Mixed-Use Income
238 MELROSE ST Brooklyn, NY 11206
For Sale
Contact for pricing
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 Market17
Property Features for 238 MELROSE ST
General Information
- Standard status
- Active
- Size
- 22,500 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1931
Listing Agency:
SERHANT
Listed By:
Gillian Anderson-Mann · License #NY 10401287469
Source:
Crexi
Added: Jul 7
Changed: Jul 10
Last Checked: Jul 21 at 6:01AM
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 For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.49M | $66.00 |
| − Vacancy | −$178.2k | −$7.92 |
| EGI | $1.31M | $58.08 |
| − OpEx | −$490.1k | −$21.78 |
| NOI | $816.8k | $36.30 |
22,500 SF · lease $66.00/SF/yr · vacancy 12.00% · expense 37.50%
Alternative Uses
Best Use
Retail
$15.41M
$13.49M – $17.98M
NOI $1,078,978 @ 7.0% cap · market cap 11.36%
Second Best
Mixed Use
$11.67M
$10.21M – $13.61M
NOI $816,750 @ 7.0% cap · market cap 8.60%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Melrose Laundromat
(Bike/Boat/Book/etc) Store
FAQs
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.
