Prime Bay Ridge Development
For Sale
Contact for pricing
343 78th Street, Brooklyn, NY 11209
Massive property in Bay Ridge, perfect for investors/developers.
Property Size8,100 SF
Lot Size0.14 Acres
Price / SF$271.60
Days on Market867
Property Features for 343 78th Street
General Information
Standard status
Active
Size
8,100 SF
Lot size
0.14 Acres
Property subtype
Mixed Use
Zoning
R4A
Building Details
Year Built
1931
Stories
3
Units
3
Listing Agency:
E House Realty & Mgt. Inc.
(718) 382-0001
Listed By:
Mandy (Meijuan) Jiang · License #10401369485
Source:
Crexi
Added: Apr 17, 2024
Changed: Aug 21
Last Checked: Aug 29 at 2:29AM
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 E House Realty & Mgt. Inc.
Investment Insights
Based on property information with market context.
This is a massive property located in the heart of Bay Ridge, presenting a fantastic opportunity for potential buyers. The property, with a building size of 27.5 feet wide by 109.33 feet long, is being offered as a package deal with another property. Together, the properties comprise a 57x109 lot. The R4A zoning provides opportunities for future development on the empty lot. Situated in a high-traffic area near Bay Ridge's 3rd and 4th Avenue shopping and restaurants, this property is suitable for investors, developers, and 1031 exchanges.
Key Highlights
- Large 57x109 lot size (combined with MLS#480270).
- R4A zoning allows for future development opportunities.
- High‑traffic location near 3rd and 4th Avenue shopping and restaurants.
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
$202,079
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
9.19%
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%
$4,041,580
$4.0M
Cap Rate 7%
$2,886,843
$2.9M
Cap Rate 9%
$2,245,322
$2.2M
Market Conditions
NOI Build-Up for 8,100 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
$349.9K $43.20/SF
− Vacancy
−$80.5K −$9.94/SF
EGI
$269.4K $33.26/SF
− OpEx
−$67.4K −$8.32/SF
NOI
$202.1K $24.95/SF
Area
Brooklyn, NY
Vacancy
23.00%
Lease Rate
$43.20 /SF/Yr
Expense Ratio
25.00%
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%
$4,041,580
Cap Rate 7%
$2,886,843
Cap Rate 9%
$2,245,322
Alternative Uses
Best Use
Retail
$5.55M
$4.86M – $6.47M
NOI $388,432 @ 7.0% cap · market cap 17.66%
Second Best
Office B
$2.89M
$2.53M – $3.37M
NOI $202,079 @ 7.0% cap · market cap 9.19%
Theoretical Best
Specialty Retail
$6.71M
$5.87M – $7.82M
NOI $469,476 @ 7.0% cap · market cap 21.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,510
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
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?
Retail property - Massive property in Bay Ridge, perfect for investors/developers.
Where is this retail property located?
The property is located at 343 78th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Large 57x109 lot size (combined with MLS#480270).; R4A zoning allows for future development opportunities.; High‑traffic location near 3rd and 4th Avenue shopping and restaurants.
