Three-Story Mixed-Use
For Sale
$4,650,000
397 5th Avenue, Brooklyn, NY 11215
Fully occupied mixed-use building with four 2-bedroom apartments and retail space leased for the next 10 years.
Property Size3,828 SF
Price / SF$1,214
Days on Market101
Property Features for 397 5th Avenue
General Information
Standard status
Active
Size
3,828 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,176
Building Details
Building Size
3,828 SF
Year Built
1899
Stories
3
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Louis M Esposito · License #10301207785
(718) 781-8310
Source:
Miradorrealestate
Added: Jul 24
Changed: Oct 31
Last Checked: Nov 1 at 12:50PM
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
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Investment Insights
Based on property information with market context.
This three-story mixed-use building is offered in fully occupied, turnkey condition. The residential component features four well-appointed 2-bedroom apartments, each described as having front and back layouts. The retail portion is currently leased for the next 10 years, providing continuity of income, and the property is presented as requiring no immediate renovations or repairs.
Located in Park Slope along 5th Avenue within a retail corridor, the building is positioned on a high foot-traffic section with emphasis on visibility and accessibility.
The property is structured to combine multi-unit residential living with long-term retail tenancy, supporting an income-generating setup within a maintained, ready-to-operate framework.
Located in Park Slope along 5th Avenue within a retail corridor, the building is positioned on a high foot-traffic section with emphasis on visibility and accessibility.
The property is structured to combine multi-unit residential living with long-term retail tenancy, supporting an income-generating setup within a maintained, ready-to-operate framework.
Key Highlights
- Three‑story mixed‑use building built in 1899
- Fully occupied with a mixed tenant setup
- Residential component: four 2‑bedroom apartments with front and back layouts
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$183,570
Cap Rate
3.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,671,400
$3.7M
Cap Rate 7%
$2,622,429
$2.6M
Cap Rate 9%
$2,039,667
$2.0M
Market Conditions
NOI Build-Up for 3,828 SF
Gross rent
$297.7K $77.76/SF
− Vacancy
−$35.4K −$9.25/SF
EGI
$262.2K $68.51/SF
− OpEx
−$78.7K −$20.55/SF
NOI
$183.6K $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 Rate 5%
$3,671,400
Cap Rate 7%
$2,622,429
Cap Rate 9%
$2,039,667
Alternative Uses
Best Use
Retail
$2.62M
$2.29M – $3.06M
NOI $183,570 @ 7.0% cap · market cap 3.95%
Second Best
Multifamily LT 5
$1.92M
$1.68M – $2.23M
NOI $134,063 @ 7.0% cap · market cap 2.88%
Theoretical Best
Specialty Retail
$3.17M
$2.77M – $3.70M
NOI $221,871 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,969
Businesses Nearby
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Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
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
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied mixed-use building with four 2-bedroom apartments and retail space leased for the next 10 years.
Where is this quadplex located?
The property is located at 397 5th Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: Three‑story mixed‑use building built in 1899; Fully occupied with a mixed tenant setup; Residential component: four 2‑bedroom apartments with front and back layouts
