Greenpoint Industrial/Flex Building For
For Sale
Contact for pricing
Pending
273 Russell St, Brooklyn, NY 11222
Industrial/Flex building in Greenpoint with development potential and transit access.
Property Size9,033 SF
Days on Market179
Property Features for 273 Russell St
General Information
Standard status
Pending
Size
9,033 SF
Property subtype
Industrial
Zoning
M1-1
Listing Agency:
Matthews
Listed By:
DJ Johnston · License #10401229409
Source:
Crexi
Added: Feb 27
Changed: Aug 8
Last Checked: Aug 6 at 6:02AM
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 Matthews
Investment Insights
Based on property information with market context.
This is a prime industrial/flex building located in Greenpoint. The property offers development upside and excellent transit access. The building has a size of 9033 square feet.
Key Highlights
- Prime Greenpoint Location
- Industrial/Flex Building
- Development Upside
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
$217,009
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
5.49%
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%
$4,340,180
$4.3M
Cap Rate 7%
$3,100,129
$3.1M
Cap Rate 9%
$2,411,211
$2.4M
Market Conditions
NOI Build-Up for 9,033 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
$379.4K $42.00/SF
− Vacancy
−$45.5K −$5.04/SF
EGI
$333.9K $36.96/SF
− OpEx
−$116.9K −$12.94/SF
NOI
$217.0K $24.02/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
35.00%
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%
$4,340,180
Cap Rate 7%
$3,100,129
Cap Rate 9%
$2,411,211
Alternative Uses
Best Use
Flex RnD
$3.10M
$2.71M – $3.62M
NOI $217,009 @ 7.0% cap · market cap 5.49%
Second Best
Industrial
$2.30M
$2.01M – $2.68M
NOI $160,699 @ 7.0% cap · market cap 4.07%
Theoretical Best
Specialty Retail
$7.48M
$6.54M – $8.73M
NOI $523,553 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,196
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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 - Industrial/Flex building in Greenpoint with development potential and transit access.
Where is this flex space located?
The property is located at 273 Russell St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Prime Greenpoint Location; Industrial/Flex Building; Development Upside
