Vacant Mixed-Use
New
For Sale
$995,000
5504 Church Ave, Brooklyn, NY 11203
Includes two apartments, a former church space, and finished basement area for renovation or reuse.
Property Size2,380 SF
Days on Market5
Property Features for 5504 Church Ave
General Information
Standard status
Active
Size
2,380 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,689
Building Details
Building Size
2,380 SF
Year Built
1931
Units
3
Listed By:
Joan St. Aubyn
(347) 882-6252
Source:
Elliman
Added: Sep 13
Last Checked: Sep 16 at 3:33PM
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 Joan St. Aubyn
Investment Insights
Based on property information with market context.
Built in 1931, this vacant mixed-use property combines two upper-level apartments with flexible ground-floor and basement areas. Each apartment has two bedrooms, one full bathroom, a separate kitchen, and an open living and dining arrangement. The first floor was formerly used as a church and includes a rear office and half bathroom. A finished basement in good condition adds substantial usable area, generous ceiling height, and two half bathrooms.
The property is located at 5504 Church Ave in Brooklyn, near bus and subway transportation, shopping, services, and established local businesses. Walk Score is 73, Transit Score is 84, and Bike Score is 56. The entire property is vacant and will be conveyed as-is.
The property is located at 5504 Church Ave in Brooklyn, near bus and subway transportation, shopping, services, and established local businesses. Walk Score is 73, Transit Score is 84, and Bike Score is 56. The entire property is vacant and will be conveyed as-is.
Key Highlights
- Two upper‑level 2‑bedroom apartments, each with 1 full bathroom and a separate kitchen
- Former church space on the first floor with rear office and half bathroom
- Finished basement in good condition with generous ceiling height and 2 half bathrooms
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
$86,394
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
8.68%
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%
$1,727,880
$1.7M
Cap Rate 7%
$1,234,200
$1.2M
Cap Rate 9%
$959,933
$959.9K
Market Conditions
NOI Build-Up for 2,380 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
$157.1K $66.00/SF
− Vacancy
−$18.8K −$7.92/SF
EGI
$138.2K $58.08/SF
− OpEx
−$51.8K −$21.78/SF
NOI
$86.4K $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 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%
$1,727,880
Cap Rate 7%
$1,234,200
Cap Rate 9%
$959,933
Alternative Uses
Best Use
Mixed Use
$1.23M
$1.08M – $1.44M
NOI $86,394 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$1.04M
$908.2K – $1.21M
NOI $72,659 @ 7.0% cap · market cap 7.30%
Theoretical Best
Specialty Retail
$1.97M
$1.72M – $2.30M
NOI $137,945 @ 7.0% cap · market cap 13.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes two apartments, a former church space, and finished basement area for renovation or reuse.
Where is this mixed-use property located?
The property is located at 5504 Church Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two upper‑level 2‑bedroom apartments, each with 1 full bathroom and a separate kitchen; Former church space on the first floor with rear office and half bathroom; Finished basement in good condition with generous ceiling height and 2 half bathrooms
