One-Story Storefront
For Sale
Contact for pricing
3108-3112 Mermaid Ave, Brooklyn, NY 11224
Retail space with R6 zoning and additional buildable capacity for future redevelopment.
Property Size4,000 SF
Price / SF$787.50
Days on Market195
Property Features for 3108-3112 Mermaid Ave
General Information
Standard status
Active
Size
4,000 SF
Class
C
Property subtype
Industrial, Mixed Use, Retail
Zoning
R6
Lease Type
Modified Gross
Investment Type
Value Add
Additional Details
Road Access
Yes
Land Use
retail
Building Details
Year Built
1935
Year Renovated
2008
Buildings
1
Stories
1
Units
1
Listing Agency:
REMAX EDGE
(718) 612-3088
Listed By:
Anna Soboleva · License #10401366828
Source:
Crexi
Added: Feb 17
Changed: Aug 29
Last Checked: Aug 29 at 4:33PM
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 REMAX EDGE
Investment Insights
Based on property information with market context.
This one-story storefront property at 3108–3112 Mermaid Avenue contains approximately 4,000 square feet and was built in 1935. The building is currently offered for lease, providing a retail configuration that can accommodate an owner-user, an investor, or an occupant seeking all or part of the premises. R6 zoning accompanies approximately 9,700 buildable square feet, adding a documented development component to the existing retail improvement.
The property sits on Mermaid Avenue in Coney Island, Brooklyn, near the Coney Island–Stillwell Avenue transit hub served by the D, F, N, and Q lines. The beach, boardwalk, and entertainment district are also nearby, with surrounding residential density and seasonal tourism activity identified as part of the local setting.
The property sits on Mermaid Avenue in Coney Island, Brooklyn, near the Coney Island–Stillwell Avenue transit hub served by the D, F, N, and Q lines. The beach, boardwalk, and entertainment district are also nearby, with surrounding residential density and seasonal tourism activity identified as part of the local setting.
Key Highlights
- Approximately 4,000 SF one‑story retail building
- Approximately 9,700 buildable square feet
- R6 zoning
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
$191,818
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
6.09%
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%
$3,836,360
$3.8M
Cap Rate 7%
$2,740,257
$2.7M
Cap Rate 9%
$2,131,311
$2.1M
Market Conditions
NOI Build-Up for 4,000 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
$311.0K $77.76/SF
− Vacancy
−$37.0K −$9.25/SF
EGI
$274.0K $68.51/SF
− OpEx
−$82.2K −$20.55/SF
NOI
$191.8K $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%
$3,836,360
Cap Rate 7%
$2,740,257
Cap Rate 9%
$2,131,311
Alternative Uses
Best Use
Retail
$2.74M
$2.40M – $3.20M
NOI $191,818 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.86M
NOI $231,840 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
829
Businesses Nearby
28k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 35%
Dining 33%
Electronics 18%
Shops & Services 12%
Key Food
Groceries
9,950 visits/mo
0.2 miles
Dunkin' Donuts
Dining
4,418 visits/mo
0.1 miles
T-Mobile
Electronics
3,630 visits/mo
0.1 miles
Citibank
Shops & Services
3,370 visits/mo
0.1 miles
Popeyes Louisiana Kitchen
Dining
3,032 visits/mo
0.1 miles
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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- Vanilla Flowers — 1724 Mermaid Ave, Brooklyn, NY 11224
Frequently Asked Questions
What type of property is this?
Storefront property - Retail space with R6 zoning and additional buildable capacity for future redevelopment.
Where is this storefront property located?
The property is located at 3108-3112 Mermaid Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: Approximately 4,000 SF one‑story retail building; Approximately 9,700 buildable square feet; R6 zoning
