Mixed-Use Property with Outdoor
New
For Sale
$4,500,000
748 Union Street, Brooklyn, NY 11215
Garden-level commercial space is paired with residential upper levels and multiple private outdoor areas.
Property Size5,804 SF
Price / SF$775.33
Days on Market6
Property Features for 748 Union Street
General Information
Standard status
Active
Size
5,804 SF
Property subtype
Mixed Use
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$16,831
Building Details
Building Size
5,804 SF
Year Built
1915
Listing Agency:
Compass
Listed By:
James Fierro Jr
(716) 930-5802
Source:
Miradorrealestate
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 21 at 8:10AM
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 Compass
Investment Insights
Based on property information with market context.
This 5,804-square-foot mixed-use property, built in 1915, combines commercial space at the garden level with residential areas above. Multiple private outdoor spaces add flexibility to the overall configuration, while the combination of commercial and residential components supports a range of live-work or ownership arrangements without changing the building’s established character.
The property is located at 748 Union Street in Brooklyn’s Park Slope neighborhood. The surrounding setting includes neighborhood dining, coffee shops, everyday conveniences, public transit, and access to Prospect Park. Its Union Street address places the building within an established residential and commercial corridor, with the property’s mixed-use layout and outdoor areas providing the defining physical features.
The property is located at 748 Union Street in Brooklyn’s Park Slope neighborhood. The surrounding setting includes neighborhood dining, coffee shops, everyday conveniences, public transit, and access to Prospect Park. Its Union Street address places the building within an established residential and commercial corridor, with the property’s mixed-use layout and outdoor areas providing the defining physical features.
Key Highlights
- 5,804‑square‑foot mixed‑use property at 748 Union Street, Brooklyn, NY 11215
- Built in 1915
- Garden‑level commercial space with residential upper levels
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
$210,685
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
4.68%
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%
$4,213,700
$4.2M
Cap Rate 7%
$3,009,786
$3.0M
Cap Rate 9%
$2,340,944
$2.3M
Market Conditions
NOI Build-Up for 5,804 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
$383.1K $66.00/SF
− Vacancy
−$46.0K −$7.92/SF
EGI
$337.1K $58.08/SF
− OpEx
−$126.4K −$21.78/SF
NOI
$210.7K $36.30/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
37.50%
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%
$4,213,700
Cap Rate 7%
$3,009,786
Cap Rate 9%
$2,340,944
Alternative Uses
Best Use
Mixed Use
$3.01M
$2.63M – $3.51M
NOI $210,685 @ 7.0% cap · market cap 4.68%
Second Best
Office B
$2.07M
$1.81M – $2.41M
NOI $144,798 @ 7.0% cap · market cap 3.22%
Theoretical Best
Specialty Retail
$4.81M
$4.21M – $5.61M
NOI $336,400 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8,402
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Garden-level commercial space is paired with residential upper levels and multiple private outdoor areas.
Where is this mixed-use property located?
The property is located at 748 Union Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 5,804‑square‑foot mixed‑use property at 748 Union Street, Brooklyn, NY 11215; Built in 1915; Garden‑level commercial space with residential upper levels
