Mixed-Use Multifamily Building with
For Sale
$3,990,000
697 GRAND Street, Brooklyn, NY 11211
2005 steel-and-masonry building with 4 residential units and 1 commercial space, with individually metered gas and electric.
Property Size8,420 SF
Lot Size0.07 Acres
Price / SF$473.87
Days on Market84
Property Features for 697 GRAND Street
General Information
Standard status
Active
Size
8,420 SF
Lot size
0.07 Acres
Property subtype
Mixed Use
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$30,648
Building Details
Building Size
8,420 SF
Year Built
2005
Buildings
1
Stories
3
Construction
steel & masonry
Listing Agency:
Corcoran Group
Listed By:
ERIC S FLEMING · License #10301202085 (NY)
(917) 769-7776
Source:
Miradorrealestate
Added: Jul 13
Changed: Sep 30
Last Checked: Oct 3 at 12:50AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
697 Grand Street is a three-story, 8,420 SF mixed-use building constructed in 2005 with steel and masonry. The property includes four residential units and one commercial space. Each apartment has its own hot water heater and is individually metered for gas and electric, supporting more controllable ownership utilities. The commercial space runs the full span of the building with full glass frontage along Grand Street, plus a basement and an open back lot area.
The lot measures 26 ft by 125 ft (3,238 SF) with more than 25 ft of frontage in the East Williamsburg area. Current FAR is 2.60, with up to 4 FAR and a stated buildable area of 4,533 SF. A 421A tax exemption currently provides a benefit, with expiration in 2033, transitioning the property toward free market status. The property also carries a 2A tax class.
With triple-wide sidewalk and a protected bike lane directly outside, the building is positioned in a dense corridor near the Graham Avenue and Grand Street “L” subway lines.
The lot measures 26 ft by 125 ft (3,238 SF) with more than 25 ft of frontage in the East Williamsburg area. Current FAR is 2.60, with up to 4 FAR and a stated buildable area of 4,533 SF. A 421A tax exemption currently provides a benefit, with expiration in 2033, transitioning the property toward free market status. The property also carries a 2A tax class.
With triple-wide sidewalk and a protected bike lane directly outside, the building is positioned in a dense corridor near the Graham Avenue and Grand Street “L” subway lines.
Key Highlights
- More than 25 ft of frontage in East Williamsburg
- Built in 2005 with steel and masonry construction
- 4 residential units plus 1 commercial space with full glass frontage
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
$257,054
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
6.44%
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%
$5,141,080
$5.1M
Cap Rate 7%
$3,672,200
$3.7M
Cap Rate 9%
$2,856,156
$2.9M
Market Conditions
NOI Build-Up for 8,420 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
$476.9K $56.64/SF
− Vacancy
−$9.5K −$1.13/SF
EGI
$467.4K $55.51/SF
− OpEx
−$210.3K −$24.98/SF
NOI
$257.1K $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 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%
$5,141,080
Cap Rate 7%
$3,672,200
Cap Rate 9%
$2,856,156
Alternative Uses
Best Use
Retail
$5.77M
$5.05M – $6.73M
NOI $403,778 @ 7.0% cap · market cap 10.12%
Second Best
Apartment 5plus
$3.67M
$3.21M – $4.28M
NOI $257,054 @ 7.0% cap · market cap 6.44%
Theoretical Best
Specialty Retail
$6.97M
$6.10M – $8.13M
NOI $488,023 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
8,980
Businesses Nearby
Explore this area
Business Placement
Demographics for 11211, NY
68,540
Population
29,068
Households
2.4
Avg Household Size
31
Median Age
55%
College-Educated
86%
High-School Grad
1.5 sq mi
ZIP Area
45,693
Density / Sq Mi
$105,183
Median Household Income
$67,533
Median Earnings
$2,357
Median Rent
$1,118,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - 2005 steel-and-masonry building with 4 residential units and 1 commercial space, with individually metered gas and electric.
Where is this multifamily property located?
The property is located at 697 GRAND Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: More than 25 ft of frontage in East Williamsburg; Built in 2005 with steel and masonry construction; 4 residential units plus 1 commercial space with full glass frontage
