Vacant Mixed-Use
New
For Sale
$3,000,000
491 Fulton Street, Brooklyn, NY 11201
Vacant commercial building with Fulton Street frontage and zoning supporting substantial future development capacity.
Property Size2,377 SF
Lot Size0.03 Acres
Price / SF$1,262
Days on Market2
Property Features for 491 Fulton Street
General Information
Standard status
Active
Size
2,377 SF
Lot size
0.03 Acres
Property subtype
Urban-High Street
Zoning
C6-4.5 (R10 Equivalent)
Additional Details
Frontage
20 ft
Amenities
Mixed-Use Building Located Along Fulton Street in the Heart of Downtown Brooklyn. Delivered Completely Vacant Offering Immediate Leasing or Owner-User Flexibility.
Approximately 2,377 SF Building on a 1,337 SF Lot with 20 Feet of Fulton Street Frontage. Zoned C6-4.5 (R10 Equivalent) with Approximately 16,044 Buildable SF of Development Potential.
Surrounded by Major National Retailers Including Target, Trader Joe's, Primark, H&M, Raising Cane's, and Old Navy.
Building Details
Building Size
2,377 SF
Year Built
1952
Buildings
1
Listing Agency:
New York City Office
Listed By:
Scott Plasky · License #License(s): NY: 40PL1176852
(212) 430-5229
Source:
Marcusmillichap
Added: Sep 18
Last Checked: Sep 19 at 5:56AM
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 New York City Office
Investment Insights
Based on property information with market context.
This vacant mixed-use building contains approximately 2,377 square feet on a 1,337-square-foot lot. The property was built in 1952 and provides 20 feet of frontage along Fulton Street. Its existing configuration can accommodate a future leasing or owner-occupancy strategy, subject to applicable requirements.
The property is located in Downtown Brooklyn and is zoned C6-4.5, identified in the source information as equivalent to R10 zoning. The site carries an FAR of 12 and approximately 16,044 buildable square feet, providing a defined framework for evaluating redevelopment or repositioning options. The building will be delivered vacant, allowing the next owner to determine its future use and configuration.
The property is located in Downtown Brooklyn and is zoned C6-4.5, identified in the source information as equivalent to R10 zoning. The site carries an FAR of 12 and approximately 16,044 buildable square feet, providing a defined framework for evaluating redevelopment or repositioning options. The building will be delivered vacant, allowing the next owner to determine its future use and configuration.
Key Highlights
- Approximately 2,377 square feet on a 1,337‑square‑foot lot
- 20 feet of frontage on Fulton Street
- C6‑4.5 zoning, identified as R10 equivalent
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
$113,988
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
3.80%
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%
$2,279,760
$2.3M
Cap Rate 7%
$1,628,400
$1.6M
Cap Rate 9%
$1,266,533
$1.3M
Market Conditions
NOI Build-Up for 2,377 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
$184.8K $77.76/SF
− Vacancy
−$22.0K −$9.25/SF
EGI
$162.8K $68.51/SF
− OpEx
−$48.9K −$20.55/SF
NOI
$114.0K $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%
$2,279,760
Cap Rate 7%
$1,628,400
Cap Rate 9%
$1,266,533
Alternative Uses
Best Use
Retail
$1.63M
$1.42M – $1.90M
NOI $113,988 @ 7.0% cap · market cap 3.80%
Second Best
Mixed Use
$1.23M
$1.08M – $1.44M
NOI $86,285 @ 7.0% cap · market cap 2.88%
Theoretical Best
Specialty Retail
$1.97M
$1.72M – $2.30M
NOI $137,771 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
14,120
Businesses Nearby
233k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 26%
Hotels & Casinos 24%
Shops & Services 21%
Apparel 21%
New York Marriott at the Brooklyn Bridge
Hotels & Casinos
48,622 visits/mo
0.4 miles
PetSmart
Shops & Services
18,203 visits/mo
0.5 miles
Goodwill
Apparel
18,116 visits/mo
0.1 miles
McDonald's
Dining
17,028 visits/mo
0.5 miles
Paris Baguette
Dining
13,224 visits/mo
0.4 miles
Demographics for 11201, NY
69,703
Population
36,155
Households
1.9
Avg Household Size
35
Median Age
79%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
49,788
Density / Sq Mi
$169,285
Median Household Income
$113,681
Median Earnings
$3,207
Median Rent
$1,131,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant commercial building with Fulton Street frontage and zoning supporting substantial future development capacity.
Where is this mixed-use property located?
The property is located at 491 Fulton 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: Approximately 2,377 square feet on a 1,337‑square‑foot lot; 20 feet of frontage on Fulton Street; C6‑4.5 zoning, identified as R10 equivalent
