9 Newport Street
NEWLY RENOVATED FREE MARKET MIXED BUILDING AT 9% CAP RATE IN PLACE!
Marketing description
Positioned on the highly visible corner of Newport Street and East 98th Street in the heart of Brownsville, 9 Newport Street offers a rare opportunity to acquire a fully renovated, corner mixed-use asset with a strong in-place rent roll and additional upside. Originally built in 1968 and converted from a four-family with commercial space, the property now comprises 12 total units — five ground-floor commercial spaces and seven fully free-market studio apartments — totaling approximately 8,314 square feet on a 0.09-acre corner lot. The property benefits from Tax Class 2B status, offering owners the advantage of capped annual assessment increases.
The residential component consists of seven 100% free-market studio apartments, not subject to rent stabilization, with six of the seven units currently leased at strong in-place rents and one unit available for immediate lease-up. The commercial spaces have undergone a complete gut renovation and are 100% leased, delivering full, stabilized retail income from day one. Zoned R6/C1-3 with a Building FAR of 2.02, the property supports a balanced mix of residential and neighborhood commercial use. As a corner asset, it benefits from approximately 49 feet of frontage along Newport Street and 130 feet of wraparound frontage in total — offering exceptional visibility, strong pedestrian exposure, and a premium presence for retail tenants.
The location offers excellent transit access, just two blocks from the 3 train at Saratoga Avenue and a short ride to the L train at New Lots Avenue, positioning the asset to benefit from Brownsville's continued growth and investment.
With a fully renovated, non-rent-stabilized studio residential component generating strong in-place income, a fully leased and newly renovated retail component, favorable Tax Class 2B assessment protections, and outstanding corner exposure, 9 Newport Street represents a compelling, high-return mixed-use investment in one of Central Brooklyn's fastest-evolving neighborhoods.
Investment highlights
- 12-unit mixed-use corner building: seven (7) 100% free-market studio apartments over five (5) ground-floor commercial units
- Tax Class 2B — assessed value increases capped at 8% annually / 30% over five years
- Not subject to rent stabilization, with strong in-place rents across the residential portfolio
- Commercial component 100% leased, providing full stabilized retail income
- Six of seven studio apartments currently leased, offering immediate income with lease-up upside on the remaining unit
- Prime corner location at Newport Street & East 98th Street, Brownsville, Brooklyn
- Fully gut-renovated retail spaces with a 100% leased roster
- Approximately 130 feet of wraparound frontage for exceptional visibility and street presence
- Zoned R6/C1-3 with a 2.02 FAR, supporting a balanced residential/commercial mix
- Two blocks from the 3 train (Saratoga Avenue) and a short ride to the L train (New Lots Avenue)
- Situated in a growing Central Brooklyn submarket with strong residential and commercial demand
- Rare opportunity to acquire a stabilized, high-return, newly renovated mixed-use asset with in-place cash flow and minimal remaining lease-up
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
