Building Details

Stories 2

Units 2

Listing Agency: RE/MAX Real Estates Professionals

Listed By: Billy Apter · License #New York Show Phone

Source: Crexi

Added: Apr 17, 2024 Changed: Oct 9 Last Checked: Oct 20 at 8:30PM

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Investment Insights

Based on property information with market context.

This property, offered as a package deal with 3485 Fort Hamilton Parkway, presents an outstanding opportunity for developers, builders, investors, and end-users in a desirable Kensington/Boro Park location. The package includes a two-story building with two commercial office units over a warehouse on a 20x102 lot, and a one-story commercial retail building/garage with a 30x60 building size on a 30x102 lot at 3485 Fort Hamilton Parkway, creating a combined 50x102 lot. Zoned C8-2, the property offers tremendous development possibilities and potential with tons of buildable square footage. This is a prized piece of real estate in one of Brooklyn's most sought-after neighborhoods.

Key Highlights

• Package deal: Two properties (3485 Fort Hamilton Pkwy and subject property) sold together.
• Large combined lot size: 50x102 feet.
• C8‑2 zoning: Suitable for commercial development.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$137,940

Cap Rate

7.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,758,800 $2.8M

Cap Rate 7%

$1,970,571 $2.0M

Cap Rate 9%

$1,532,667 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,800 SF

Gross rent

$250.8K $66.00/SF

− Vacancy

−$30.1K −$7.92/SF

EGI

$220.7K $58.08/SF

− OpEx

−$82.8K −$21.78/SF

NOI

$137.9K $36.30/SF

Area

Brooklyn, NY

Vacancy

12.00%

Lease Rate

$66.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,758,800

Cap Rate 7%

$1,970,571

Cap Rate 9%

$1,532,667

Alternative Uses

Best Use

Retail

$2.60M

$2.28M – $3.04M (±1% cap)

NOI $182,227 @ 7.0% cap · market cap 10.41%

Second Best

Mixed Use

$1.97M

$1.72M – $2.30M (±1% cap)

NOI $137,940 @ 7.0% cap · market cap 7.88%

Theoretical Best

Specialty Retail

$3.15M

$2.75M – $3.67M (±1% cap)

NOI $220,248 @ 7.0% cap · market cap 12.59%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Midtown Elevator General Contractor

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Spa & Massage Center Skin Care Clinic Gym & Fitness Center

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

4,188

Businesses Nearby

Explore this area Business Placement

Demographics for 11218, NY

78,642

Population

27,403

Households

2.9

Avg Household Size

35

Median Age

51%

College-Educated

86%

High-School Grad

1.4 sq mi

ZIP Area

56,173

Density / Sq Mi

$95,916

Median Household Income

$55,190

Median Earnings

$1,966

Median Rent

$914,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Combined C8-2 zoned lot in prime Brooklyn location.

Where is this mixed-use property located?

The property is located at 3483 Fort Hamilton Parkway Brooklyn, NY.

What is the asking price?

The asking price for this property is $1,750,000.

What are key features of this property?

This property features: Package deal: Two properties (3485 Fort Hamilton Pkwy and subject property) sold together.; Large combined lot size: **50x102 feet**.; C8‑2 zoning: Suitable for commercial development.