Building Details

Building Size 3,000 SF

Year Built 1931

Tenancy Multi

Listing Agency: RE/MAX Edge

Listed By: Barbara Horan Show Phone

Source: Penrealty

Added: Oct 12 Changed: Oct 15 Last Checked: Oct 16 at 4:33PM

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Investment Insights

Based on property information with market context.

This 3,000-square-foot mixed-use property was built in 1931 and combines two residential apartments with a street-level store. Each apartment has two bedrooms. Both are occupied month-to-month, with no leases in place, and the property is offered with tenants in place and in as-is condition.

A commercial business with a history of more than 90 years occupies the store. The property is located at 318 Court Street in Brooklyn, within the Carroll Gardens neighborhood.

Key Highlights

• 3,000‑square‑foot mixed‑use property with two apartments and a storefront
• Two residential apartments, each with two bedrooms
• Apartments are occupied month‑to‑month with no leases in place

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$143,864

Cap Rate

4.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,877,280 $2.9M

Cap Rate 7%

$2,055,200 $2.1M

Cap Rate 9%

$1,598,489 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$233.3K $77.76/SF

− Vacancy

−$27.8K −$9.25/SF

EGI

$205.5K $68.51/SF

− OpEx

−$61.7K −$20.55/SF

NOI

$143.9K $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 Rate 5%

$2,877,280

Cap Rate 7%

$2,055,200

Cap Rate 9%

$1,598,489

Alternative Uses

Best Use

Retail

$2.06M

$1.80M – $2.40M (±1% cap)

NOI $143,864 @ 7.0% cap · market cap 4.96%

Second Best

Mixed Use

$1.56M

$1.36M – $1.82M (±1% cap)

NOI $108,900 @ 7.0% cap · market cap 3.76%

Theoretical Best

Specialty Retail

$2.48M

$2.17M – $2.90M (±1% cap)

NOI $173,880 @ 7.0% cap · market cap 6.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Scotto's Wine Cellar Specialty Food Shop

Suggested Use

Top Pick Nursing Home Adult Day Care Tanning Salon Pet Grooming Service Home Appliance Store Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

6,208

Businesses Nearby

Explore this area Business Placement

Demographics for 11231, NY

37,240

Population

18,265

Households

2

Avg Household Size

37

Median Age

69%

College-Educated

90%

High-School Grad

1.4 sq mi

ZIP Area

26,600

Density / Sq Mi

$138,485

Median Household Income

$85,791

Median Earnings

$2,474

Median Rent

$1,678,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two occupied apartments sit alongside a tenant-occupied commercial space; residential occupancy is month-to-month.

Where is this mixed-use property located?

The property is located at 318 Court Street Brooklyn, NY.

What is the asking price?

The asking price for this property is $2,900,000.

What are key features of this property?

This property features: 3,000‑square‑foot mixed‑use property with two apartments and a storefront; Two residential apartments, each with two bedrooms; Apartments are occupied month‑to‑month with no leases in place