Three-Story Mixed-Use
For Sale
$4,650,000
397 5th Ave, Brooklyn, NY 11215
Fully occupied mixed-use building with four 2-bedroom apartments and retail space leased for the next 10 years.
Days on Market8
Property Features for 397 5th Ave
General Information
Standard status
Active
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Building Size
3,828 SF
Year Built
1899
Stories
3
Tenancy
Multi
Listing Agency:
Compass
(718) 710-1844
Listed By:
Roseanne Degliuomini · License #10301210854
(718) 710-1844
Source:
Elliman
Added: Jul 25
Changed: Jul 26
Last Checked: Aug 1 at 5:13AM
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 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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $297.7k | $77.76 |
| − Vacancy | −$35.4k | −$9.25 |
| EGI | $262.2k | $68.51 |
| − OpEx | −$78.7k | −$20.55 |
| NOI | $183.6k | $47.95 |
3,828 SF · lease $77.76/SF/yr · vacancy 11.90% · expense 30.00%
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.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,369
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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 Ave 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
