Corner Retail Building with Ground
For Sale
Contact for pricing
501 Smith Street, Brooklyn, NY 11231
High-visibility corner retail building with ground-floor vacancy and a new 10-year lease on the second floor.
Property Size4,000 SF
Price / SF$875
Days on Market77
Property Features for 501 Smith Street
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Retail
Zoning
M2-3
Investment Type
Value Add
Building Details
Year Built
1931
Year Renovated
2026
Stories
2
Tenancy
Multi
Listing Agency:
RIPCO Real Estate
Listed By:
Alex Svetlakou · License #NY 10401242416
(646) 827-9968
Source:
Crexi
Added: Jun 30
Changed: Sep 9
Last Checked: Sep 14 at 7:13AM
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 RIPCO Real Estate
Investment Insights
Based on property information with market context.
This high-visibility corner retail building includes a ground-floor vacancy, creating value-add and/or owner-user opportunity. The second-floor space is under a new 10-year lease, supporting stabilized income. The property also has in-place and projected annual gross revenue of $260,000.
The building is located next to the F & G train stop at Smith-9 Sts, providing strong transit adjacency for retail activity. The property is listed for sale at 501 Smith St, Brooklyn, NY 11231.
The building is located next to the F & G train stop at Smith-9 Sts, providing strong transit adjacency for retail activity. The property is listed for sale at 501 Smith St, Brooklyn, NY 11231.
Key Highlights
- High‑visibility corner retail building
- Ground‑floor vacancy provides value‑add and/or owner‑user potential
- New 10‑year lease for the 2nd floor space
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
$191,818
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
5.48%
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%
$3,836,360
$3.8M
Cap Rate 7%
$2,740,257
$2.7M
Cap Rate 9%
$2,131,311
$2.1M
Market Conditions
NOI Build-Up for 4,000 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
$311.0K $77.76/SF
− Vacancy
−$37.0K −$9.25/SF
EGI
$274.0K $68.51/SF
− OpEx
−$82.2K −$20.55/SF
NOI
$191.8K $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%
$3,836,360
Cap Rate 7%
$2,740,257
Cap Rate 9%
$2,131,311
Alternative Uses
Best Use
Retail
$2.74M
$2.40M – $3.20M
NOI $191,818 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.86M
NOI $231,840 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,865
Businesses Nearby
449k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 35%
Shops & Services 22%
Groceries 20%
Dining 18%
Whole Foods Market
Groceries
88,654 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
70,488 visits/mo
0.5 miles
Lowe's
Home Improvements & Furnishings
61,501 visits/mo
0.1 miles
McDonald's
Dining
32,520 visits/mo
0.2 miles
Dollar Tree
Shops & Services
30,894 visits/mo
0.5 miles
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Retail space - High-visibility corner retail building with ground-floor vacancy and a new 10-year lease on the second floor.
Where is this retail space located?
The property is located at 501 Smith Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: High‑visibility corner retail building; Ground‑floor vacancy provides value‑add and/or owner‑user potential; New 10‑year lease for the 2nd floor space
