Eight-Unit Brick Apartment
For Sale
$3,795,000
34 Garnet Street, Brooklyn, NY 11231
MULTI_FAMILY - Brooklyn, NY
Property Size5,000 SF
Lot Size0.06 Acres
Price / SF$759
Days on Market117
Property Features for 34 Garnet Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 2, Bathroom 5, Bedroom 8, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 7, Bedroom 2, Bathroom 6, Bathroom 7, Bedroom 6, Bathroom 8, Bathroom 4
Interior features
Refrigerator, Stove
Basement
Full, Finished
Subdivision
Carroll Gardens
Standard status
Active
Size
5,000 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
10097
Building Details
Year built
1931
Floors in Building
4
Number of units
8
Flooring type
Tile, Hardwood, Ceramic
Building materials
Brick
Roof type
Rubber, Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Vito Angelo · License #40AN0957928
(718) 532-2000
Added: Apr 28
Changed: Aug 5
Last Checked: Aug 22 at 8:06AM
MLS# 500819
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 eight-unit, solid brick apartment building is located in an R6B zoning district and was built in 1931. The property contains eight one-bedroom units, with an owner’s unit delivered vacant at closing. Interior finishes include hardwood and ceramic/tile flooring, and kitchen appliances are listed as a refrigerator and stove. The roof is described as flat with rubber roofing.
Recent upgrades include new electrical service, a new boiler, and fresh pointing and weather-sealing throughout. The listing also notes a finished basement with direct access from the owner’s unit and an opening out to a large, private backyard.
Overall, the building is positioned for multi-family ownership with a mix of unit and basement space on a 0.0574-acre lot. The property is approximately 5,000 square feet.
Recent upgrades include new electrical service, a new boiler, and fresh pointing and weather-sealing throughout. The listing also notes a finished basement with direct access from the owner’s unit and an opening out to a large, private backyard.
Overall, the building is positioned for multi-family ownership with a mix of unit and basement space on a 0.0574-acre lot. The property is approximately 5,000 square feet.
Key Highlights
- Eight one‑bedroom units in an R6B‑zoned brick apartment building
- Owner’s unit delivered vacant at closing with access to a finished basement
- Recent upgrades: new electrical service, new boiler, fresh pointing and weather‑sealing
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
$152,645
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
4.02%
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%
$3,052,900
$3.1M
Cap Rate 7%
$2,180,643
$2.2M
Cap Rate 9%
$1,696,056
$1.7M
Market Conditions
NOI Build-Up for 5,000 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
$283.2K $56.64/SF
− Vacancy
−$5.7K −$1.13/SF
EGI
$277.5K $55.51/SF
− OpEx
−$124.9K −$24.98/SF
NOI
$152.6K $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%
$3,052,900
Cap Rate 7%
$2,180,643
Cap Rate 9%
$1,696,056
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,645 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.14M
$3.62M – $4.83M
NOI $289,800 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
3,927
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
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 - Eight one-bedroom units in an R6B-zoned brick building with recent electrical and boiler upgrades.
Where is this apartment building located?
The property is located at 34 Garnet Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,795,000.
What are key features of this property?
This property features: Eight one‑bedroom units in an R6B‑zoned brick apartment building; Owner’s unit delivered vacant at closing with access to a finished basement; Recent upgrades: new electrical service, new boiler, fresh pointing and weather‑sealing
