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    Williamsburg Mixed-Use Building For Sale Title is generated by Realmo AI

    221 N 9th St, Brooklyn, NY 11211

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    Mixed-use property in prime Williamsburg location with residential and commercial spaces.

    Type:Mixed Use
    Property size:
    6,747 SF
    Price / SF:
    $1,170/SF
    Added:
    Aug 21, 2023
    Days on Market:
    1021
    Last Refresh:
    May 12 at 9:52 pm

    Property Features for 221 N 9th St

    General Information

    Standard status
    Active
    Size
    6,747 SF
    Property subtype
    Mixed Use

    We can help!

    Listing Contact
    Randel Moore

    Listing agent Randel Moore License #NY 10371201642

    Listing office Bedford and Jane

    Listing date Aug 21, 2023

    Source Crexi

    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 Bedford and Jane

    HighLights

    • Prime Williamsburg Location: Close to McCarren Park, Bedford L train, and the East River waterfront.
    • Income‑Generating Property: Features a gut‑renovated commercial space and six luxury 1‑bedroom residential units.
    • High‑End Residential Units: Each unit boasts wide plank Northern Oak floors, floor‑to‑ceiling windows, and private balconies.
    • Unique and Private Design: Residential floors feature two units per floor with a shared semi‑private elevator landing for maximum soundproofing and privacy.
    • Gut Renovated Commercial Space: The ground floor includes a fully built‑out kitchen, bar, and a mezzanine.
    • Meticulously Maintained with Amenities: Includes an elevator for residential units and a wooden decked rooftop.

    Overview

    This 6,747 SF mixed-use property is located in Williamsburg, Brooklyn, on a prime block on the neighborhood’s Northside. The property is situated two blocks from McCarren Park, two blocks from the Bedford L train station, 1.5 blocks to Bedford Avenue, and four blocks to Marsha P Johnson State Park and the East River waterfront. Constructed in 2020, the property features a gut-renovated ground floor commercial space and a newly built residential portion above. The residential section consists of six luxury 1-bedroom units spread across three floors, totaling 4,124 SF. Four of these units feature 15’ ceilings. Each unit includes wide plank Northern Oak floors, floor-to-ceiling windows, forced air/heat, washers and dryers, dishwashers, White Carerra quartz countertops, extensive kitchen cabinet space, premium bath and kitchen fixtures, and lighted balconies with outdoor electrical outlets. The residential portion is designed for maximum privacy, with two units per floor sharing a semi-private elevator landing. Concrete between floors and cinder block exterior walls mitigate noise. The ground floor commercial space, totaling 2,623 SF, is currently occupied by a cafe and includes a fully built-out kitchen, a bar, and a mezzanine. It also features recently installed HVAC (2020). The property includes an elevator for the residential portion and a wooden decked rooftop. The commercial space, with its wood wraparound bar, soaring ceilings, and HVAC, is suitable for an upscale restaurant. The property will be delivered with at least one residential unit and the commercial space vacant.
    Property Profile Location Intelligence

    Current Use by Public Records

    pinkFROG cafe Cafe & Coffee Shop Lavazza Production Facility

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.97046
    Latitude
    40.643297

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property in prime Williamsburg location with residential and commercial spaces.
    Where is this mixed-use property located?
    The property is located at 221 N 9th St Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $7,900,000.
    What are key features of this property?
    This property features: Prime Williamsburg Location: Close to McCarren Park, Bedford L train, and the East River waterfront.; Income‑Generating Property: Features a gut‑renovated commercial space and six luxury 1‑bedroom residential units.; High‑End Residential Units: Each unit boasts wide plank Northern Oak floors, floor‑to‑ceiling windows, and private balconies.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Randel Moore
    Real Estate License ID: NY 10371201642
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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