Mixed-Use Building with Pet
For Sale
$2,699,000
751 Franklin Avenue, Brooklyn, NY 11238
Ground floor and basement are occupied by a pet store, with two renovated one-bedroom apartments above.
Property Size2,688 SF
Price / SF$1,004
Days on Market92
Property Features for 751 Franklin Avenue
General Information
Standard status
Active
Size
2,688 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,190
Building Details
Building Size
2,688 SF
Year Built
1910
Listing Agency:
Nest Seekers LLC
Listed By:
Howard L Ramlal · License #40RA1043997
(917) 414-4896
Source:
Miradorrealestate
Added: Jun 8
Changed: Sep 5
Last Checked: Aug 10 at 9:41AM
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 Nest Seekers LLC
Investment Insights
Based on property information with market context.
751 Franklin Avenue is a mixed-use building with retail space on the ground floor and in the basement, currently occupied by a pet store. The second and third floors feature two renovated one-bedroom apartments.
Both apartments are described as having hardwood floors, open kitchens with an island, stainless steel appliances, dishwashers, and in-unit full-size washer/dryer, along with split A/C units. The second-floor tenant has exclusive use of the deck and shared use of the garden/backyard, while the third-floor apartment is now vacant.
The property is positioned on Franklin Avenue close to Eastern Parkway and within a dense mix of neighborhood retail and dining options. Access is noted via buses and the No. 2, 3, 4, and 5 lines, as well as the Franklin Ave shuttle at the Franklin Avenue station, with nearby Grand Army Plaza farmer’s market, Prospect Park, the Brooklyn Museum, and the Brooklyn Botanic Garden. Showings are by appointment only, and additional financial information is available upon request.
Both apartments are described as having hardwood floors, open kitchens with an island, stainless steel appliances, dishwashers, and in-unit full-size washer/dryer, along with split A/C units. The second-floor tenant has exclusive use of the deck and shared use of the garden/backyard, while the third-floor apartment is now vacant.
The property is positioned on Franklin Avenue close to Eastern Parkway and within a dense mix of neighborhood retail and dining options. Access is noted via buses and the No. 2, 3, 4, and 5 lines, as well as the Franklin Ave shuttle at the Franklin Avenue station, with nearby Grand Army Plaza farmer’s market, Prospect Park, the Brooklyn Museum, and the Brooklyn Botanic Garden. Showings are by appointment only, and additional financial information is available upon request.
Key Highlights
- Mixed‑use building with ground floor and basement leased to a pet store, plus two 1‑bedroom apartments on the 2nd and 3rd floors
- Two renovated 1‑bedroom apartments feature hardwood floors, open kitchens with an island, stainless steel appliances, dishwashers, and split A/C units
- Units include in‑unit full size washer/dryer and lots of closet space
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
$128,902
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
4.78%
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%
$2,578,040
$2.6M
Cap Rate 7%
$1,841,457
$1.8M
Cap Rate 9%
$1,432,244
$1.4M
Market Conditions
NOI Build-Up for 2,688 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
$209.0K $77.76/SF
− Vacancy
−$24.9K −$9.25/SF
EGI
$184.1K $68.51/SF
− OpEx
−$55.2K −$20.55/SF
NOI
$128.9K $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%
$2,578,040
Cap Rate 7%
$1,841,457
Cap Rate 9%
$1,432,244
Alternative Uses
Best Use
Retail
$1.84M
$1.61M – $2.15M
NOI $128,902 @ 7.0% cap · market cap 4.78%
Second Best
Multifamily LT 5
$1.34M
$1.18M – $1.57M
NOI $94,138 @ 7.0% cap · market cap 3.49%
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $155,796 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,644
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Ground floor and basement are occupied by a pet store, with two renovated one-bedroom apartments above.
Where is this duplex located?
The property is located at 751 Franklin Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,699,000.
What are key features of this property?
This property features: Mixed‑use building with ground floor and basement leased to a pet store, plus two 1‑bedroom apartments on the 2nd and 3rd floors; Two renovated 1‑bedroom apartments feature hardwood floors, open kitchens with an island, stainless steel appliances, dishwashers, and split A/C units; Units include in‑unit full size washer/dryer and lots of closet space
