Mixed-Use Corner
373 S 1st Street Brooklyn, NY 11211
For Sale
$2,250,000
MULTI_FAMILY - Brooklyn, NY
Property Size3,909 SF
Lot Size0.03 Acres
Price / SF$575.59
Days on Market503
Property Features for 373 S 1st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1
Patio and Porch features
Deck
Standard status
Active
Lot size
0.03 Acres
Building Details
Year built
1930
Flooring type
Hardwood
Listing Agency:
EVERGREEN REALTY & INVESTMENTS
(646) 838-1378
Listed By:
Emma Barattini
(646) 838-1378
Added: Mar 13, 2025
Changed: Jul 11
Last Checked: Jul 28 at 6:06PM
MLS# 11450365
Copyright © 2026 My State MLS. 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 corner building is delivered vacant and currently configured as two residential lofts plus a cellar. Hardwood floors run throughout and the units benefit from strong natural light. The property is described as having high visibility pedestrian activity, and it has approximately 63 feet of frontage on Borinquen Place.
As-of-right legal configuration is described as one residential unit over commercial, and purchasers are advised to verify the configuration with an architect. The building also presents development potential, including the possibility of adding a third floor, subject to confirmation by a purchaser’s architect.
Located just off the Williamsburg Bridge, the property is described as being steps from the G, J, and M trains, with easy street parking noted in the remarks. Property taxes are approximately $20,698 per year. Potential redevelopment paths referenced in the remarks include adding up to six residential units, pursuing mixed-use, or converting fully to commercial, all to be confirmed with the appropriate professionals.
As-of-right legal configuration is described as one residential unit over commercial, and purchasers are advised to verify the configuration with an architect. The building also presents development potential, including the possibility of adding a third floor, subject to confirmation by a purchaser’s architect.
Located just off the Williamsburg Bridge, the property is described as being steps from the G, J, and M trains, with easy street parking noted in the remarks. Property taxes are approximately $20,698 per year. Potential redevelopment paths referenced in the remarks include adding up to six residential units, pursuing mixed-use, or converting fully to commercial, all to be confirmed with the appropriate professionals.
Key Highlights
- Corner building just off the Williamsburg Bridge with heavy pedestrian traffic and 63 ft of frontage on Borinquen Place
- Delivered vacant; approx. 3,909 gross SF including cellar, with approx. 2,606 built SF above grade
- Hardwood floors throughout with strong natural light and 11 ft ceilings
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $304.0k | $77.76 |
| − Vacancy | −$36.2k | −$9.25 |
| EGI | $267.8k | $68.51 |
| − OpEx | −$80.3k | −$20.55 |
| NOI | $187.5k | $47.95 |
3,909 SF · lease $77.76/SF/yr · vacancy 11.90% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.68M
$2.34M – $3.12M
NOI $187,455 @ 7.0% cap · market cap 8.33%
Second Best
Multifamily LT 5
$1.96M
$1.71M – $2.28M
NOI $136,900 @ 7.0% cap · market cap 6.08%
Theoretical Best
Specialty Retail
$3.24M
$2.83M – $3.78M
NOI $226,566 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Corner property currently configured as two residential lofts with a cellar and hardwood floors throughout.
Where is this duplex located?
The property is located at 373 S 1st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Corner building just off the Williamsburg Bridge with heavy pedestrian traffic and 63 ft of frontage on Borinquen Place; Delivered vacant; approx. 3,909 gross SF including cellar, with approx. 2,606 built SF above grade; Hardwood floors throughout with strong natural light and 11 ft ceilings
