Boro Park Commercial
For Sale
Contact for pricing
970 41st Street S1, Brooklyn, NY 11219
Commercial condo for sale in Boro Park / Sunset Park.
Property Size750 SF
Price / SF$530.67
Days on Market861
Property Features for 970 41st Street S1
General Information
Standard status
Active
Size
750 SF
Property subtype
Retail, Office
Building Details
Stories
6
Units
1
Listing Agency:
Ben Bay Realty - Marine Park
(718) 504-6442
Listed By:
Michael Fraulo · License #New York
Source:
Crexi
Added: Apr 17, 2024
Changed: Aug 11
Last Checked: Aug 22 at 6:33AM
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 Ben Bay Realty - Marine Park
Investment Insights
Based on property information with market context.
This commercial condo, located in Boro Park / Sunset Park, offers between 1000 and 3000 square feet of retail space. It also features a full basement with high ceilings. The property is situated on New Utrecht Avenue, a high-traffic location, and is close to the 'D' train and Maimonides Hospital. The property size is 750 square feet.
Key Highlights
- High‑traffic location on New Utrecht Avenue
- 1000‑3000 sq ft of retail space**
- Full basement with high ceilings
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
$15,788
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
3.97%
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%
$315,760
$315.8K
Cap Rate 7%
$225,543
$225.5K
Cap Rate 9%
$175,422
$175.4K
Market Conditions
NOI Build-Up for 750 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
$25.2K $33.60/SF
− Vacancy
−$2.6K −$3.53/SF
EGI
$22.6K $30.07/SF
− OpEx
−$6.8K −$9.02/SF
NOI
$15.8K $21.05/SF
Area
ZIP 11219
Vacancy
10.50%
Lease Rate
$33.60 /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%
$315,760
Cap Rate 7%
$225,543
Cap Rate 9%
$175,422
Alternative Uses
Best Use
Retail
$225.5K
$197.4K – $263.1K
NOI $15,788 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$486.2K
$425.4K – $567.2K
NOI $34,034 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,549
Businesses Nearby
50k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Shops & Services 24%
Hotels & Casinos 8%
Electronics 4%
McDonald's
Dining
28,023 visits/mo
0.4 miles
Exxon
Shops & Services
8,096 visits/mo
0.3 miles
Golden Dragon
Dining
4,268 visits/mo
0.3 miles
Holiday Inn Express
Hotels & Casinos
3,785 visits/mo
0.2 miles
FedEx Office Print & Ship Center
Shops & Services
3,716 visits/mo
0.4 miles
Demographics for 11219, NY
103,447
Population
27,973
Households
3.7
Avg Household Size
27
Median Age
21%
College-Educated
70%
High-School Grad
1.5 sq mi
ZIP Area
68,965
Density / Sq Mi
$55,685
Median Household Income
$30,647
Median Earnings
$1,678
Median Rent
$1,086,000
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?
Retail space - Commercial condo for sale in Boro Park / Sunset Park.
Where is this retail space located?
The property is located at 970 41st Street S1 Brooklyn, NY.
What is the asking price?
The asking price for this property is $398,000.
What are key features of this property?
This property features: High‑traffic location on New Utrecht Avenue; 1000‑3000 sq ft of retail space**; Full basement with high ceilings
