Storefront Condo with
New
For Sale
$495,000
970 41st Street, Brooklyn, NY 11219
Commercial condominium with dedicated storefront, basement space, and HVAC system.
Property Size1,000 SF
Price / SF$495
Days on Market4
Property Features for 970 41st Street
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Mixed
Taxes and HOA fees
Annual Taxes
$21,048
Amenities
Central air
Elevator
Building Details
Year Built
2005
Units
50
Listing Agency:
Brooklyn Heights
Listed By:
Andrew Smith · License #10401249266
(929) 420-0162
Source:
Corcoran
Added: Sep 13
Changed: Sep 15
Last Checked: Sep 15 at 2:40PM
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 Heights
Investment Insights
Based on property information with market context.
This commercial condominium combines 1,000 square feet of storefront area with an additional 1,000 square feet of basement space. The property includes an HVAC system and was built in 2005.
Located near the 9th Ave D train, the property sits at the crossroads of Sunset Park and Borough Park in Brooklyn. The storefront configuration and lower-level area provide a practical layout for retail or other commercial use supported by the existing improvements.
Located near the 9th Ave D train, the property sits at the crossroads of Sunset Park and Borough Park in Brooklyn. The storefront configuration and lower-level area provide a practical layout for retail or other commercial use supported by the existing improvements.
Key Highlights
- 1,000 SF storefront area
- Additional 1,000 SF of basement space
- HVAC system 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
$24,570
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
4.96%
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%
$491,400
$491.4K
Cap Rate 7%
$351,000
$351.0K
Cap Rate 9%
$273,000
$273.0K
Market Conditions
NOI Build-Up for 1,000 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
$36.0K $36.00/SF
− Vacancy
−$3.2K −$3.24/SF
EGI
$32.8K $32.76/SF
− OpEx
−$8.2K −$8.19/SF
NOI
$24.6K $24.57/SF
Area
ZIP 11219
Vacancy
9.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
25.00%
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%
$491,400
Cap Rate 7%
$351,000
Cap Rate 9%
$273,000
Alternative Uses
Best Use
Specialty Retail
$351.0K
$307.1K – $409.5K
NOI $24,570 @ 7.0% cap · market cap 4.96%
Second Best
Retail
$300.7K
$263.1K – $350.8K
NOI $21,050 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$648.3K
$567.2K – $756.3K
NOI $45,379 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,549
Businesses Nearby
50k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial condominium with dedicated storefront, basement space, and HVAC system.
Where is this storefront property located?
The property is located at 970 41st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 1,000 SF storefront area; Additional 1,000 SF of basement space; HVAC system included
