Updated One-Bedroom
For Sale
$735,000
11 Irving Place 2B, Brooklyn, NY 11238
Flexible 1BR residence with renovated interiors, in-unit laundry, garden views, and access to shared basement facilities.
Property Size677 SF
Price / SF$1,085
Days on Market16
Property Features for 11 Irving Place 2B
General Information
Standard status
Active
Size
677 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,918
Amenities
hardwood floors
9' ceilings
stainless steel appliances
quartz countertops
in-unit washer/dryer
shared laundry
Building Details
Building Size
677 SF
Year Built
2006
Listing Agency:
Corcoran Group
Listed By:
Noah Shapiro · License #10401379846 (NY)
(917) 364-5795
Source:
Miradorrealestate
Added: Sep 16
Changed: Sep 29
Last Checked: Sep 30 at 3:28PM
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.
This 677-square-foot one-bedroom residence offers a flexible interior with room for separate living and dining areas. Hardwood floors, 9' ceilings, and garden views contribute to the home's bright, open feel, while generous closets provide storage throughout. The kitchen has stainless steel appliances and quartz countertops, and the bathroom has been renovated with a contemporary finish. An in-unit combination washer/dryer adds everyday convenience.
Located at 11 Irving Place in Brooklyn's Clinton Hill, the residence is positioned near Fort Greene, Bed-Stuy, and Prospect Heights. Local destinations include Smør, Speedy Romeo, Mekelburg's, Aita, Sisters, and For All Good Things, along with neighborhood farmers' markets. Transit access includes the Classon Ave G train and the Franklin Ave A/C trains.
The property is in a professionally managed building constructed in 2006, with additional shared laundry facilities in the basement.
Located at 11 Irving Place in Brooklyn's Clinton Hill, the residence is positioned near Fort Greene, Bed-Stuy, and Prospect Heights. Local destinations include Smør, Speedy Romeo, Mekelburg's, Aita, Sisters, and For All Good Things, along with neighborhood farmers' markets. Transit access includes the Classon Ave G train and the Franklin Ave A/C trains.
The property is in a professionally managed building constructed in 2006, with additional shared laundry facilities in the basement.
Key Highlights
- 677 SF one‑bedroom residence
- 9' ceilings with hardwood floors and garden views
- Updated kitchen with stainless steel appliances and quartz countertops
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
$20,668
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
2.81%
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%
$413,360
$413.4K
Cap Rate 7%
$295,257
$295.3K
Cap Rate 9%
$229,644
$229.6K
Market Conditions
NOI Build-Up for 677 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
$38.3K $56.64/SF
− Vacancy
−$767 −$1.13/SF
EGI
$37.6K $55.51/SF
− OpEx
−$16.9K −$24.98/SF
NOI
$20.7K $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%
$413,360
Cap Rate 7%
$295,257
Cap Rate 9%
$229,644
Alternative Uses
Best Use
Apartment 5plus
$295.3K
$258.4K – $344.5K
NOI $20,668 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$560.6K
$490.5K – $654.0K
NOI $39,239 @ 7.0% cap · market cap 5.34%
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible 1BR residence with renovated interiors, in-unit laundry, garden views, and access to shared basement facilities.
Where is this residential income property located?
The property is located at 11 Irving Place 2B Brooklyn, NY.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: 677 SF one‑bedroom residence; 9' ceilings with hardwood floors and garden views; Updated kitchen with stainless steel appliances and quartz countertops
