Kensington Mixed-Use Development
For Sale
Contact for pricing
3483 Fort Hamilton Parkway, Brooklyn, NY 11218
Combined C8-2 zoned lot in prime Brooklyn location.
Property Size3,800 SF
Lot Size0.12 Acres
Price / SF$460.53
Days on Market874
Property Features for 3483 Fort Hamilton Parkway
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.12 Acres
Property subtype
Industrial, Office
Building Details
Stories
2
Units
2
Listing Agency:
RE/MAX Real Estates Professionals
Listed By:
Billy Apter · License #New York
(718) 532-2000
Source:
Crexi
Added: Apr 17, 2024
Changed: Aug 22
Last Checked: Sep 6 at 4:18AM
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 RE/MAX Real Estates Professionals
Investment Insights
Based on property information with market context.
This property, offered as a package deal with 3485 Fort Hamilton Parkway, presents an outstanding opportunity for developers, builders, investors, and end-users in a desirable Kensington/Boro Park location. The package includes a two-story building with two commercial office units over a warehouse on a 20x102 lot, and a one-story commercial retail building/garage with a 30x60 building size on a 30x102 lot at 3485 Fort Hamilton Parkway, creating a combined 50x102 lot. Zoned C8-2, the property offers tremendous development possibilities and potential with tons of buildable square footage. This is a prized piece of real estate in one of Brooklyn's most sought-after neighborhoods.
Key Highlights
- Package deal: Two properties (3485 Fort Hamilton Pkwy and subject property) sold together.
- Large combined lot size: 50x102 feet.
- C8‑2 zoning: Suitable for commercial development.
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
$137,940
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
7.88%
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%
$2,758,800
$2.8M
Cap Rate 7%
$1,970,571
$2.0M
Cap Rate 9%
$1,532,667
$1.5M
Market Conditions
NOI Build-Up for 3,800 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
$250.8K $66.00/SF
− Vacancy
−$30.1K −$7.92/SF
EGI
$220.7K $58.08/SF
− OpEx
−$82.8K −$21.78/SF
NOI
$137.9K $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%
$2,758,800
Cap Rate 7%
$1,970,571
Cap Rate 9%
$1,532,667
Alternative Uses
Best Use
Retail
$2.60M
$2.28M – $3.04M
NOI $182,227 @ 7.0% cap · market cap 10.41%
Second Best
Mixed Use
$1.97M
$1.72M – $2.30M
NOI $137,940 @ 7.0% cap · market cap 7.88%
Theoretical Best
Specialty Retail
$3.15M
$2.75M – $3.67M
NOI $220,248 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 11218, NY
78,642
Population
27,403
Households
2.9
Avg Household Size
35
Median Age
51%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
56,173
Density / Sq Mi
$95,916
Median Household Income
$55,190
Median Earnings
$1,966
Median Rent
$914,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined C8-2 zoned lot in prime Brooklyn location.
Where is this mixed-use property located?
The property is located at 3483 Fort Hamilton Parkway Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Package deal: Two properties (3485 Fort Hamilton Pkwy and subject property) sold together.; Large combined lot size: **50x102 feet**.; C8‑2 zoning: Suitable for commercial development.
