Mixed-Use Building with Retail
For Sale
$1,988,888
622 5th Avenue, Brooklyn, NY 11215
The storefront is leased, while both apartments above will be delivered vacant.
Property Size2,772 SF
Price / SF$717.49
Days on Market108
Property Features for 622 5th Avenue
General Information
Standard status
Active
Size
2,772 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Mixed-Use Components
retail, residential
Units
Multifamily Units
2
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$9,518
Building Details
Building Size
2,772 SF
Year Built
1919
Buildings
1
Units
3
Listing Agency:
Signature Premier Properties
(631) 673-3900
Listed By:
Patrick A. Mazza
(516) 983-6097
Source:
Croninreale
Added: Jul 10
Changed: Oct 23
Last Checked: Oct 23 at 3:45PM
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
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Investment Insights
Based on property information with market context.
This 1919 mixed-use building combines a street-level retail space with two upper-floor apartments: one with six rooms and another with five. The retail space is occupied by a dry cleaning business, with approximately 2.5 years remaining on its lease. Both apartments are scheduled for delivery vacant. A full basement has street access, and the building includes three separate gas-fired boiler systems, separate hot water heaters, and individual utility meters. The property is described as well maintained and in good overall condition.
The building is on 5th Avenue in Brooklyn, near public transportation, shopping, schools, and neighborhood services. The Prospect Expressway is accessible from the property’s vicinity.
The building is on 5th Avenue in Brooklyn, near public transportation, shopping, schools, and neighborhood services. The Prospect Expressway is accessible from the property’s vicinity.
Key Highlights
- Street‑level retail space leased to a dry cleaning business, with approximately 2.5 years remaining on the lease
- Two upper‑floor apartments: one six‑room unit and one five‑room unit, both to be delivered vacant
- Full basement with street access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$132,930
Cap Rate
6.68%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The storefront is leased, while both apartments above will be delivered vacant.
Where is this mixed-use property located?
The property is located at 622 5th Avenue 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: Street‑level retail space leased to a dry cleaning business, with approximately 2.5 years remaining on the lease; Two upper‑floor apartments: one six‑room unit and one five‑room unit, both to be delivered vacant; Full basement with street access
