions
NOI Build-Up for 30,000 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
$1.01M $33.60/SF
− Vacancy
−$51.4K −$1.71/SF
EGI
$956.6K $31.89/SF
− OpEx
−$287.0K −$9.57/SF
NOI
$669.6K $22.32/SF
Area
ZIP 11220
Vacancy
5.10%
Lease Rate
$33.60 /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%
$13,392,280
Cap Rate 7%
$9,565,914
Cap Rate 9%
$7,440,156
Alternative Uses
Best Use
Industrial
$9.57M
$8.37M – $11.16M
NOI $669,614 @ 7.0% cap · market cap 6.80%
Second Best
Flex RnD
$9.43M
$8.25M – $11.00M
NOI $659,880 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$19.45M
$17.02M – $22.69M
NOI $1,361,376 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,239
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-floor flex space with ground-floor access, ADA compliance, plumbing in place, and curb parking in a heavy vehicle corridor.
Where is this flex space located?
The property is located at 228 46th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $9,850,000.
What are key features of this property?
This property features: Multi‑floor flex space totaling 30,000 SF: 20,000 SF ground floor and 10,000 SF 2nd floor; Ceiling heights range from 15 ft to 18 ft, with ground‑floor access throughout; ADA compliant with plumbing in place and six egress points
