Industrial-Character Mixed-Use
New
For Sale
$6,950,000
281 GREENE Avenue, Brooklyn, NY 11238
Mixed-use property combining a leased yoga studio, loft-style residence, working cellar, and planted rooftop garden.
Property Size7,050 SF
Price / SF$985.82
Days on Market4
Property Features for 281 GREENE Avenue
General Information
Standard status
Active
Size
7,050 SF
Property subtype
Mixed Use
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$20,004
Amenities
rooftop garden
skylight
Building Details
Building Size
7,050 SF
Year Built
1946
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Douglas M Bowen · License #10301217443
(646) 247-0822
Source:
Carlinwright
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 19 at 8:17AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This mixed-use building combines an industrial-era structure with a substantial residential component and an operating ground-floor studio. The second and third floors contain a five-bedroom residence with two studies, two and a half baths, kitchen, wet bar, and a flexible loft-like arrangement. Exposed brick, visible piping, concrete beams, poured floors, bluestone stairs, salvaged architectural elements, and varied ceiling heights define the interior. A two-story void with a skylight brings daylight into the central great room, which measures 20' X 60'.
The first floor contains an approximately 2,100-square-foot yoga studio with a separate entrance, ADA-accessible bath, and storage; its lease runs through March 31, 2029. A full-footprint cellar of approximately 2,370 square feet provides a working shop with stone foundation walls, mushroom columns, poured slab flooring, and clear-span space. Above, a planted rooftop garden with mature plantings and a pergola provides private outdoor space. The building is fully sprinklered and includes approximately 7,050 square feet above grade on a 25-foot lot. The G train at Classon Avenue is less than 500 feet away, with Fort Greene Park and nearby restaurants also in the surrounding area.
The first floor contains an approximately 2,100-square-foot yoga studio with a separate entrance, ADA-accessible bath, and storage; its lease runs through March 31, 2029. A full-footprint cellar of approximately 2,370 square feet provides a working shop with stone foundation walls, mushroom columns, poured slab flooring, and clear-span space. Above, a planted rooftop garden with mature plantings and a pergola provides private outdoor space. The building is fully sprinklered and includes approximately 7,050 square feet above grade on a 25-foot lot. The G train at Classon Avenue is less than 500 feet away, with Fort Greene Park and nearby restaurants also in the surrounding area.
Key Highlights
- Approximately 7,050 square feet above grade on a 25‑foot lot
- Five‑bedroom residence with two studies and two and a half baths
- Leased yoga studio of approximately 2,100 square feet through March 31, 2029
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
$255,915
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
3.68%
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%
$5,118,300
$5.1M
Cap Rate 7%
$3,655,929
$3.7M
Cap Rate 9%
$2,843,500
$2.8M
Market Conditions
NOI Build-Up for 7,050 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
$465.3K $66.00/SF
− Vacancy
−$55.8K −$7.92/SF
EGI
$409.5K $58.08/SF
− OpEx
−$153.5K −$21.78/SF
NOI
$255.9K $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%
$5,118,300
Cap Rate 7%
$3,655,929
Cap Rate 9%
$2,843,500
Alternative Uses
Best Use
Mixed Use
$3.66M
$3.20M – $4.27M
NOI $255,915 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.84M
$5.11M – $6.81M
NOI $408,618 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
5,921
Businesses Nearby
Explore this area
Business Placement
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property combining a leased yoga studio, loft-style residence, working cellar, and planted rooftop garden.
Where is this mixed-use property located?
The property is located at 281 GREENE Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: Approximately 7,050 square feet above grade on a 25‑foot lot; Five‑bedroom residence with two studies and two and a half baths; Leased yoga studio of approximately 2,100 square feet through March 31, 2029
