Vacant Industrial Building with
For Sale
Contact for pricing
391 Rockaway Ave, Brooklyn, NY 11212
Vacant industrial building in shell condition with high ceilings, open layout, and an existing mezzanine.
Property Size3,081 SF
Price / SF$649.14
Days on Market208
Property Features for 391 Rockaway Ave
General Information
Standard status
Active
Size
3,081 SF
Class
D
Property subtype
Industrial, Retail, Self Storage, Special Purpose
Zoning
C4-3
Lease Type
Modified Gross
Investment Type
Value Add
Building Details
Year Built
2008
Year Renovated
2008
Buildings
1
Stories
1
Units
1
Listing Agency:
REMAX EDGE
Listed By:
Anna Soboleva · License #10401366828
(718) 612-3088
Source:
Crexi
Added: Feb 11
Changed: Aug 14
Last Checked: Sep 7 at 2:30AM
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 REMAX EDGE
Investment Insights
Based on property information with market context.
Vacant commercial/industrial building offered in shell condition, totaling 3,081 square feet and including an existing mezzanine. The space features high ceilings and an open industrial layout designed to support a range of light industrial and creative build-out concepts, subject to applicable approvals. The property is also positioned as a development site with approximately 8,000 square feet of buildable potential.
The property is located on Rockaway Avenue in Brooklyn, in a corridor described as experiencing ongoing residential growth and reinvestment. Interested parties should confirm zoning and redevelopment parameters with the appropriate local authorities.
As presented, this asset offers a straightforward option for an owner-user looking to complete an industrial shell, or for an investor/developer evaluating potential expansion or repositioning based on the stated buildable rights and existing improvements.
The property is located on Rockaway Avenue in Brooklyn, in a corridor described as experiencing ongoing residential growth and reinvestment. Interested parties should confirm zoning and redevelopment parameters with the appropriate local authorities.
As presented, this asset offers a straightforward option for an owner-user looking to complete an industrial shell, or for an investor/developer evaluating potential expansion or repositioning based on the stated buildable rights and existing improvements.
Key Highlights
- Vacant 3,081 SF commercial building (including mezzanine) in shell condition
- 8,000 buildable SF development potential
- High ceilings with an open industrial‑style layout
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
$66,557
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
3.33%
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%
$1,331,140
$1.3M
Cap Rate 7%
$950,814
$950.8K
Cap Rate 9%
$739,522
$739.5K
Market Conditions
NOI Build-Up for 3,081 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
$82.1K $26.64/SF
− Vacancy
−$3.8K −$1.23/SF
EGI
$78.3K $25.41/SF
− OpEx
−$11.7K −$3.81/SF
NOI
$66.6K $21.60/SF
Area
Brooklyn, NY
Vacancy
4.60%
Lease Rate
$26.64 /SF/Yr
Expense Ratio
15.00%
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%
$1,331,140
Cap Rate 7%
$950,814
Cap Rate 9%
$739,522
Alternative Uses
Best Use
Warehouse
$950.8K
$832.0K – $1.11M
NOI $66,557 @ 7.0% cap · market cap 3.33%
Second Best
Industrial
$783.0K
$685.2K – $913.5K
NOI $54,812 @ 7.0% cap · market cap 2.74%
Theoretical Best
Specialty Retail
$2.55M
$2.23M – $2.98M
NOI $178,575 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,775
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11212, NY
91,574
Population
34,782
Households
2.6
Avg Household Size
36
Median Age
16%
College-Educated
78%
High-School Grad
1.5 sq mi
ZIP Area
61,049
Density / Sq Mi
$40,060
Median Household Income
$32,553
Median Earnings
$1,231
Median Rent
$549,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Vacant industrial building in shell condition with high ceilings, open layout, and an existing mezzanine.
Where is this warehouse located?
The property is located at 391 Rockaway Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Vacant 3,081 SF commercial building (including mezzanine) in shell condition; 8,000 buildable SF development potential; High ceilings with an open industrial‑style layout
