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    964 Utica Ave Brooklyn, NY 11203
    Property profile & analytics

    964 Utica Ave Brooklyn, NY 11203

    View on Map
    • Commercial real estate
    • 9,840 SF
    Off-Market
    Property ID
    US63-1552972
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 964 zaza smokeshop&exotic / Grocery & Convenience Store / Food Market
    • Cecil house / Apartment Building

    Property Details for 964 Utica Ave

    Property size
    9,840 SF
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity presents two adjacent mixed-use buildings totaling approximately 9,840 square feet, situated on a 4,000 square foot lot in the vibrant East Flatbush neighborhood of Brooklyn, New York (zip code 11203). The property consists of ten residential units and two commercial spaces, all currently operating as free-market units with significant upside potential in rental income. The buildings, classified as Class C, are two stories each, and are zoned R5 and C2-2, allowing for various development possibilities. Currently boasting a 6.3% capitalization rate, a comprehensive pro-forma analysis projects a substantial increase to a 9.6% capitalization rate, reflecting significant value appreciation. The property's strong financial performance is further underscored by a current net operating income (NOI) of $202,522, and an asking price of $3,200,000 ($325 per square foot). Conveniently located near the Beverly Road subway station (2 and 5 trains), this property offers investors a compelling combination of immediate cash flow and long-term growth prospects. This is a rare chance to acquire a well-positioned multifamily asset in a rapidly developing area of Brooklyn.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9304604
    Latitude
    40.649367

    Comparable in this City

    • $3,999,000

      Renovated Brooklyn Mixed-Use Investment

      Fully renovated, occupied mixed-use property with stable income and upside.
      850 Clarkson Ave, Brooklyn, NY 11203
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      5,060 SF

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use property with retail, residential, and office spaces for sale.
      820 Utica Ave, Brooklyn, NY 11203
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      3,810 SF

      Mixed-Use Building with Five Units

      Three-story mixed-use building featuring a store and apartments.
      Utica Ave, Brooklyn, NY 11203
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    • $3,900,000
      0.06 Acres

      Renovated Brooklyn Mixed-Use Property

      Turnkey, fully occupied property with stable income and growth potential.
      850 Clarkson Ave, Brooklyn, NY 11203
      View Details
    • $3,999,000
      0.06 Acres

      Renovated Brooklyn Mixed-Use Property

      Fully renovated, occupied mixed-use property with stable income and upside.
      850 Clarkson Ave, Brooklyn, NY 11203
      View Details
    • Contact for pricing
      3,810 SF

      Mixed-Use Building with Storefront

      Five-unit mixed-use building with potential vacant storefront.
      952 Utica Ave, Brooklyn, NY 11203
      View Details

    Similar Nearby for Sale

    • $3,999,000

      Renovated Brooklyn Mixed-Use Investment

      Fully renovated, occupied mixed-use property with stable income and upside.
      850 Clarkson Ave, Brooklyn, NY 11203
      View Details
    • $3,999,000
      0.06 Acres

      Renovated Brooklyn Mixed-Use Property

      Fully renovated, occupied mixed-use property with stable income and upside.
      850 Clarkson Ave, Brooklyn, NY 11203
      View Details
    • Contact for pricing
      5,060 SF

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use property with retail, residential, and office spaces for sale.
      820 Utica Ave, Brooklyn, NY 11203
      View Details
    • Contact for pricing
      3,810 SF

      Mixed-Use Building with Five Units

      Three-story mixed-use building featuring a store and apartments.
      Utica Ave, Brooklyn, NY 11203
      View Details
    • $3,900,000
      0.06 Acres

      Renovated Brooklyn Mixed-Use Property

      Turnkey, fully occupied property with stable income and growth potential.
      850 Clarkson Ave, Brooklyn, NY 11203
      View Details
    • Contact for pricing
      3,810 SF

      Mixed-Use Building with Storefront

      Five-unit mixed-use building with potential vacant storefront.
      952 Utica Ave, Brooklyn, NY 11203
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      900 SF

      Brooklyn Retail Space For Rent

      900 SF retail space in a busy Brooklyn location.
      529-535 Utica Ave, Brooklyn, NY 11203
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      8,000 SF

      Retail Space in New Development

      Retail space available for rent in a new development.
      914 E New York Ave, Brooklyn, NY 11203
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      Commercial Kitchen Spaces for Rent

      Private commercial kitchens suitable for catering and food preparation.
      1140 Utica Ave, Brooklyn, NY 11203
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      4,500 SF

      Brooklyn Retail Space with Parking

      Corner retail location in Brooklyn with parking included in rent.
      5402-5408 Church Ave, Brooklyn, NY 11203
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    • $55 SF/Yr
      2,450 SF

      Prime East Flatbush Retail Space

      Retail space in high-traffic East Flatbush location with signage opportunity.
      746 Utica Ave, Brooklyn, NY 11203
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    • Contact for pricing

      Retail and Office Space Available

      Retail and office spaces available for rent in Brooklyn.
      12 Hillel Pl, Brooklyn, NY 11203
      View Details
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    Brooklyn, NY 11203
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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.

    More about this property
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