Vacant Mixed-Use Corner
For Sale
$2,250,000
373 S 1st Street, Brooklyn, NY 11211
Residential Income, Brooklyn, NY
Property Size3,909 SF
Lot Size0.03 Acres
Price / SF$575.59
Days on Market549
Property Features for 373 S 1st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Patio and Porch features
Deck
Subdivision
Southside
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
(815) 252-4110
Added: Mar 13, 2025
Changed: Sep 6
Last Checked: Sep 12 at 1:06AM
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.
Delivered vacant, this corner property at 373 S 1st Street includes approximately 3,909 gross SF, including the cellar, with approximately 2,606 built SF above grade. The current layout contains two residential lofts and cellar space, with hardwood floors, strong natural light, and 11-foot ceilings. The as-of-right legal configuration is one residential unit over commercial, subject to architectural verification.
The site has lot dimensions of 41.11' x 63.34' x 75.54' and 63 feet of frontage on Borinquen Place. Its Williamsburg setting is near the Williamsburg Bridge and G, J, and M train service, with consistent pedestrian activity and easy street parking. Architectural review is recommended to evaluate the potential for a third floor, up to six residential units, mixed-use occupancy, or a full commercial conversion.
The site has lot dimensions of 41.11' x 63.34' x 75.54' and 63 feet of frontage on Borinquen Place. Its Williamsburg setting is near the Williamsburg Bridge and G, J, and M train service, with consistent pedestrian activity and easy street parking. Architectural review is recommended to evaluate the potential for a third floor, up to six residential units, mixed-use occupancy, or a full commercial conversion.
Key Highlights
- Approx. 3,909 gross SF, including cellar; approx. 2,606 built SF above grade
- 63 ft of frontage on Borinquen Place
- Lot dimensions: 41.11' x 63.34' x 75.54'
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
$141,897
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
6.31%
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%
$2,837,940
$2.8M
Cap Rate 7%
$2,027,100
$2.0M
Cap Rate 9%
$1,576,633
$1.6M
Market Conditions
NOI Build-Up for 3,909 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
$258.0K $66.00/SF
− Vacancy
−$31.0K −$7.92/SF
EGI
$227.0K $58.08/SF
− OpEx
−$85.1K −$21.78/SF
NOI
$141.9K $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%
$2,837,940
Cap Rate 7%
$2,027,100
Cap Rate 9%
$1,576,633
Alternative Uses
Best Use
Mixed Use
$2.03M
$1.77M – $2.36M
NOI $141,897 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$1.70M
$1.49M – $1.99M
NOI $119,338 @ 7.0% cap · market cap 5.30%
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
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
8,875
Businesses Nearby
Explore this area
Business Placement
Demographics for 11211, NY
68,540
Population
29,068
Households
2.4
Avg Household Size
31
Median Age
55%
College-Educated
86%
High-School Grad
1.5 sq mi
ZIP Area
45,693
Density / Sq Mi
$105,183
Median Household Income
$67,533
Median Earnings
$2,357
Median Rent
$1,118,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential lofts, cellar space, and conversion flexibility support multiple future configurations.
Where is this mixed-use property 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: Approx. 3,909 gross SF, including cellar; approx. 2,606 built SF above grade; 63 ft of frontage on Borinquen Place; Lot dimensions: 41.11' x 63.34' x 75.54'
