Six-Family Rent-Stabilized Apartment
For Sale
$1,399,000
115 Freeman Street, Brooklyn, NY 11222
Fully rent-stabilized property with basement space and private rear-yard access from one first-floor apartment.
Property Size4,125 SF
Price / SF$339.15
Days on Market51
Property Features for 115 Freeman Street
General Information
Standard status
Active
Size
4,125 SF
Property subtype
Multi Family
Units
Unit Mix
6 x 2BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,772
Building Details
Building Size
4,125 SF
Year Built
1930
Buildings
1
Listing Agency:
Compass
Listed By:
Marc A Dimov
(516) 728-6521
Source:
Thethomas
Added: Sep 14
Changed: Nov 1
Last Checked: Nov 3 at 11:55AM
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 Compass
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Investment Insights
Based on property information with market context.
The 1930-built property is a six-family apartment building with six two-bedroom units, all described as fully rent-stabilized. A full basement provides additional space for tenant storage, laundry, or potential duplex configurations with the first-floor apartments. One first-floor residence has direct access to a private rear yard. The roof is in excellent condition, and the boiler and hot water heater have been recently replaced.
Located at 115 Freeman Street in Greenpoint, the property is near the Greenpoint Landing waterfront development, East River waterfront, parks, restaurants, cafes, shopping, and entertainment. Access to the G train and NYC Ferry connects the property with Williamsburg, Long Island City, and Manhattan.
Located at 115 Freeman Street in Greenpoint, the property is near the Greenpoint Landing waterfront development, East River waterfront, parks, restaurants, cafes, shopping, and entertainment. Access to the G train and NYC Ferry connects the property with Williamsburg, Long Island City, and Manhattan.
Key Highlights
- Six‑family building with six two‑bedroom apartments
- Fully rent‑stabilized apartment property
- Full basement with potential for storage, laundry, or duplex configurations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$125,932
Cap Rate
9.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,518,640
$2.5M
Cap Rate 7%
$1,799,029
$1.8M
Cap Rate 9%
$1,399,244
$1.4M
Market Conditions
NOI Build-Up for 4,125 SF
Gross rent
$233.6K $56.64/SF
− Vacancy
−$4.7K −$1.13/SF
EGI
$229.0K $55.51/SF
− OpEx
−$103.0K −$24.98/SF
NOI
$125.9K $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 Rate 5%
$2,518,640
Cap Rate 7%
$1,799,029
Cap Rate 9%
$1,399,244
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,932 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.42M
$2.99M – $3.98M
NOI $239,085 @ 7.0% cap · market cap 17.09%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,042
Businesses Nearby
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Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully rent-stabilized property with basement space and private rear-yard access from one first-floor apartment.
Where is this apartment building located?
The property is located at 115 Freeman Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Six‑family building with six two‑bedroom apartments; Fully rent‑stabilized apartment property; Full basement with potential for storage, laundry, or duplex configurations
