Mixed-Use Townhouse with
New
For Sale
$3,000,000
384 Van Brunt Street, Brooklyn, NY 11231
Commercial Sale, Brooklyn, NY
Property Size4,000 SF
Price / SF$750
Days on Market4
Property Features for 384 Van Brunt Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bathroom 3
Subdivision
Red Hook
High school district
000000
Standard status
Active
Size
4,000 SF
Amenities
custom full-width aluminum and glass folding door system
private rear Ipe deck with concrete planters
full basement with backyard lightwell
skylights
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Chris Sheller
(917) 576-2985
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 3:06PM
MLS# 12004455
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 4,000-square-foot, three-story brick building dates to 1899 and spans 20 feet in width. Its ground level includes a commercial storefront, full basement, and rear Ipe deck; the two upper floors contain residential apartments. The second-floor apartment is approximately 1,000 square feet and can accommodate a two-bedroom layout. The top-floor residence has three skylights and 10-foot ceilings.
Improvements include replacement windows, roof, skylights, electrical systems, boilers, and hot-water systems, along with structural work, masonry restoration, and a custom cornice. The storefront features a folding aluminum-and-glass door system, while a backyard lightwell brings natural light to the basement.
The property is at Van Brunt and Dikeman Streets in Red Hook, near Red Hook Tavern, Baked, Bar Mario, Hometown Bar-B-Que, galleries, the waterfront, and ferry service. Lower Manhattan is accessible from the area. The configuration supports commercial and residential occupancy, or a potential single-family conversion subject to applicable zoning and approvals.
Improvements include replacement windows, roof, skylights, electrical systems, boilers, and hot-water systems, along with structural work, masonry restoration, and a custom cornice. The storefront features a folding aluminum-and-glass door system, while a backyard lightwell brings natural light to the basement.
The property is at Van Brunt and Dikeman Streets in Red Hook, near Red Hook Tavern, Baked, Bar Mario, Hometown Bar-B-Que, galleries, the waterfront, and ferry service. Lower Manhattan is accessible from the area. The configuration supports commercial and residential occupancy, or a potential single-family conversion subject to applicable zoning and approvals.
Key Highlights
- Three‑story, 4,000‑square‑foot brick building built in 1899
- 20‑foot‑wide property with a commercial storefront and two residential apartments
- Full basement, rear Ipe deck, and basement lightwell
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
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,749
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 three-story brick property combines a ground-floor commercial space with two upper-level apartments.
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: Three‑story, 4,000‑square‑foot brick building built in 1899; 20‑foot‑wide property with a commercial storefront and two residential apartments; Full basement, rear Ipe deck, and basement lightwell
