Three-Story Mixed-Use
New
For Sale
$3,000,000
384 Van Brunt Street, Brooklyn, NY 11231
A ground-floor storefront, two upper-level apartments, and a full basement create a varied commercial and residential configuration.
Property Size4,000 SF
Price / SF$750
Days on Market4
Property Features for 384 Van Brunt Street
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$5,076
Building Details
Building Size
4,000 SF
Year Built
1899
Listing Agency:
Compass
Listed By:
Chris R Sheller
(917) 576-2985
Source:
Howardhannanyc
Added: Sep 28
Changed: Sep 30
Last Checked: Sep 30 at 3:20PM
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 Compass
Investment Insights
Based on property information with market context.
This 4,000-square-foot mixed-use building is a 20-foot-wide, three-story brick townhouse constructed in 1899. The ground floor has an open storefront, a folding aluminum-and-glass door system, and access to a rear Ipe deck. A full basement includes a backyard lightwell. Two apartments occupy the second and third floors; both have updated kitchens and baths, while the upper unit also features three skylights and 10-foot ceilings. The second-floor apartment measures approximately 1,000 square feet and can accommodate a two-bedroom layout.
Building work includes a replacement roof, windows and skylights, upgraded boilers and hot-water systems, new electrical, structural improvements, masonry restoration, and a custom cornice. The property stands at Van Brunt and Dikeman Streets in Red Hook, near neighborhood restaurants, galleries, the waterfront, and ferry service. Lower Manhattan is accessible by ferry. Potential conversion to a single-family residence is subject to applicable zoning and approvals.
Building work includes a replacement roof, windows and skylights, upgraded boilers and hot-water systems, new electrical, structural improvements, masonry restoration, and a custom cornice. The property stands at Van Brunt and Dikeman Streets in Red Hook, near neighborhood restaurants, galleries, the waterfront, and ferry service. Lower Manhattan is accessible by ferry. Potential conversion to a single-family residence is subject to applicable zoning and approvals.
Key Highlights
- 4,000‑square‑foot, three‑story mixed‑use building
- 20‑foot‑wide brick townhouse built in 1899
- Ground‑floor commercial storefront with rear Ipe deck
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
$191,818
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
6.39%
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%
$3,836,360
$3.8M
Cap Rate 7%
$2,740,257
$2.7M
Cap Rate 9%
$2,131,311
$2.1M
Market Conditions
NOI Build-Up for 4,000 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
$311.0K $77.76/SF
− Vacancy
−$37.0K −$9.25/SF
EGI
$274.0K $68.51/SF
− OpEx
−$82.2K −$20.55/SF
NOI
$191.8K $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /SF/Yr
Expense Ratio
30.00%
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%
$3,836,360
Cap Rate 7%
$2,740,257
Cap Rate 9%
$2,131,311
Alternative Uses
Best Use
Retail
$2.74M
$2.40M – $3.20M
NOI $191,818 @ 7.0% cap · market cap 6.39%
Second Best
Mixed Use
$2.07M
$1.82M – $2.42M
NOI $145,200 @ 7.0% cap · market cap 4.84%
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.86M
NOI $231,840 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,372
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
Median Home Value
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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 - A ground-floor storefront, two upper-level apartments, and a full basement create a varied commercial and residential configuration.
Where is this mixed-use property located?
The property is located at 384 Van Brunt Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 4,000‑square‑foot, three‑story mixed‑use building; 20‑foot‑wide brick townhouse built in 1899; Ground‑floor commercial storefront with rear Ipe deck
