Sunset Park Commercial Condo
For Sale
$1,190,000
867 53rd St 2, Brooklyn, NY 11220
Commercial condo unit in Sunset Park with tenant in place.
Property Size1,439 SF
Price / SF$826.96
Days on Market177
Property Features for 867 53rd St 2
General Information
Standard status
Active
Size
1,439 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$843
Building Details
Building Size
1,439 SF
Year Built
2023
Listing Agency:
Tiger Realty
Listed By:
Yan Mei (Jamie) Zheng
(917) 708-9966
Source:
Elliman
Added: Apr 15
Changed: Aug 23
Last Checked: Aug 25 at 9:54AM
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 Tiger Realty
Investment Insights
Based on property information with market context.
This 1,439-square-foot commercial condo unit is located on the second floor of an elevator building in Sunset Park. The unit is currently occupied by a tenant operating a cram school and office. The property generates an estimated gross annual income of $61,800. Additional features include a 15-year tax abatement and low monthly common charges of $678. Owner financing is available at a 6% rate, with the possibility of closing. The location is considered a Walker's Paradise with a walk score of 95, a Rider's Paradise with a transit score of 95, and Very Bikeable with a bike score of 76. The purchaser can begin collecting rent immediately upon closing. Buyers have the option to purchase all units together.
Key Highlights
- Immediate rental income upon closing with an existing tenant
- Take advantage of a 15‑year tax abatement
- Gross annual income of $61,800
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,971
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$859,420
$859.4K
Cap Rate 7%
$613,871
$613.9K
Cap Rate 9%
$477,456
$477.5K
Market Conditions
NOI Build-Up for 1,439 SF
Gross rent
$72.5K $50.40/SF
− Vacancy
−$15.2K −$10.58/SF
EGI
$57.3K $39.82/SF
− OpEx
−$14.3K −$9.95/SF
NOI
$43.0K $29.86/SF
Area
ZIP 11220
Vacancy
21.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$859,420
Cap Rate 7%
$613,871
Cap Rate 9%
$477,456
Alternative Uses
Best Use
Office B
$613.9K
$537.1K – $716.2K
NOI $42,971 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$932.9K
$816.3K – $1.09M
NOI $65,301 @ 7.0% cap · market cap 5.49%
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
7,955
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Office units - Commercial condo unit in Sunset Park with tenant in place.
Where is this office units located?
The property is located at 867 53rd St 2 Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Immediate rental income upon closing with an existing tenant; Take advantage of a 15‑year tax abatement; Gross annual income of $61,800
