Prime Kensington/Boro Park Development
For Sale
Contact for pricing
3485 Fort Hamilton Parkway, Brooklyn, NY 11218
C8-2 zoned lot package deal in desirable Brooklyn location.
Property Size3,660 SF
Lot Size0.12 Acres
Price / SF$681.69
Days on Market845
Property Features for 3485 Fort Hamilton Parkway
General Information
Standard status
Active
Size
3,660 SF
Lot size
0.12 Acres
Property subtype
Special Purpose, Industrial, Land, Office, Retail
Zoning
C8-2
Listing Agency:
RE/MAX Real Estates Professionals
(718) 532-2000
Listed By:
Billy Apter · License #New York
Source:
Crexi
Added: Apr 17, 2024
Changed: Aug 8
Last Checked: May 12 at 11:22PM
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 RE/MAX Real Estates Professionals
Investment Insights
Based on property information with market context.
This offering presents a package deal featuring two properties: 3483 Fort Hamilton Parkway and the subject property at 3485 Fort Hamilton Parkway. The combined lot size is 50x102, zoned C8-2, situated in the Kensington/Boro Park area. The property at 3483 Fort Hamilton Parkway includes a two-story building with two commercial office units above a warehouse, positioned on a 20x102 lot. The subject property at 3485 Fort Hamilton Parkway features a one-story commercial retail building/garage with a 30x60 building size on a 30x102 lot. The total property size is 3660 square feet. This package offers significant buildable square footage and development potential, suitable for developers, builders, investors, and end-users. The location is within a sought-after Brooklyn neighborhood.
Key Highlights
- C8‑2 Zoning on a combined 50x102 lot offers significant development potential.
- Package deal includes two properties: 3483 Fort Hamilton Pkwy (2‑story office over warehouse) and a one‑story commercial retail building/garage.
- Located in a highly desirable Kensington/Boro Park location.
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
$175,514
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
7.03%
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%
$3,510,280
$3.5M
Cap Rate 7%
$2,507,343
$2.5M
Cap Rate 9%
$1,950,156
$2.0M
Market Conditions
NOI Build-Up for 3,660 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
$284.6K $77.76/SF
− Vacancy
−$33.9K −$9.25/SF
EGI
$250.7K $68.51/SF
− OpEx
−$75.2K −$20.55/SF
NOI
$175.5K $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%
$3,510,280
Cap Rate 7%
$2,507,343
Cap Rate 9%
$1,950,156
Alternative Uses
Best Use
Retail
$2.51M
$2.19M – $2.93M
NOI $175,514 @ 7.0% cap · market cap 7.03%
Second Best
Office B
$1.30M
$1.14M – $1.52M
NOI $91,310 @ 7.0% cap · market cap 3.66%
Theoretical Best
Specialty Retail
$3.03M
$2.65M – $3.54M
NOI $212,134 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 11218, NY
78,642
Population
27,403
Households
2.9
Avg Household Size
35
Median Age
51%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
56,173
Density / Sq Mi
$95,916
Median Household Income
$55,190
Median Earnings
$1,966
Median Rent
$914,300
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?
Commercial land - C8-2 zoned lot package deal in desirable Brooklyn location.
Where is this commercial land located?
The property is located at 3485 Fort Hamilton Parkway Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: C8‑2 Zoning on a combined 50x102 lot offers significant development potential.; Package deal includes **two properties**: 3483 Fort Hamilton Pkwy (2‑story office over warehouse) and a one‑story commercial retail building/garage.; Located in a highly desirable Kensington/Boro Park location.
