Mixed-Use Building with
For Sale
Contact for pricing
368 Central Avenue, Brooklyn, NY 11221
Five-unit mixed-use property with two street-level retail spaces and all residential units vacant for straightforward repositioning.
Property Size4,875 SF
Price / SF$430.77
Days on Market65
Property Features for 368 Central Avenue
General Information
Standard status
Active
Size
4,875 SF
Property subtype
Mixed Use, Multifamily, Retail
Zoning
R6
Occupancy
28%
Investment Type
Value Add
Additional Details
Multifamily Units
5
Building Details
Year Built
1931
Stories
3
Tenancy
Multi
Listing Agency:
Cushman & Wakefield New York
(718) 307-6517
Listed By:
Dylan Walsh · License #10401384207
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 12 at 10:59AM
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 Cushman & Wakefield New York
Investment Insights
Based on property information with market context.
The property at 368 Central Avenue is a mixed-use building with 4,875 SF of built space, comprised of five residential units and two retail spaces. The residential component includes four two-bedroom, one-bath units and one studio unit. At closing, the building will be delivered with all five residential units vacant. Both retail spaces are currently occupied by a salon and a barber shop on month-to-month leases, and the spaces can be delivered vacant for an end-user or a pocket tenant.
The asset is located at 368 Central Avenue in Bushwick, Brooklyn. The property benefits from protected tax class 2B status. Zoning is R6, which supports 5,500 buildable square feet as-of-right, and up to 9,750 square feet with the UAP bonus.
For buyers or operators seeking a combined residential and retail setup, this structure offers flexibility in tenanting given the vacant residential delivery and the month-to-month retail occupancy. With the zoning framework in place for additional buildable square feet, it can also appeal to buyers evaluating redevelopment or expansion scenarios consistent with the stated right-and-bonus parameters.
The asset is located at 368 Central Avenue in Bushwick, Brooklyn. The property benefits from protected tax class 2B status. Zoning is R6, which supports 5,500 buildable square feet as-of-right, and up to 9,750 square feet with the UAP bonus.
For buyers or operators seeking a combined residential and retail setup, this structure offers flexibility in tenanting given the vacant residential delivery and the month-to-month retail occupancy. With the zoning framework in place for additional buildable square feet, it can also appeal to buyers evaluating redevelopment or expansion scenarios consistent with the stated right-and-bonus parameters.
Key Highlights
- 5‑unit mixed‑use building with 4,875 SF total built space (year built 1931)
- All 5 residential units will be vacant at closing for straightforward repositioning
- Residential mix: four 2BD/1BA apartments plus one studio unit
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
$176,963
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
8.43%
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%
$3,539,260
$3.5M
Cap Rate 7%
$2,528,043
$2.5M
Cap Rate 9%
$1,966,256
$2.0M
Market Conditions
NOI Build-Up for 4,875 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
$321.8K $66.00/SF
− Vacancy
−$38.6K −$7.92/SF
EGI
$283.1K $58.08/SF
− OpEx
−$106.2K −$21.78/SF
NOI
$177.0K $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%
$3,539,260
Cap Rate 7%
$2,528,043
Cap Rate 9%
$1,966,256
Alternative Uses
Best Use
Retail
$3.34M
$2.92M – $3.90M
NOI $233,779 @ 7.0% cap · market cap 11.13%
Second Best
Mixed Use
$2.53M
$2.21M – $2.95M
NOI $176,963 @ 7.0% cap · market cap 8.43%
Theoretical Best
Specialty Retail
$4.04M
$3.53M – $4.71M
NOI $282,555 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
5,068
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five-unit mixed-use property with two street-level retail spaces and all residential units vacant for straightforward repositioning.
Where is this mixed-use property located?
The property is located at 368 Central Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 5‑unit mixed‑use building with 4,875 SF total built space (year built 1931); All 5 residential units will be vacant at closing for straightforward repositioning; Residential mix: four 2BD/1BA apartments plus one studio unit
