Mixed-Use Property with Medical
For Sale
$1,895,000
348 86th Street, Brooklyn, NY 11209
Residential, Brooklyn, NY
Property Size2,875 SF
Lot Size0.04 Acres
Price / SF$659.13
Days on Market148
Property Features for 348 86th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5B
Bedrooms
6
Bathrooms
5
Full bathrooms
2
Half bathrooms
3
Rooms
Bathroom 4, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 5, Bathroom 5
Interior features
A/C Unit - Wall, Laundry Area
Basement
Finished
Subdivision
Bay Ridge
Standard status
Active
Size
2,875 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
13042
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Ceramic, Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Billy Apter · License #BEA5721
(347) 721-6599
Added: Apr 28
Changed: Sep 18
Last Checked: Sep 22 at 11:06AM
MLS# 500648
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,875-square-foot mixed-use property combines a ground-floor medical office with two residential apartments. The office has front and rear exits, wall-mounted heating and cooling units, and rear parking for two cars. Each apartment offers three bedrooms and 1.5 baths. Residential features include stainless steel appliances and laundry, while the upper unit also includes hardwood flooring, a skylight, and a balcony. The building has brick construction, a flat roof, ceramic and tile flooring, and updated electric and plumbing systems.
Located at 348 86th Street in Brooklyn, the property is zoned R5B and occupies 0.044 acres. Separate utilities and individual gas boilers serve the residential units, supporting distinct heating systems for each apartment. The 1925 building provides a combined residential and professional-use configuration within a single property.
Located at 348 86th Street in Brooklyn, the property is zoned R5B and occupies 0.044 acres. Separate utilities and individual gas boilers serve the residential units, supporting distinct heating systems for each apartment. The 1925 building provides a combined residential and professional-use configuration within a single property.
Key Highlights
- 2,875‑square‑foot mixed‑use building with medical office and two apartments
- Ground‑floor medical office has front and rear exits plus wall‑mounted heating and cooling
- Two three‑bedroom apartments, each with 1.5 baths
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
$104,363
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
5.51%
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%
$2,087,260
$2.1M
Cap Rate 7%
$1,490,900
$1.5M
Cap Rate 9%
$1,159,589
$1.2M
Market Conditions
NOI Build-Up for 2,875 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
$189.8K $66.00/SF
− Vacancy
−$22.8K −$7.92/SF
EGI
$167.0K $58.08/SF
− OpEx
−$62.6K −$21.78/SF
NOI
$104.4K $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%
$2,087,260
Cap Rate 7%
$1,490,900
Cap Rate 9%
$1,159,589
Alternative Uses
Best Use
Mixed Use
$1.49M
$1.30M – $1.74M
NOI $104,363 @ 7.0% cap · market cap 5.51%
Second Best
Multifamily LT 5
$1.44M
$1.26M – $1.68M
NOI $100,687 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$2.38M
$2.08M – $2.78M
NOI $166,635 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,685
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated medical office space is paired with two three-bedroom apartments and separate utility systems.
Where is this mixed-use property located?
The property is located at 348 86th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 2,875‑square‑foot mixed‑use building with medical office and two apartments; Ground‑floor medical office has front and rear exits plus wall‑mounted heating and cooling; Two three‑bedroom apartments, each with 1.5 baths
