Mixed-Use Property with
For Sale
$1,780,000
378 Central Avenue, Brooklyn, NY 11221
Combines two commercial storefronts with four residential units and dedicated basement storage.
Property Size4,125 SF
Price / SF$431.52
Days on Market33
Property Features for 378 Central Avenue
General Information
Standard status
Active
Size
4,125 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$11,668
Building Details
Building Size
4,125 SF
Year Built
1931
Listing Agency:
Prospes Real Estate Corp
(347) 885-8668
Listed By:
Huanyan Li
Source:
Cbwarburg
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 29 at 3:38PM
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 Prospes Real Estate Corp
Investment Insights
Based on property information with market context.
Built in 1931, this mixed-use property combines two storefronts with four residential units in a 25-foot-wide building on a 25-foot by 100-foot lot. The structure contains approximately 4,125 square feet of interior space and includes a fully finished basement with four separate storage rooms. R6 zoning supports the property’s mixed commercial and residential configuration.
The building is located at 378 Central Avenue in Brooklyn’s Bushwick neighborhood, with access to both the L and M subway lines. Its combination of street-level commercial space, residential occupancy, and substantial storage creates a clearly defined mixed-use layout in an established Brooklyn setting.
The building is located at 378 Central Avenue in Brooklyn’s Bushwick neighborhood, with access to both the L and M subway lines. Its combination of street-level commercial space, residential occupancy, and substantial storage creates a clearly defined mixed-use layout in an established Brooklyn setting.
Key Highlights
- Two storefronts plus 4 residential units
- Approximately 4,125 square feet of total interior space
- 25 ft x 100 ft lot with a 25 ft x 55 ft building
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
$149,738
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
8.41%
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%
$2,994,760
$3.0M
Cap Rate 7%
$2,139,114
$2.1M
Cap Rate 9%
$1,663,756
$1.7M
Market Conditions
NOI Build-Up for 4,125 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
$272.3K $66.00/SF
− Vacancy
−$32.7K −$7.92/SF
EGI
$239.6K $58.08/SF
− OpEx
−$89.8K −$21.78/SF
NOI
$149.7K $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%
$2,994,760
Cap Rate 7%
$2,139,114
Cap Rate 9%
$1,663,756
Alternative Uses
Best Use
Retail
$2.83M
$2.47M – $3.30M
NOI $197,813 @ 7.0% cap · market cap 11.11%
Second Best
Mixed Use
$2.14M
$1.87M – $2.50M
NOI $149,738 @ 7.0% cap · market cap 8.41%
Theoretical Best
Specialty Retail
$3.42M
$2.99M – $3.98M
NOI $239,085 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,577
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 - Combines two commercial storefronts with four residential units and dedicated basement storage.
Where is this mixed-use property located?
The property is located at 378 Central Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,780,000.
What are key features of this property?
This property features: Two storefronts plus 4 residential units; Approximately 4,125 square feet of total interior space; 25 ft x 100 ft lot with a 25 ft x 55 ft building
