Corner Retail
For Sale
$1,150,000
658 Washington Avenue, Brooklyn, NY 11238
Vacant ADA-compliant storefront with glass frontage, signage opportunities, and vanilla box delivery.
Property Size1,167 SF
Price / SF$985.43
Days on Market84
Property Features for 658 Washington Avenue
General Information
Standard status
Active
Size
1,167 SF
Class
B
Property subtype
Multi Tenant Office
Site & Location
Corner Location
Yes
Utilities to Site
Yes
Building Details
Building Size
1,167 SF
Listing Agency:
Tri State Commercial Realty
Listed By:
Shlomi Bagdadi · License #10311204539
(718) 437-6100
Source:
Thebrokerlist
Added: Jun 11
Changed: Sep 2
Last Checked: Sep 2 at 1:15PM
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 Tri State Commercial Realty
Investment Insights
Based on property information with market context.
This 1,167 SF corner retail condo at 658 Washington Avenue is a vacant, new-development unit delivered in vanilla box condition. The space includes a glass storefront, multiple signage locations, multiple means of egress, and ADA-compliant access. Building systems include a 200 AMPS electric service, gas availability, and a 14 IN vent.
The property sits in Brooklyn’s Prospect Heights neighborhood between Underhill Avenue and Washington Avenue. Clinton–Washington Avenue provides access to the C and A subway trains, while the B65, B45, and B69 bus lines serve the surrounding corridor. Nearby businesses, neighborhood destinations, and Public School 9 contribute to an active, walkable setting. The corner position and storefront configuration provide a clear commercial presence along Washington Avenue.
The property sits in Brooklyn’s Prospect Heights neighborhood between Underhill Avenue and Washington Avenue. Clinton–Washington Avenue provides access to the C and A subway trains, while the B65, B45, and B69 bus lines serve the surrounding corridor. Nearby businesses, neighborhood destinations, and Public School 9 contribute to an active, walkable setting. The corner position and storefront configuration provide a clear commercial presence along Washington Avenue.
Key Highlights
- 1,167 SF vacant corner retail condo in a new development
- ADA‑compliant unit with glass storefront and multiple signage opportunities
- Vanilla box delivery with multiple means of egress
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
$55,963
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
4.87%
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%
$1,119,260
$1.1M
Cap Rate 7%
$799,471
$799.5K
Cap Rate 9%
$621,811
$621.8K
Market Conditions
NOI Build-Up for 1,167 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
$90.7K $77.76/SF
− Vacancy
−$10.8K −$9.25/SF
EGI
$79.9K $68.51/SF
− OpEx
−$24.0K −$20.55/SF
NOI
$56.0K $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%
$1,119,260
Cap Rate 7%
$799,471
Cap Rate 9%
$621,811
Alternative Uses
Best Use
Retail
$799.5K
$699.5K – $932.7K
NOI $55,963 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$966.3K
$845.5K – $1.13M
NOI $67,639 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,181
Businesses Nearby
150k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 26%
Groceries 11%
McDonald's
Dining
56,606 visits/mo
0.3 miles
Key Food
Groceries
10,405 visits/mo
0.3 miles
Dunkin' Donuts
Dining
9,793 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
9,352 visits/mo
0.5 miles
Chipotle Mexican Grill
Dining
9,346 visits/mo
0.5 miles
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Vacant ADA-compliant storefront with glass frontage, signage opportunities, and vanilla box delivery.
Where is this retail space located?
The property is located at 658 Washington Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 1,167 SF vacant corner retail condo in a new development; ADA‑compliant unit with glass storefront and multiple signage opportunities; Vanilla box delivery with multiple means of egress
