Ground-Floor Office
For Sale
$699,000
428 E 9th Street, Brooklyn, NY 11218
COMMERCIAL - Brooklyn, NY
Property Size1,416 SF
Lot Size0.29 Acres
Price / SF$493.64
Days on Market718
Property Features for 428 E 9th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R7B/OP
Subdivision
Kensington
Standard status
Active
Size
1,416 SF
Lot size
0.29 Acres
Building Details
Building materials
Block, Brick
Roof type
Flat
Listing Agency:
A P Services Inc
(347) 515-8272
Listed By:
Aliaksei A. (Alex) Palaukou · License #AP8095
(347) 515-8272
Added: Aug 21, 2024
Changed: Aug 4
Last Checked: Aug 8 at 8:06AM
MLS# 485460
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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.
New construction ground-floor commercial condo configured as a community facility. The property is offered as an office condo with approximately 1,416 SF and a flat roof, constructed with block and brick materials.
The site is set on approximately 0.2893 acres and is zoned R7B/OP. A tax abatement (ICAP) is available for 25 years, with common charges handled through HOA.
The owner can build to suit to meet the buyer’s specific needs, providing flexibility for an operator looking to tailor improvements to their requirements.
The site is set on approximately 0.2893 acres and is zoned R7B/OP. A tax abatement (ICAP) is available for 25 years, with common charges handled through HOA.
The owner can build to suit to meet the buyer’s specific needs, providing flexibility for an operator looking to tailor improvements to their requirements.
Key Highlights
- Approximately 1,416 SF ground‑floor office condo
- 0.2893‑acre site
- Zoned R7B/OP
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
$35,326
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
5.05%
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%
$706,520
$706.5K
Cap Rate 7%
$504,657
$504.7K
Cap Rate 9%
$392,511
$392.5K
Market Conditions
NOI Build-Up for 1,416 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
$61.2K $43.20/SF
− Vacancy
−$14.1K −$9.94/SF
EGI
$47.1K $33.26/SF
− OpEx
−$11.8K −$8.32/SF
NOI
$35.3K $24.95/SF
Area
Brooklyn, NY
Vacancy
23.00%
Lease Rate
$43.20 /SF/Yr
Expense Ratio
25.00%
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%
$706,520
Cap Rate 7%
$504,657
Cap Rate 9%
$392,511
Alternative Uses
Best Use
Office B
$504.7K
$441.6K – $588.8K
NOI $35,326 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.17M
$1.03M – $1.37M
NOI $82,071 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,746
Businesses Nearby
Explore this area
Business Placement
Demographics for 11218, NY
78,642
Population
27,403
Households
2.9
Avg Household Size
35
Median Age
51%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
56,173
Density / Sq Mi
$95,916
Median Household Income
$55,190
Median Earnings
$1,966
Median Rent
$914,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - New construction ground-floor commercial office condo designed as a community facility, zoned R7B/OP.
Where is this office units located?
The property is located at 428 E 9th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Approximately 1,416 SF ground‑floor office condo; 0.2893‑acre site; Zoned R7B/OP
