Brooklyn Commercial Building with
For Sale
Contact for pricing
6321 New Utrecht Ave, Brooklyn, NY
Commercial building with parking lot and multiple entrances in Brooklyn.
Property Size13,770 SF
Lot Size0.20 Acres
Price / SF$603.85
Days on Market880
Property Features for 6321 New Utrecht Ave
General Information
Standard status
Active
Size
13,770 SF
Lot size
0.20 Acres
Property subtype
OFFICE
Listing Agency:
Kassin Sabbagh Realty (KSR)
(646) 234-9350
Listed By:
Ohad Babo
Source:
Moodyscre
Added: Mar 13, 2024
Changed: Aug 8
Last Checked: Aug 8 at 5:13AM
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 Kassin Sabbagh Realty (KSR)
Investment Insights
Based on property information with market context.
The property is a commercial building with multiple entrances, including two on New Utrecht Avenue, one on 64th Street, and one from the attached parking lot. The parking lot can accommodate up to 15 cars. Flagstar Bank, a New York Community Bank subsidiary, operates as a tenant, having acquired a large segment of Signature Bank. Bricolage has been a tenant since 2001. The building's size is 13,770 square feet. The property is located near the N, Q, W, and D subway lines. The annual taxes are $88,666. There is an ICIP for 2024/2025 of $425,250.
Key Highlights
- Tenant is Flagstar Bank (New York Community Bank Subsidiary)
- ICIP for 2024/2025 is $425,250
- Parking lot with space for up to 15 cars included
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
$660,335
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
7.94%
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%
$13,206,700
$13.2M
Cap Rate 7%
$9,433,357
$9.4M
Cap Rate 9%
$7,337,056
$7.3M
Market Conditions
NOI Build-Up for 13,770 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
$1.07M $77.76/SF
− Vacancy
−$127.4K −$9.25/SF
EGI
$943.3K $68.51/SF
− OpEx
−$283.0K −$20.55/SF
NOI
$660.3K $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%
$13,206,700
Cap Rate 7%
$9,433,357
Cap Rate 9%
$7,337,056
Alternative Uses
Best Use
Specialty Retail
$11.40M
$9.98M – $13.30M
NOI $798,109 @ 7.0% cap · market cap 9.60%
Second Best
Retail
$9.43M
$8.25M – $11.01M
NOI $660,335 @ 7.0% cap · market cap 7.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,809
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Commercial building with parking lot and multiple entrances in Brooklyn.
Where is this office building located?
The property is located at 6321 New Utrecht Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $8,315,000.
What are key features of this property?
This property features: Tenant is Flagstar Bank (New York Community Bank Subsidiary); ICIP for 2024/2025 is $425,250; Parking lot with space for up to 15 cars included
