Mixed-Use Building with Retail
New
For Sale
$1,749,000
298 Albany Avenue, Brooklyn, NY 11213
The property combines apartment units, a commercial storefront, and garage space under one roof.
Property Size4,899 SF
Price / SF$357.01
Days on Market7
Property Features for 298 Albany Avenue
General Information
Standard status
Active
Size
4,899 SF
Property subtype
Mixed Use
Site & Location
Corner Location
Yes
Mixed-Use Components
residential, retail
Units
Unit Mix
2 x 2-Bd, 2 x 1Bd
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$19,318
Building Details
Building Size
4,899 SF
Year Built
1910
Buildings
1
Listing Agency:
GEO Real Estate Group Inc
Listed By:
Gene (Eugene) Burshtein
(718) 338-8833
Source:
Penrealty
Added: Oct 20
Changed: Oct 25
Last Checked: Oct 25 at 2:41AM
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 GEO Real Estate Group Inc
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Investment Insights
Based on property information with market context.
At 298 Albany Avenue, this 4,899-square-foot mixed-use building contains four free-market apartments, a retail storefront, and one garage. The residential mix consists of two two-bedroom apartments and two one-bedroom apartments. Built in 1910, the property brings residential and commercial space together in a single building.
The building occupies a corner location in Brooklyn’s Crown Heights neighborhood, close to transportation, shopping, and dining.
The building occupies a corner location in Brooklyn’s Crown Heights neighborhood, close to transportation, shopping, and dining.
Key Highlights
- 4,899‑square‑foot mixed‑use building
- Four free‑market apartments: two 2‑bedroom units and two 1‑bedroom units
- Retail storefront and one garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$149,561
Cap Rate
8.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,991,220
$3.0M
Cap Rate 7%
$2,136,586
$2.1M
Cap Rate 9%
$1,661,789
$1.7M
Market Conditions
NOI Build-Up for 4,899 SF
Gross rent
$277.5K $56.64/SF
− Vacancy
−$5.5K −$1.13/SF
EGI
$271.9K $55.51/SF
− OpEx
−$122.4K −$24.98/SF
NOI
$149.6K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,991,220
Cap Rate 7%
$2,136,586
Cap Rate 9%
$1,661,789
Alternative Uses
Best Use
Retail
$3.36M
$2.94M – $3.92M
NOI $234,930 @ 7.0% cap · market cap 13.43%
Second Best
Mixed Use
$2.54M
$2.22M – $2.96M
NOI $177,834 @ 7.0% cap · market cap 10.17%
Theoretical Best
Specialty Retail
$4.06M
$3.55M – $4.73M
NOI $283,946 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
5,844
Businesses Nearby
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Business Placement
Demographics for 11213, NY
67,217
Population
29,186
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
61,106
Density / Sq Mi
$62,040
Median Household Income
$43,736
Median Earnings
$1,607
Median Rent
$1,184,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines apartment units, a commercial storefront, and garage space under one roof.
Where is this mixed-use property located?
The property is located at 298 Albany Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,749,000.
What are key features of this property?
This property features: 4,899‑square‑foot mixed‑use building; Four free‑market apartments: two 2‑bedroom units and two 1‑bedroom units; Retail storefront and one garage
