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 Market109
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: Oct 4
Last Checked: Oct 16 at 8:57AM
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
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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 / Yr
$191,818
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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Market
Vacancy Rate% for Retail in Northeast region
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
