Detached Victorian Multifamily
For Sale
$1,800,000
351 E 16th St, Brooklyn, NY 11226
Residential Income, Brooklyn, NY
Property Size3,315 SF
Lot Size0.11 Acres
Price / SF$542.99
Days on Market169
Property Features for 351 E 16th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 2, Bedroom 7, Bedroom 8, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 7, Bathroom 8, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 5, Bedroom 6, Bathroom 6
Subdivision
Ditmas Park
Standard status
Active
Size
3,315 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10475
Utilities
Heating system
Natural Gas, Steam
Amenities
front porch
full storage basement
private driveway
rear yard
detached garage
Building Details
Year built
1899
Floors in Building
3
Flooring type
Hardwood
Listing Agency:
CENTURY 21 HOMEFRONT
(718) 252-6060
Listed By:
Delton Cheng · License #31CH0928260
(718) 514-1720
Added: Mar 23
Changed: Sep 5
Last Checked: Sep 7 at 7:06PM
MLS# 11678254
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.
Located at 351 E 16th St in Brooklyn, this detached multifamily property is a three-story Victorian home built in 1899. The 3,315-square-foot residence includes 8 bedrooms and 8 bathrooms, with original parquet flooring, detailed moldings, pocket doors, and an open front porch. A full storage basement, private driveway, rear yard, and detached garage add functional space to the property. Heating is provided by natural gas and steam, and the lot measures 0.1148 acres.
The property is in Ditmas Park near Cortelyou Road, with restaurants, cafes, and shops nearby. Transit access includes the Q train and B103 along Cortelyou Road.
The property is in Ditmas Park near Cortelyou Road, with restaurants, cafes, and shops nearby. Transit access includes the Q train and B103 along Cortelyou Road.
Key Highlights
- 3,315‑square‑foot detached Victorian multifamily property
- Built in 1899 with original parquet floors, intricate moldings, and pocket doors
- 8 bedrooms and 8 bathrooms across three stories
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
$77,714
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
4.32%
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%
$1,554,280
$1.6M
Cap Rate 7%
$1,110,200
$1.1M
Cap Rate 9%
$863,489
$863.5K
Market Conditions
NOI Build-Up for 3,315 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
$147.2K $44.40/SF
− Vacancy
−$5.9K −$1.78/SF
EGI
$141.3K $42.62/SF
− OpEx
−$63.6K −$19.18/SF
NOI
$77.7K $23.44/SF
Area
ZIP 11226
Vacancy
4.00%
Lease Rate
$44.40 /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%
$1,554,280
Cap Rate 7%
$1,110,200
Cap Rate 9%
$863,489
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$971.4K – $1.30M
NOI $77,714 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,694 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,766
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Three-story residence with historic details, private driveway, rear yard, and detached garage.
Where is this multifamily property located?
The property is located at 351 E 16th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 3,315‑square‑foot detached Victorian multifamily property; Built in 1899 with original parquet floors, intricate moldings, and pocket doors; 8 bedrooms and 8 bathrooms across three stories
