Mixed-Use Property with Air
For Sale
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293 WYCKOFF AVE BROOKLYN NY 11237-0820, Brooklyn, NY 11237
Four residential apartments and two ground-floor retail spaces combine within a Brooklyn property zoned for mixed commercial and residential use.
Property Size4,275 SF
Price / SF$584.80
Days on Market147
Property Features for 293 WYCKOFF AVE BROOKLYN NY 11237-0820
General Information
Standard status
Active
Size
4,275 SF
Property subtype
Mixed Use
Zoning
R6, C1-3
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$182,500
Building Details
Year Built
1931
Buildings
3
Stories
13
Units
6
Tenancy
Multi
Listing Agency:
Marcus & Millichap Brooklyn
Listed By:
Vincent Tomaselli · License #10401377076
Source:
Crexi
Added: Apr 10
Changed: Aug 31
Last Checked: Sep 3 at 8:12AM
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 Marcus & Millichap Brooklyn
Investment Insights
Based on property information with market context.
Located at 293 Wyckoff Avenue in Brooklyn, this 1931 mixed-use property contains approximately 4,275 square feet across four residential apartments and two ground-floor commercial spaces. The apartments are free-market two-bedroom railroad layouts, while the retail component includes an established tattoo parlor and a second storefront. The residential units are leased, and tenant-paid utilities contribute to the property's operating profile.
The property sits near the Myrtle-Wyckoff transit hub, with access to multiple subway lines, retail corridors, and neighborhood amenities. Zoning is R6, C1-3. Approximately 1,372 square feet of unused air rights are included, creating additional development or expansion capacity within the existing zoning framework. The property is currently achieving a 7.3% cap rate, with a 7.7% pro forma cap rate identified in the source information.
The property sits near the Myrtle-Wyckoff transit hub, with access to multiple subway lines, retail corridors, and neighborhood amenities. Zoning is R6, C1-3. Approximately 1,372 square feet of unused air rights are included, creating additional development or expansion capacity within the existing zoning framework. The property is currently achieving a 7.3% cap rate, with a 7.7% pro forma cap rate identified in the source information.
Key Highlights
- Approximately 4,275 square feet in a mixed‑use building
- Four free‑market two‑bedroom railroad apartments
- Two ground‑floor commercial spaces, including one vacant storefront
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
$205,006
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
8.20%
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%
$4,100,120
$4.1M
Cap Rate 7%
$2,928,657
$2.9M
Cap Rate 9%
$2,277,844
$2.3M
Market Conditions
NOI Build-Up for 4,275 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
$332.4K $77.76/SF
− Vacancy
−$39.6K −$9.25/SF
EGI
$292.9K $68.51/SF
− OpEx
−$87.9K −$20.55/SF
NOI
$205.0K $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /SF/Yr
Expense Ratio
30.00%
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%
$4,100,120
Cap Rate 7%
$2,928,657
Cap Rate 9%
$2,277,844
Alternative Uses
Best Use
Retail
$2.93M
$2.56M – $3.42M
NOI $205,006 @ 7.0% cap · market cap 8.20%
Second Best
Mixed Use
$2.22M
$1.94M – $2.59M
NOI $155,183 @ 7.0% cap · market cap 6.21%
Theoretical Best
Specialty Retail
$3.54M
$3.10M – $4.13M
NOI $247,779 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,882
Businesses Nearby
Explore this area
Business Placement
Demographics for 11237, NY
49,418
Population
18,801
Households
2.6
Avg Household Size
31
Median Age
41%
College-Educated
76%
High-School Grad
1.0 sq mi
ZIP Area
49,418
Density / Sq Mi
$82,570
Median Household Income
$43,421
Median Earnings
$2,109
Median Rent
$1,063,700
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 residential apartments and two ground-floor retail spaces combine within a Brooklyn property zoned for mixed commercial and residential use.
Where is this mixed-use property located?
The property is located at 293 WYCKOFF AVE BROOKLYN NY 11237-0820 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: Approximately 4,275 square feet in a mixed‑use building; Four free‑market two‑bedroom railroad apartments; Two ground‑floor commercial spaces, including one vacant storefront
