Stuyvesant Heights Mixed-Use
For Sale
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229 Malcolm X Blvd, Brooklyn, NY 11221
Four-unit mixed-use building in Stuyvesant Heights Historic District.
Property Size4,560 SF
Price / SF$548.25
Days on Market209
Property Features for 229 Malcolm X Blvd
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Mixed Use, Multifamily, Retail
Listing Agency:
TerraCRG
Listed By:
Mike Hernandez · License #NY 10401225974
Source:
Crexi
Added: Jan 28
Changed: Aug 22
Last Checked: Aug 23 at 3:35PM
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 TerraCRG
Investment Insights
Based on property information with market context.
Located in the Stuyvesant Heights Historic District of Bedford-Stuyvesant, this 4-unit mixed-use building at 229 Malcolm X Blvd offers 4,560 square feet of space. The property features three fully renovated, free-market residential units, each with four bedrooms and 1.5 baths. Additionally, there is one occupied retail store with a long-term tenant. The building benefits from low expenses due to its tax class 2A status and tenants paying their separately metered heat. Situated in close proximity to the Utica Avenue A/C subway line, the property provides convenient access to Manhattan. It is also centrally located near restaurants such as Saraghina, Peaches, and Chez Oskar, and directly across the street from L’Antagoniste. The Stuyvesant Heights Historic District is known for its brownstone properties.
Key Highlights
- 100% Free Market, offering significant income potential and flexibility.
- Tax Class 2A (Tax Class Protected) resulting in low expenses.
- Located in the desirable Stuyvesant Heights Historic District, known for its brownstone properties.
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
$165,528
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
6.62%
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%
$3,310,560
$3.3M
Cap Rate 7%
$2,364,686
$2.4M
Cap Rate 9%
$1,839,200
$1.8M
Market Conditions
NOI Build-Up for 4,560 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
$301.0K $66.00/SF
− Vacancy
−$36.1K −$7.92/SF
EGI
$264.8K $58.08/SF
− OpEx
−$99.3K −$21.78/SF
NOI
$165.5K $36.30/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,310,560
Cap Rate 7%
$2,364,686
Cap Rate 9%
$1,839,200
Alternative Uses
Best Use
Mixed Use
$2.36M
$2.07M – $2.76M
NOI $165,528 @ 7.0% cap · market cap 6.62%
Second Best
Multifamily LT 5
$2.28M
$2.00M – $2.66M
NOI $159,699 @ 7.0% cap · market cap 6.39%
Theoretical Best
Specialty Retail
$3.78M
$3.30M – $4.40M
NOI $264,298 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,815
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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 - Four-unit mixed-use building in Stuyvesant Heights Historic District.
Where is this mixed-use property located?
The property is located at 229 Malcolm X Blvd Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 100% Free Market, offering significant income potential and flexibility.; Tax Class 2A (Tax Class Protected) resulting in low expenses.; Located in the desirable Stuyvesant Heights Historic District, known for its brownstone properties.
