East Williamsburg Retail Repositioning
For Sale
Contact for pricing
1622 Pitkin Ave, Brooklyn, NY 11212
Two-story retail building in East Williamsburg with high visibility.
Property Size2,855 SF
Price / SF$523.64
Days on Market3561
Property Features for 1622 Pitkin Ave
General Information
Standard status
Active
Size
2,855 SF
Property subtype
Retail
Zoning
C4-3
Occupancy
100%
Lease Type
Net
Investment Type
Value Add
Building Details
Year Built
1930
Year Renovated
2008
Buildings
1
Stories
2
Units
1
Listing Agency:
JA Cohen Advisory Group LLC
Listed By:
Jack A. Cohen · License #NY 10491209522
(917) 533-8905
Source:
Crexi
Added: Dec 8, 2016
Changed: Sep 4
Last Checked: Sep 8 at 5:05AM
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 JA Cohen Advisory Group LLC
Investment Insights
Based on property information with market context.
Located in East Williamsburg, this two-story retail building at 1622 Pitkin Ave presents a repositioning opportunity. Situated on the four-way hard corner of Pitkin Ave and Thomas S. Boyland St, the property was built in 1930. The building has a total area of 2,855 square feet and is located on an 1,858 square foot lot. The property features ground-floor and basement retail spaces. The existing lease is ending soon, offering the potential for new market-rate tenancy. The location provides high visibility and is near the Sutter Avenue subway station. The property benefits from dual frontage, promising high foot and vehicular traffic. This property is suitable for retail brands seeking exposure and offers the potential for enhancing net operating income through new leases.
Key Highlights
- Prime repositioning opportunity in East Williamsburg.
- Four‑way hard corner location at Pitkin Ave and Thomas S. Boyland St.
- Potential for new market‑rate tenancy with existing lease ending soon.
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
$136,910
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
9.16%
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%
$2,738,200
$2.7M
Cap Rate 7%
$1,955,857
$2.0M
Cap Rate 9%
$1,521,222
$1.5M
Market Conditions
NOI Build-Up for 2,855 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
$222.0K $77.76/SF
− Vacancy
−$26.4K −$9.25/SF
EGI
$195.6K $68.51/SF
− OpEx
−$58.7K −$20.55/SF
NOI
$136.9K $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%
$2,738,200
Cap Rate 7%
$1,955,857
Cap Rate 9%
$1,521,222
Alternative Uses
Best Use
Retail
$1.96M
$1.71M – $2.28M
NOI $136,910 @ 7.0% cap · market cap 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.36M
$2.07M – $2.76M
NOI $165,476 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,615
Businesses Nearby
111k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Apparel 25%
Groceries 24%
Beauty & Spa 2%
BP
Shops & Services
17,847 visits/mo
0.4 miles
Shoppers World
Apparel
14,472 visits/mo
0.2 miles
America's Food Basket
Groceries
13,570 visits/mo
0.5 miles
Dollar Tree
Shops & Services
10,409 visits/mo
0.1 miles
Family Dollar
Shops & Services
9,850 visits/mo
0.2 miles
Demographics for 11212, NY
91,574
Population
34,782
Households
2.6
Avg Household Size
36
Median Age
16%
College-Educated
78%
High-School Grad
1.5 sq mi
ZIP Area
61,049
Density / Sq Mi
$40,060
Median Household Income
$32,553
Median Earnings
$1,231
Median Rent
$549,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-story retail building in East Williamsburg with high visibility.
Where is this storefront property located?
The property is located at 1622 Pitkin Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Prime repositioning opportunity in East Williamsburg.; Four‑way hard corner location at Pitkin Ave and Thomas S. Boyland St.; Potential for new market‑rate tenancy with existing lease ending soon.
