Two-Story Designer
For Sale
$1,999,000
821 39th Street, Brooklyn, NY 11232
Commercial, Brooklyn, NY
Property Size3,500 SF
Lot Size0.06 Acres
Price / SF$571.14
Days on Market176
Property Features for 821 39th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M1-2
Parking features
Carport
Subdivision
Sunset Park
Standard status
Active
Size
3,500 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
19733
Amenities
private parking
second-floor terrace
four separate HVAC systems
Building Details
Year built
2000
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Block, Brick, Steel
Roof type
Flat
Listing Agency:
Kirin Real Estate LLC
Listed By:
Allen Z. Luo · License #10491214007
(929) 460-0008
Added: Mar 17
Changed: Aug 20
Last Checked: Sep 8 at 4:06AM
MLS# 499743
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story showroom property combines a finished gallery level with a private upstairs studio. White and red oak appear throughout the gallery, while bamboo detailing adds a distinct finish upstairs. The building also includes architectural ceilings, finished walls, hardwood flooring, a private second-floor terrace, and carport parking. Four separate HVAC systems support the interior configuration, and the structure was built in 2000 using block, brick, and steel construction with a flat roof.
The property contains approximately 2,500 square feet of interior space on a 3,500-square-foot lot. M1-2 zoning provides the stated land-use designation. The site is located near public transit, including the NYC Subway D line at 9th Avenue Station, within a residential-and-commercial corridor in Brooklyn.
The property contains approximately 2,500 square feet of interior space on a 3,500-square-foot lot. M1-2 zoning provides the stated land-use designation. The site is located near public transit, including the NYC Subway D line at 9th Avenue Station, within a residential-and-commercial corridor in Brooklyn.
Key Highlights
- Approximately 2,500 square feet of interior space on a 3,500‑square‑foot lot
- Two‑story showroom with finished gallery and private upstairs studio
- White and Red Oak gallery finishes with bamboo detailing upstairs
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
$167,841
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
8.40%
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%
$3,356,820
$3.4M
Cap Rate 7%
$2,397,729
$2.4M
Cap Rate 9%
$1,864,900
$1.9M
Market Conditions
NOI Build-Up for 3,500 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
$272.2K $77.76/SF
− Vacancy
−$32.4K −$9.25/SF
EGI
$239.8K $68.51/SF
− OpEx
−$71.9K −$20.55/SF
NOI
$167.8K $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%
$3,356,820
Cap Rate 7%
$2,397,729
Cap Rate 9%
$1,864,900
Alternative Uses
Best Use
Retail
$2.40M
$2.10M – $2.80M
NOI $167,841 @ 7.0% cap · market cap 8.40%
Second Best
Office B
$1.25M
$1.09M – $1.46M
NOI $87,318 @ 7.0% cap · market cap 4.37%
Theoretical Best
Specialty Retail
$2.90M
$2.54M – $3.38M
NOI $202,860 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,261
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11232, NY
30,181
Population
10,004
Households
3
Avg Household Size
35
Median Age
36%
College-Educated
69%
High-School Grad
1.2 sq mi
ZIP Area
25,151
Density / Sq Mi
$87,517
Median Household Income
$45,983
Median Earnings
$1,972
Median Rent
$782,500
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?
Showroom - Turnkey commercial space with finished interiors, a private terrace, carport parking, and multiple HVAC systems.
Where is this showroom located?
The property is located at 821 39th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Approximately 2,500 square feet of interior space on a 3,500‑square‑foot lot; Two‑story showroom with finished gallery and private upstairs studio; White and Red Oak gallery finishes with bamboo detailing upstairs
