Mixed-Use Income
For Sale
Contact for pricing
238 MELROSE ST, Brooklyn, NY 11206
Institutional-scale mixed-use building with multifamily and retail space, delivered fully vacant at closing.
Property Size22,500 SF
Price / SF$422.22
Days on Market95
Property Features for 238 MELROSE ST
General Information
Standard status
Active
Size
22,500 SF
Property subtype
Office
Zoning
R6
Occupancy
100%
Investment Type
Redevelopment
Building Details
Year Built
1931
Stories
4
Units
4
Tenancy
Multi
Listing Agency:
SERHANT
Listed By:
Gillian Anderson-Mann · License #NY 10401287469
(347) 968-1361
Source:
Crexi
Added: Jul 7
Changed: Sep 29
Last Checked: Oct 7 at 1:02PM
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 SERHANT
Investment Insights
Based on property information with market context.
238 Melrose Street is a mixed-use property offering multifamily and retail space within an institutional-scale footprint. The asset totals approximately 22,500 square feet and sits on a 4,792-square-foot lot.
The property is being sold fully vacant at closing, allowing the incoming owner complete control from day one without lease assumptions or holdover considerations. At closing, the space will be delivered with immediate flexibility to renovate, reposition, lease, occupy, or convert.
The property is being sold fully vacant at closing, allowing the incoming owner complete control from day one without lease assumptions or holdover considerations. At closing, the space will be delivered with immediate flexibility to renovate, reposition, lease, occupy, or convert.
Key Highlights
- Institutional‑scale mixed‑use building with 22,500 SF total space.
- Mixed‑use includes multifamily and retail space.
- Located on a 4,792 SF lot.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$816,750
Cap Rate
8.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$16,335,000
$16.3M
Cap Rate 7%
$11,667,857
$11.7M
Cap Rate 9%
$9,075,000
$9.1M
Market Conditions
NOI Build-Up for 22,500 SF
Gross rent
$1.49M $66.00/SF
− Vacancy
−$178.2K −$7.92/SF
EGI
$1.31M $58.08/SF
− OpEx
−$490.1K −$21.78/SF
NOI
$816.8K $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 Rate 5%
$16,335,000
Cap Rate 7%
$11,667,857
Cap Rate 9%
$9,075,000
Alternative Uses
Best Use
Mixed Use
$11.67M
$10.21M – $13.61M
NOI $816,750 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$9.81M
$8.59M – $11.45M
NOI $686,902 @ 7.0% cap · market cap 7.23%
Theoretical Best
Specialty Retail
$18.63M
$16.30M – $21.74M
NOI $1,304,100 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,622
Businesses Nearby
Explore this area
Business Placement
Demographics for 11206, NY
91,549
Population
34,838
Households
2.6
Avg Household Size
30
Median Age
36%
College-Educated
77%
High-School Grad
1.4 sq mi
ZIP Area
65,392
Density / Sq Mi
$57,280
Median Household Income
$44,145
Median Earnings
$1,558
Median Rent
$822,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Institutional-scale mixed-use building with multifamily and retail space, delivered fully vacant at closing.
Where is this mixed-use property located?
The property is located at 238 MELROSE ST Brooklyn, NY.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Institutional‑scale mixed‑use building with 22,500 SF total space.; Mixed‑use includes multifamily and retail space.; Located on a 4,792 SF lot.
