Building Details

Buildings 1

Stories 3

Units 2

Listing Agency: Brown Harris Stevens

Listed By: Kervin Vales · License #109918089 Show Phone

Source: Crexi

Added: Apr 14, 2023 Changed: Sep 11 Last Checked: Oct 7 at 8:33AM

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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 Brown Harris Stevens

Investment Insights

Based on property information with market context.

This is a 20-foot wide, three-story mixed-use building containing two units. The ground floor is occupied by a church and includes access to the basement and backyard. The second and third floors each contain a two-bedroom apartment. Each apartment includes a full kitchen, bathroom, and living/dining area. The property is individually metered for electric and gas. The total property size is 2400 square feet.

Key Highlights

• Two income‑generating 2‑bedroom apartments
• Mixed‑use building featuring a commercial space on the ground floor
• Individually metered for electric and gas

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$115,091

Cap Rate

7.67%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,301,820 $2.3M

Cap Rate 7%

$1,644,157 $1.6M

Cap Rate 9%

$1,278,789 $1.3M

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$186.6K $77.76/SF

− Vacancy

−$22.2K −$9.25/SF

EGI

$164.4K $68.51/SF

− OpEx

−$49.3K −$20.55/SF

NOI

$115.1K $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 Rate 5%

$2,301,820

Cap Rate 7%

$1,644,157

Cap Rate 9%

$1,278,789

Alternative Uses

Best Use

Retail

$1.64M

$1.44M – $1.92M (±1% cap)

NOI $115,091 @ 7.0% cap · market cap 7.67%

Second Best

Mixed Use

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,120 @ 7.0% cap · market cap 5.81%

Theoretical Best

Specialty Retail

$1.99M

$1.74M – $2.32M (±1% cap)

NOI $139,104 @ 7.0% cap · market cap 9.27%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Upper Room Baptist ... Church Rehoboth International Fellowship Church

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Parking Lot & Garage Skin Care Clinic Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,021

Businesses Nearby

74k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 43% Dining 27% Groceries 27% Hotels & Casinos 2%

Popeyes Louisiana Kitchen Dining

19,139 visits/mo 0.3 miles

America's Food Basket Groceries

13,570 visits/mo 0.3 miles

Shell Shops & Services

8,338 visits/mo 0.3 miles

Family Dollar Shops & Services

7,329 visits/mo 0.1 miles

Marketplace of Bushwick Groceries

6,662 visits/mo 0.3 miles

Demographics for 11233, NY

75,399

Population

34,412

Households

2.2

Avg Household Size

35

Median Age

33%

College-Educated

86%

High-School Grad

1.3 sq mi

ZIP Area

57,999

Density / Sq Mi

$62,034

Median Household Income

$47,149

Median Earnings

$1,613

Median Rent

$1,013,000

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three-story, two-unit mixed-use building with retail and residential spaces.

Where is this mixed-use property located?

The property is located at 2218 Fulton St Brooklyn, NY.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: Two income‑generating 2‑bedroom apartments; Mixed‑use building featuring a commercial space on the ground floor; Individually metered for electric and gas