Prime Commercial Condo in
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664 New York Ave, Brooklyn, NY 11203
2,286 SF commercial condo in Prospect Lefferts Gardens area.
Property Size2,286 SF
Price / SF$480.75
Days on Market185
Property Features for 664 New York Ave
General Information
Standard status
Active
Size
2,286 SF
Property subtype
Office, Retail
Listing Agency:
RE/MAX Real Estate Professionals
(718) 532-2000
Listed By:
Vito Angelo · License #NY 40AN0957928
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 8 at 6:33AM
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 Real Estate Professionals
Investment Insights
Based on property information with market context.
This commercial ground floor condo offers an opportunity to own in the Prospect Lefferts Gardens area. The property features 2,286 square feet of open space, modern floor-to-ceiling windows, and 77 feet of street frontage. It is located minutes away from SUNY Downstate Hospital and the 2/5 trains, with close proximity to Prospect Park and Flatbush Avenue. This new construction is suitable for commercial, retail, office, or medical use in a high-traffic area.
Key Highlights
- Prime commercial ground floor condo in the Prospect Lefferts Gardens area.
- Massive 2,286 sqft of open space.
- 77 feet of street frontage with floor to ceiling windows.**
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
$57,031
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
5.19%
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%
$1,140,620
$1.1M
Cap Rate 7%
$814,729
$814.7K
Cap Rate 9%
$633,678
$633.7K
Market Conditions
NOI Build-Up for 2,286 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
$98.8K $43.20/SF
− Vacancy
−$22.7K −$9.94/SF
EGI
$76.0K $33.26/SF
− OpEx
−$19.0K −$8.32/SF
NOI
$57.0K $24.95/SF
Area
Brooklyn, NY
Vacancy
23.00%
Lease Rate
$43.20 /SF/Yr
Expense Ratio
25.00%
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%
$1,140,620
Cap Rate 7%
$814,729
Cap Rate 9%
$633,678
Alternative Uses
Best Use
Retail
$1.57M
$1.37M – $1.83M
NOI $109,624 @ 7.0% cap · market cap 9.97%
Second Best
Office B
$814.7K
$712.9K – $950.5K
NOI $57,031 @ 7.0% cap · market cap 5.19%
Theoretical Best
Specialty Retail
$1.89M
$1.66M – $2.21M
NOI $132,497 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,205
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 2,286 SF commercial condo in Prospect Lefferts Gardens area.
Where is this retail space located?
The property is located at 664 New York Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Prime commercial ground floor condo in the Prospect Lefferts Gardens area.; Massive 2,286 sqft of open space.; 77 feet of street frontage with floor to ceiling windows.**
