Convertible Alcove Studio
For Sale
$525,000
11 Irving Place 1A, Brooklyn, NY 11238
Renovated alcove home with oversized sleeping alcove, updated open kitchen, and shared laundry in a professionally managed building.
Property Size517 SF
Price / SF$1,015
Days on Market19
Property Features for 11 Irving Place 1A
General Information
Standard status
Active
Size
517 SF
Property subtype
Apartment
Units
Unit Mix
Convertible One-Bedroom Alcove Studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,416
Amenities
shared laundry room
Building Details
Building Size
517 SF
Year Built
2006
Listing Agency:
Corcoran Group
(917) 364-5795
Listed By:
Noah Shapiro · License #10401379846 (NY)
(917) 364-5795
Source:
Carlinwright
Added: Jul 27
Changed: Aug 14
Last Checked: Aug 14 at 12:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Corcoran Group
Investment Insights
Based on property information with market context.
11 Irving Place 1A in Brooklyn is a renovated alcove studio designed to function like a one-bedroom, with the option to convert into a true one-bedroom apartment. The oversized sleeping alcove comfortably accommodates a queen-sized bed while preserving a more expansive living and entertaining area.
The open kitchen features updated finishes with stainless steel appliances and a brand-new quartz countertop, flowing into the living space. There is room for a dedicated dining area, and the layout supports a potential floating island for additional prep and casual seating. For convenience, a combo washer/dryer unit can easily be installed.
The professionally managed building is well maintained and offers a shared laundry room. Built in 2006, the residence is listed with a property size of 517 SF. For commuting, the G train is available at Classon Avenue and the A/C trains are available at Franklin Avenue.
The open kitchen features updated finishes with stainless steel appliances and a brand-new quartz countertop, flowing into the living space. There is room for a dedicated dining area, and the layout supports a potential floating island for additional prep and casual seating. For convenience, a combo washer/dryer unit can easily be installed.
The professionally managed building is well maintained and offers a shared laundry room. Built in 2006, the residence is listed with a property size of 517 SF. For commuting, the G train is available at Classon Avenue and the A/C trains are available at Franklin Avenue.
Key Highlights
- Renovated convertible alcove studio layout with option to convert to a true one‑bedroom
- Oversized sleeping alcove accommodates a queen‑sized bed
- Updated open kitchen with stainless steel appliances and brand‑new quartz countertop
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
$15,783
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
3.01%
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%
$315,660
$315.7K
Cap Rate 7%
$225,471
$225.5K
Cap Rate 9%
$175,367
$175.4K
Market Conditions
NOI Build-Up for 517 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
$29.3K $56.64/SF
− Vacancy
−$586 −$1.13/SF
EGI
$28.7K $55.51/SF
− OpEx
−$12.9K −$24.98/SF
NOI
$15.8K $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%
$315,660
Cap Rate 7%
$225,471
Cap Rate 9%
$175,367
Alternative Uses
Best Use
Apartment 5plus
$225.5K
$197.3K – $263.1K
NOI $15,783 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$428.1K
$374.6K – $499.4K
NOI $29,965 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
6,013
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Renovated alcove home with oversized sleeping alcove, updated open kitchen, and shared laundry in a professionally managed building.
Where is this residential income property located?
The property is located at 11 Irving Place 1A Brooklyn, NY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Renovated convertible alcove studio layout with option to convert to a true one‑bedroom; Oversized sleeping alcove accommodates a queen‑sized bed; Updated open kitchen with stainless steel appliances and brand‑new quartz countertop
