Mixed-Use Property with Catering
For Sale
Contact for pricing
Pending
51 avenue u, Brooklyn, NY 11223
Existing catering-hall improvements support continued operations alongside residential and commercial redevelopment potential.
Property Size8,000 SF
Days on Market857
Property Features for 51 avenue u
General Information
Standard status
Pending
Size
8,000 SF
Property subtype
Office
Listing Agency:
GAMA GROUP LLC
Listed By:
Gabriel Lian
(718) 717-7727
Source:
Crexi
Added: Jun 16, 2024
Changed: Oct 13
Last Checked: Oct 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 GAMA GROUP LLC
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Investment Insights
Based on property information with market context.
Located at 51 Avenue U in Brooklyn, this mixed-use property includes an existing catering hall with 8,000 square feet of interior space. The building dates to 1931 and has operated as a catering venue for decades, offering an established configuration for continued use.
The property occupies an 80-by-100-foot corner lot and carries both R5B and C2-3 zoning. R5B permits detached and semi-detached multifamily dwellings with a 1.35 FAR, along with three-story row houses. C2-3 zoning supports mixed-use development combining commercial and residential components.
The property occupies an 80-by-100-foot corner lot and carries both R5B and C2-3 zoning. R5B permits detached and semi-detached multifamily dwellings with a 1.35 FAR, along with three-story row houses. C2-3 zoning supports mixed-use development combining commercial and residential components.
Key Highlights
- 8,000 square feet of interior space
- Existing catering hall operating for decades
- 80‑by‑100‑foot corner lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$290,400
Cap Rate
6.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,808,000
$5.8M
Cap Rate 7%
$4,148,571
$4.1M
Cap Rate 9%
$3,226,667
$3.2M
Market Conditions
NOI Build-Up for 8,000 SF
Gross rent
$528.0K $66.00/SF
− Vacancy
−$63.4K −$7.92/SF
EGI
$464.6K $58.08/SF
− OpEx
−$174.2K −$21.78/SF
NOI
$290.4K $36.30/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,808,000
Cap Rate 7%
$4,148,571
Cap Rate 9%
$3,226,667
Alternative Uses
Best Use
Mixed Use
$4.15M
$3.63M – $4.84M
NOI $290,400 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.62M
$5.80M – $7.73M
NOI $463,680 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,334
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
Median Home Value
Frequently Asked Questions
What type of property is this?
Mixed-use property - Existing catering-hall improvements support continued operations alongside residential and commercial redevelopment potential.
Where is this mixed-use property located?
The property is located at 51 avenue u Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 8,000 square feet of interior space; Existing catering hall operating for decades; 80‑by‑100‑foot corner lot
