Canarsie Avenue Retail
For Sale
$679,000
Pending
9518 Avenue L, Brooklyn, NY 11236
Retail building on Avenue L, suitable for various uses.
Property Size1,265 SF
Lot Size0.04 Acres
Days on Market109
Property Features for 9518 Avenue L
General Information
Standard status
Pending
Size
1,265 SF
Lot size
0.04 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,843
Building Details
Building Size
1,265 SF
Year Built
1931
Stories
1
Listing Agency:
Brooklyn Real Property Inc.
(718) 713-6888
Listed By:
Jean Paul Ho
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 10 at 6:02AM
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 Brooklyn Real Property Inc.
Investment Insights
Based on property information with market context.
Located in the Canarsie Avenue retail corridor, this brick commercial building is available for sale. The property is currently occupied by a veterinary practice that has been in operation for 40 years and will be delivered vacant. The building features a waiting room, reception desk, three observation rooms, an X-ray room, an operating room, a treatment room, and an office. It also includes a private, enclosed backyard and a fully finished basement with high ceilings and three easements. The building is equipped with an HVAC central air unit and a hot water heater. The building size is 1,265 square feet, situated on a 17.75 x 55 lot, with lot dimensions of 17.75 x 100. Zoned R5D, C2-3, the property offers an additional 2,290 square feet of unused FAR for potential expansion. The property is well-maintained and suitable for conversion to various uses such as a day care, office, home care, or school. The location is near shopping, buses, and restaurants. The transit score is 90, indicating it is a Rider's Paradise. The walk score is 76, making it Very Walkable. The bike score is 50, indicating it is Bikeable.
Key Highlights
- Prime Canarsie Avenue retail corridor location with high exposure.
- Delivered vacant commercial building suitable for various uses.
- Potential building expansion with additional 2,290 unused FAR.
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
$60,663
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
8.93%
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%
$1,213,260
$1.2M
Cap Rate 7%
$866,614
$866.6K
Cap Rate 9%
$674,033
$674.0K
Market Conditions
NOI Build-Up for 1,265 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
$98.4K $77.76/SF
− Vacancy
−$11.7K −$9.25/SF
EGI
$86.7K $68.51/SF
− OpEx
−$26.0K −$20.55/SF
NOI
$60.7K $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 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%
$1,213,260
Cap Rate 7%
$866,614
Cap Rate 9%
$674,033
Alternative Uses
Best Use
Retail
$866.6K
$758.3K – $1.01M
NOI $60,663 @ 7.0% cap · market cap 8.93%
Second Best
Healthcare Medical
$419.0K
$366.6K – $488.8K
NOI $29,328 @ 7.0% cap · market cap 4.32%
Theoretical Best
Specialty Retail
$1.05M
$916.5K – $1.22M
NOI $73,319 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,779
Businesses Nearby
93k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Dining 36%
Groceries 20%
Apparel 4%
McDonald's
Dining
19,364 visits/mo
0.4 miles
Key Food Supermarkets
Groceries
15,126 visits/mo
0.5 miles
Shell
Shops & Services
11,562 visits/mo
0.4 miles
Mobil
Shops & Services
10,804 visits/mo
0.4 miles
Burger King
Dining
7,555 visits/mo
0.0 miles
Demographics for 11236, NY
100,687
Population
37,002
Households
2.7
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
3.6 sq mi
ZIP Area
27,969
Density / Sq Mi
$82,813
Median Household Income
$50,244
Median Earnings
$1,637
Median Rent
$710,300
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?
Storefront property - Retail building on Avenue L, suitable for various uses.
Where is this storefront property located?
The property is located at 9518 Avenue L Brooklyn, NY.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Prime Canarsie Avenue retail corridor location with high exposure.; Delivered vacant commercial building suitable for various uses.; Potential building expansion with additional 2,290 unused FAR.
