New Construction 8-Unit Apartment
New
For Sale
$5,995,000
1178 Gates Ave #MF, Brooklyn, NY 11221
Free-market apartments offer modern kitchens, private balconies, shared lounge space, and access to a communal backyard.
Property Size6,897 SF
Price / SF$869.22
Days on Market5
Property Features for 1178 Gates Ave #MF
General Information
Standard status
Active
Size
6,897 SF
Property subtype
Apartment
Additional Details
Multifamily Units
8
Amenities
communal lounge
shared backyard
private balconies
video intercom system
shared laundry room
Building Details
Buildings
1
Stories
4
Listing Agency:
Real Street Inc.
(718) 400-8776
Listed By:
Sully Klein
(718) 400-8776
Source:
Realstreetny
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 11:11AM
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 Real Street Inc.
Investment Insights
Based on property information with market context.
This free-market multifamily property at 1178 Gates Ave in Bushwick, Brooklyn, contains 8 residential units arranged across 4 floors, along with a finished basement. First-floor residences extend into the basement level, and the building includes a tenant lounge connected to a shared backyard. Most apartments provide private balconies, while kitchens include stainless steel appliances, dishwashers, and microwaves. Each residence is individually metered and has its own heating and cooling system and hot water tank. The property also features modern bathrooms, a video intercom system, and a shared laundry room that generates additional rent. The building contains 6,897 in reported property size.
Key Highlights
- 8 residential units across 4 floors with a finished basement
- Free‑market multifamily building at 1178 Gates Ave, Bushwick, Brooklyn
- First‑floor units are duplexed with finished basements
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
$210,558
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
3.51%
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%
$4,211,160
$4.2M
Cap Rate 7%
$3,007,971
$3.0M
Cap Rate 9%
$2,339,533
$2.3M
Market Conditions
NOI Build-Up for 6,897 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
$390.6K $56.64/SF
− Vacancy
−$7.8K −$1.13/SF
EGI
$382.8K $55.51/SF
− OpEx
−$172.3K −$24.98/SF
NOI
$210.6K $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%
$4,211,160
Cap Rate 7%
$3,007,971
Cap Rate 9%
$2,339,533
Alternative Uses
Best Use
Apartment 5plus
$3.01M
$2.63M – $3.51M
NOI $210,558 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.71M
$5.00M – $6.66M
NOI $399,750 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
4,577
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Free-market apartments offer modern kitchens, private balconies, shared lounge space, and access to a communal backyard.
Where is this apartment building located?
The property is located at 1178 Gates Ave #MF Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: 8 residential units across 4 floors with a finished basement; Free‑market multifamily building at 1178 Gates Ave, Bushwick, Brooklyn; First‑floor units are duplexed with finished basements
