Building Details

Building Size 5,500 SF

Year Built 1931

Buildings 1

Stories 3

Units 5

Tenancy Multi

Listing Agency: Real Broker NY LLC n***@therealbrokerage.com Show Phone

Listed By: Odalis Gonzalez Show Phone

Source: Croninreale

Added: Apr 20 Changed: Oct 23 Last Checked: Oct 23 at 9:50AM

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Investment Insights

Based on property information with market context.

This 5,500-square-foot mixed-use building, constructed in 1931, combines a ground-floor restaurant storefront with four free-market residential units. Each apartment has a two-bedroom layout and measures approximately 688 square feet. The property is zoned R7A.

The building is at 941 Manhattan Avenue in Brooklyn, near the Greenpoint Avenue G train station and the East River Ferry. Boutiques and eateries are part of the surrounding commercial corridor.

Key Highlights

• 5,500‑square‑foot mixed‑use property built in 1931
• Four free‑market two‑bedroom apartments, approximately 688 square feet each
• Ground‑floor storefront currently operating as a restaurant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$263,750

Cap Rate

7.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,275,000 $5.3M

Cap Rate 7%

$3,767,857 $3.8M

Cap Rate 9%

$2,930,556 $2.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,500 SF

Gross rent

$427.7K $77.76/SF

− Vacancy

−$50.9K −$9.25/SF

EGI

$376.8K $68.51/SF

− OpEx

−$113.0K −$20.55/SF

NOI

$263.8K $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%

$5,275,000

Cap Rate 7%

$3,767,857

Cap Rate 9%

$2,930,556

Alternative Uses

Best Use

Specialty Retail

$4.55M

$3.98M – $5.31M (±1% cap)

NOI $318,780 @ 7.0% cap · market cap 9.52%

Second Best

Retail

$3.77M

$3.30M – $4.40M (±1% cap)

NOI $263,750 @ 7.0% cap · market cap 7.87%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Pelicana Chicken Restaurant

Suggested Use

Top Pick Nursing Home Law Firm (Bike/Boat/Book/etc) Store Pet Grooming Service Adult Day Care Home Appliance Store

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

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

4,887

Businesses Nearby

Explore this area Business Placement

Demographics for 11222, NY

41,957

Population

21,917

Households

1.9

Avg Household Size

35

Median Age

65%

College-Educated

94%

High-School Grad

1.5 sq mi

ZIP Area

27,971

Density / Sq Mi

$123,963

Median Household Income

$74,237

Median Earnings

$2,595

Median Rent

$1,245,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Four free-market apartments sit above a ground-floor restaurant storefront on Manhattan Avenue.

Where is this mixed-use property located?

The property is located at 941 Manhattan Avenue Brooklyn, NY.

What is the asking price?

The asking price for this property is $3,350,000.

What are key features of this property?

This property features: 5,500‑square‑foot mixed‑use property built in 1931; Four free‑market two‑bedroom apartments, approximately 688 square feet each; Ground‑floor storefront currently operating as a restaurant