Mixed-Use Property with
627 Gravesend Neck Road, Brooklyn, NY 11223
For Sale
$2,100,000
Five apartments and a ground-floor storefront are currently generating rental income.
Property Size5,796 SF
Price / SF$362.32
Days on Market21
Property Features for 627 Gravesend Neck Road
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Public Transit
Mixed-Use Components
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
Hardwood,Laminate,Tile,None
Gas
6
5796
Finished
Other
Back
Brick,Other
2099
Poured Concrete,Other
23.00
23
84.00
93
Yes
Building Details
Year Built
Stories
Tenancy
Listing Agency:
RE/MAX Edge
Listed By:
Cuie (Maggie) Wu · License NY #10401322631
(917) 702-8533
Source:
Suitsre
Added: Oct 21
Changed: Nov 9
Last Checked: Nov 9 at 1:54PM
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 RE/MAX Edge
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Investment Insights
Based on property information with market context.
This 5,796-square-foot mixed-use property contains five apartments and one storefront. The residential mix includes three two-bedroom units and two one-bedroom units. All six units are currently generating rental income, and the building dates to 1930. Zoning is R4.
The property is near the F train subway station and the B3 and B68 bus routes. Tenants pay their own electricity and gas expenses.
The property is near the F train subway station and the B3 and B68 bus routes. Tenants pay their own electricity and gas expenses.
Key Highlights
- Five apartments: three two‑bedroom units and two one‑bedroom units
- One storefront
- All six units currently generate rental income
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$176,946
Cap Rate
8.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,538,920
$3.5M
Cap Rate 7%
$2,527,800
$2.5M
Cap Rate 9%
$1,966,067
$2.0M
Market Conditions
NOI Build-Up for 5,796 SF
Gross rent
$328.3K $56.64/SF
− Vacancy
−$6.6K −$1.13/SF
EGI
$321.7K $55.51/SF
− OpEx
−$144.8K −$24.98/SF
NOI
$176.9K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,538,920
Cap Rate 7%
$2,527,800
Cap Rate 9%
$1,966,067
Alternative Uses
Best Use
Retail
$3.97M
$3.47M – $4.63M
NOI $277,945 @ 7.0% cap · market cap 13.24%
Second Best
Mixed Use
$3.01M
$2.63M – $3.51M
NOI $210,395 @ 7.0% cap · market cap 10.02%
Theoretical Best
Specialty Retail
$4.80M
$4.20M – $5.60M
NOI $335,936 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,513
Businesses Nearby
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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
$1,063,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Mixed-use properties in Brooklyn, NY
Properties on Market for Mixed-use properties in Brooklyn
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Five apartments and a ground-floor storefront are currently generating rental income.
Where is this mixed-use property located?
The property is located at 627 Gravesend Neck Road Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Five apartments: three two‑bedroom units and two one‑bedroom units; One storefront; All six units currently generate rental income
