Adjacent Mixed-Use
For Sale
Contact for pricing
964 Utica Ave, Brooklyn, NY 11203
Two connected structures combine residential apartments with commercial space in East Flatbush.
Property Size5,160 SF
Price / SF$334.30
Days on Market152
Property Features for 964 Utica Ave
General Information
Standard status
Active
Size
5,160 SF
Property subtype
Multifamily
Zoning
R5, C2-2
Occupancy
83%
Net Operating Income
$123,597
Additional Details
Public Transit
Yes
Multifamily Units
10
Building Details
Buildings
1
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
Sinclair Realty Group
Listed By:
Romain Sinclair · License #10491213605
Source:
Crexi
Added: Apr 7
Changed: Sep 3
Last Checked: Sep 2 at 4:05PM
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 Sinclair Realty Group
Investment Insights
Based on property information with market context.
This mixed-use property comprises two adjoining buildings at 964 & 966 Utica Ave, with approximately 9,840 square feet across the combined structures. The residential component contains 10 apartments, while the commercial portion includes 2 spaces, creating a blend of apartment and storefront occupancy within one offering.
The property is situated in East Flatbush, Brooklyn. Beverly Rd station, served by the 2 and 5 trains, is identified as the closest subway stop, providing transit access for residents, commercial occupants, and visitors.
The property is situated in East Flatbush, Brooklyn. Beverly Rd station, served by the 2 and 5 trains, is identified as the closest subway stop, providing transit access for residents, commercial occupants, and visitors.
Key Highlights
- Approximately 9,840 SF across two adjoining mixed‑use buildings
- 10 apartments within the residential component
- 2 commercial spaces included
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
$157,529
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
9.13%
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%
$3,150,580
$3.2M
Cap Rate 7%
$2,250,414
$2.3M
Cap Rate 9%
$1,750,322
$1.8M
Market Conditions
NOI Build-Up for 5,160 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
$292.3K $56.64/SF
− Vacancy
−$5.8K −$1.13/SF
EGI
$286.4K $55.51/SF
− OpEx
−$128.9K −$24.98/SF
NOI
$157.5K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$3,150,580
Cap Rate 7%
$2,250,414
Cap Rate 9%
$1,750,322
Alternative Uses
Best Use
Mixed Use
$2.68M
$2.34M – $3.12M
NOI $187,308 @ 7.0% cap · market cap 10.86%
Second Best
Apartment 5plus
$2.25M
$1.97M – $2.63M
NOI $157,529 @ 7.0% cap · market cap 9.13%
Theoretical Best
Specialty Retail
$4.27M
$3.74M – $4.98M
NOI $299,074 @ 7.0% cap · market cap 17.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,900
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two connected structures combine residential apartments with commercial space in East Flatbush.
Where is this mixed-use property located?
The property is located at 964 Utica Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: Approximately 9,840 SF across two adjoining mixed‑use buildings; 10 apartments within the residential component; 2 commercial spaces included
