Mixed-Use Walkup
For Sale
Contact for pricing
524 Lorimer Street, Brooklyn, NY 11211
A fully occupied mixed-use walkup with two commercial units and three residential units totaling 4,150 SF.
Property Size4,180 SF
Price / SF$1,220
Days on Market58
Property Features for 524 Lorimer Street
General Information
Standard status
Active
Size
4,180 SF
Property subtype
Mixed Use
Zoning
R6B
Occupancy
100%
Net Operating Income
$288,111
Additional Details
Multifamily Units
3
Building Details
Year Built
1899
Year Renovated
2026
Buildings
1
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
Cushman & Wakefield
Listed By:
Dimitri Venekas · License #10401278952
Source:
Crexi
Added: Jul 21
Changed: Sep 15
Last Checked: Sep 16 at 12:30PM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
524 Lorimer Street is a mixed-use walkup building totaling 4,150 SF, including 700 SF below grade. The property is comprised of 2 commercial units and 3 residential units and is currently completely occupied, with 100% free-market tenancy.
The building is positioned approximately two blocks from the Lorimer Street Station, which provides access to the subway line with commutes of less than 15 minutes into Lower Manhattan.
Ownership has completed recent capital improvements, including replacements of the heating and cooling system, water heaters, roof, siding, intercom system, and surveillance cameras.
The building is positioned approximately two blocks from the Lorimer Street Station, which provides access to the subway line with commutes of less than 15 minutes into Lower Manhattan.
Ownership has completed recent capital improvements, including replacements of the heating and cooling system, water heaters, roof, siding, intercom system, and surveillance cameras.
Key Highlights
- Mixed‑use walkup with 2 commercial units and 3 residential units totaling 4,150 SF (including 700 SF below grade).
- Fully occupied and 100% free‑market with ZERO deferred maintenance.
- Recent capital improvements include HCAV system, water heaters, roof, siding, intercom system, and surveillance cameras.
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
$151,734
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
2.98%
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%
$3,034,680
$3.0M
Cap Rate 7%
$2,167,629
$2.2M
Cap Rate 9%
$1,685,933
$1.7M
Market Conditions
NOI Build-Up for 4,180 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
$275.9K $66.00/SF
− Vacancy
−$33.1K −$7.92/SF
EGI
$242.8K $58.08/SF
− OpEx
−$91.0K −$21.78/SF
NOI
$151.7K $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 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%
$3,034,680
Cap Rate 7%
$2,167,629
Cap Rate 9%
$1,685,933
Alternative Uses
Best Use
Mixed Use
$2.17M
$1.90M – $2.53M
NOI $151,734 @ 7.0% cap · market cap 2.98%
Second Best
Multifamily LT 5
$2.09M
$1.83M – $2.44M
NOI $146,391 @ 7.0% cap · market cap 2.87%
Theoretical Best
Specialty Retail
$3.46M
$3.03M – $4.04M
NOI $242,273 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
7,043
Businesses Nearby
Explore this area
Business Placement
Demographics for 11211, NY
68,540
Population
29,068
Households
2.4
Avg Household Size
31
Median Age
55%
College-Educated
86%
High-School Grad
1.5 sq mi
ZIP Area
45,693
Density / Sq Mi
$105,183
Median Household Income
$67,533
Median Earnings
$2,357
Median Rent
$1,118,600
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 Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A fully occupied mixed-use walkup with two commercial units and three residential units totaling 4,150 SF.
Where is this mixed-use property located?
The property is located at 524 Lorimer Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,100,000.
What are key features of this property?
This property features: Mixed‑use walkup with 2 commercial units and 3 residential units totaling 4,150 SF (including 700 SF below grade).; Fully occupied and 100% free‑market with ZERO deferred maintenance.; Recent capital improvements include HCAV system, water heaters, roof, siding, intercom system, and surveillance cameras.
