Mixed-Use Building with
For Sale
$1,988,888
622 5TH AVE, Brooklyn, NY 11215
Street-level commercial space is leased, while two residential apartments will be delivered vacant.
Property Size2,772 SF
Price / SF$717.49
Days on Market62
Property Features for 622 5TH AVE
General Information
Standard status
Active
Size
2,772 SF
Property subtype
Mixed Use
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$9,518
Amenities
Window/Wall Unit
3
Building Details
Year Built
1919
Buildings
1
Listing Agency:
(516) 983-6097
Listed By:
Signature Premier Properties
(516) 983-6097
Source:
Xome
Added: Jul 1
Changed: Aug 31
Last Checked: Aug 31 at 12:51PM
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 Signature Premier Properties
Investment Insights
Based on property information with market context.
Located at 622 5th Ave in Brooklyn’s Park Slope neighborhood, this 2,772-square-foot mixed-use property combines street-level retail with two residential apartments. The commercial space is occupied by a dry-cleaning business under a lease with approximately 2.5 years remaining. The upper units include a six-room apartment and a five-room apartment, both scheduled for vacant delivery.
The property includes a full basement with street access, three separate gas-fired boiler systems, separate hot water heaters, and individual utility meters. Public transportation, shopping, schools, and neighborhood amenities are nearby, with direct access to the Prospect Expressway. The building was constructed in 1919 and is configured for continued commercial and residential use.
The property includes a full basement with street access, three separate gas-fired boiler systems, separate hot water heaters, and individual utility meters. Public transportation, shopping, schools, and neighborhood amenities are nearby, with direct access to the Prospect Expressway. The building was constructed in 1919 and is configured for continued commercial and residential use.
Key Highlights
- 2,772 SF mixed‑use property at 622 5th Ave, Brooklyn, NY 11215
- Street‑level retail space occupied by a dry‑cleaning business
- Approximately 2.5 years remain on the current commercial lease
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
$132,930
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
6.68%
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%
$2,658,600
$2.7M
Cap Rate 7%
$1,899,000
$1.9M
Cap Rate 9%
$1,477,000
$1.5M
Market Conditions
NOI Build-Up for 2,772 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
$215.6K $77.76/SF
− Vacancy
−$25.7K −$9.25/SF
EGI
$189.9K $68.51/SF
− OpEx
−$57.0K −$20.55/SF
NOI
$132.9K $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%
$2,658,600
Cap Rate 7%
$1,899,000
Cap Rate 9%
$1,477,000
Alternative Uses
Best Use
Retail
$1.90M
$1.66M – $2.22M
NOI $132,930 @ 7.0% cap · market cap 6.68%
Second Best
Mixed Use
$1.44M
$1.26M – $1.68M
NOI $100,624 @ 7.0% cap · market cap 5.06%
Theoretical Best
Specialty Retail
$2.30M
$2.01M – $2.68M
NOI $160,665 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,014
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is leased, while two residential apartments will be delivered vacant.
Where is this mixed-use property located?
The property is located at 622 5TH AVE Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,988,888.
What are key features of this property?
This property features: 2,772 SF mixed‑use property at 622 5th Ave, Brooklyn, NY 11215; Street‑level retail space occupied by a dry‑cleaning business; Approximately 2.5 years remain on the current commercial lease
