Vacant Multifamily Property
For Sale
$1,775,000
3115 Kings Highway, Brooklyn, NY 11234
Residential, Brooklyn, NY
Property Size2,127 SF
Lot Size0.15 Acres
Price / SF$834.51
Days on Market806
Property Features for 3115 Kings Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Basement
Finished
Subdivision
Marine Park
Standard status
Active
Size
2,127 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
8861
Amenities
private driveways
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Behfar Team, LLC
Listed By:
Daniel Sosani
(347) 988-2526
Added: Jul 18, 2024
Changed: Sep 23
Last Checked: Oct 1 at 4:06PM
MLS# 484663
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 multifamily package combines two properties being offered together at 3115 Kings Highway in Brooklyn. Both will be delivered vacant, providing immediate control of the residences for renovation, occupancy, or rental use. Private driveways serve each property, and the listing records 2,127 square feet. The improvements feature brick construction, hardwood flooring, flat roofs, and a 1940 construction date. Two bathrooms are identified in the property details.
The properties are located in Brooklyn’s Kings County and carry R4 zoning. The package structure and vacant delivery create a flexible residential ownership opportunity, while the existing driveways and building improvements provide defined physical features for evaluation.
The properties are located in Brooklyn’s Kings County and carry R4 zoning. The package structure and vacant delivery create a flexible residential ownership opportunity, while the existing driveways and building improvements provide defined physical features for evaluation.
Key Highlights
- Two properties offered together as one multifamily package
- Delivered vacant at closing
- Private driveway serving each property
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
$64,935
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
3.66%
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%
$1,298,700
$1.3M
Cap Rate 7%
$927,643
$927.6K
Cap Rate 9%
$721,500
$721.5K
Market Conditions
NOI Build-Up for 2,127 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
$120.5K $56.64/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$118.1K $55.51/SF
− OpEx
−$53.1K −$24.98/SF
NOI
$64.9K $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%
$1,298,700
Cap Rate 7%
$927,643
Cap Rate 9%
$721,500
Alternative Uses
Best Use
Apartment 5plus
$927.6K
$811.7K – $1.08M
NOI $64,935 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.76M
$1.54M – $2.05M
NOI $123,281 @ 7.0% cap · market cap 6.95%
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
3,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two vacant properties with private driveways and R4 zoning offer flexible residential repositioning potential.
Where is this multifamily property located?
The property is located at 3115 Kings Highway Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Two properties offered together as one multifamily package; Delivered vacant at closing; Private driveway serving each property
