Top-Floor Residential Income
For Sale
$725,000
11 Irving Place 4F, Brooklyn, NY 11238
One-bedroom condominium with western exposure, skyline views, updated finishes, and in-unit laundry.
Property Size677 SF
Price / SF$1,070
Days on Market10
Property Features for 11 Irving Place 4F
General Information
Standard status
Active
Size
677 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,925
Building Details
Building Size
677 SF
Year Built
2006
Listing Agency:
Corcoran Group
(917) 364-5795
Listed By:
Noah Shapiro · License #10401379846 (NY)
(917) 364-5795
Source:
Carlinwright
Added: Aug 5
Changed: Aug 14
Last Checked: Aug 14 at 12:27PM
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 condominium occupies the top floor of a professionally managed building completed in 2006. The residence features an open living and dining area, hardwood flooring, 9-foot ceilings, multiple closets, and large windows oriented west. Its kitchen includes stainless steel appliances, quartz countertops, and substantial workspace, while the bathroom has been updated with a simple contemporary finish. A combination washer/dryer is located within the apartment.
The home overlooks a quiet, tree-lined residential block and has views toward Downtown Brooklyn. Building amenities include additional laundry facilities in the basement. Classon Avenue and Clinton-Washington subway stations provide access to the G and C trains, and the property is near Fort Greene, Prospect Heights, and Bed-Stuy.
The home overlooks a quiet, tree-lined residential block and has views toward Downtown Brooklyn. Building amenities include additional laundry facilities in the basement. Classon Avenue and Clinton-Washington subway stations provide access to the G and C trains, and the property is near Fort Greene, Prospect Heights, and Bed-Stuy.
Key Highlights
- 677 SF one‑bedroom condominium on the top floor
- Western exposure with views toward Downtown Brooklyn
- 9‑foot ceilings, hardwood floors, and large windows
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
2.85%
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 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$560.6K
$490.5K – $654.0K
NOI $39,239 @ 7.0% cap · market cap 5.41%
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 - One-bedroom condominium with western exposure, skyline views, updated finishes, and in-unit laundry.
Where is this residential income property located?
The property is located at 11 Irving Place 4F Brooklyn, NY.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 677 SF one‑bedroom condominium on the top floor; Western exposure with views toward Downtown Brooklyn; 9‑foot ceilings, hardwood floors, and large windows
