Five-Family Apartment
For Sale
$3,100,000
266 St James Place, Brooklyn, NY 11238
Residential Income, Brooklyn, NY
Property Size3,106 SF
Lot Size0.04 Acres
Price / SF$998.07
Days on Market11
Property Features for 266 St James Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 1
Subdivision
Clinton Hill
High school district
000000
Standard status
Active
Size
3,106 SF
Lot size
0.04 Acres
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Lindsey Stokes Robinson
Added: Sep 17
Changed: Sep 27
Last Checked: Sep 27 at 4:06PM
MLS# 11989115
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-family apartment building occupies a 3,106-square-foot property on an 18.75-by-100-foot lot, with an approximately 18.75-by-45-foot building footprint. The structure spans four above-grade levels and includes a full cellar. A private rear garden measures approximately 18 feet 9 inches by 42 feet. The interiors retain original features including the staircase, ornamental plasterwork, decorative moldings, and fireplaces. The property is offered as-is and requires comprehensive renovation, with square footage subject to independent verification.
Located at 266 St James Place in Brooklyn’s Clinton Hill, the property is near Fulton Street restaurants and cafes, Fort Greene, Prospect Heights, Pratt Institute, Fort Greene Park, and Downtown Brooklyn. The C train station at Clinton-Washington Avenues provides subway access through Brooklyn and to Manhattan. The sale is designated as cash-only.
Located at 266 St James Place in Brooklyn’s Clinton Hill, the property is near Fulton Street restaurants and cafes, Fort Greene, Prospect Heights, Pratt Institute, Fort Greene Park, and Downtown Brooklyn. The C train station at Clinton-Washington Avenues provides subway access through Brooklyn and to Manhattan. The sale is designated as cash-only.
Key Highlights
- Five‑family apartment building offered as‑is for comprehensive renovation
- 3,106 square feet on an 18.75‑by‑100‑foot lot
- Four above‑grade levels plus a full cellar
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
$94,823
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
3.06%
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%
$1,896,460
$1.9M
Cap Rate 7%
$1,354,614
$1.4M
Cap Rate 9%
$1,053,589
$1.1M
Market Conditions
NOI Build-Up for 3,106 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
$175.9K $56.64/SF
− Vacancy
−$3.5K −$1.13/SF
EGI
$172.4K $55.51/SF
− OpEx
−$77.6K −$24.98/SF
NOI
$94.8K $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%
$1,896,460
Cap Rate 7%
$1,354,614
Cap Rate 9%
$1,053,589
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.19M – $1.58M
NOI $94,823 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.57M
$2.25M – $3.00M
NOI $180,024 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
6,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
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?
Apartment building - As-is five-family property with a full cellar, private rear garden, and preserved period details.
Where is this apartment building located?
The property is located at 266 St James Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Five‑family apartment building offered as‑is for comprehensive renovation; 3,106 square feet on an 18.75‑by‑100‑foot lot; Four above‑grade levels plus a full cellar
