Two-Bedroom Residential Income
For Sale
$875,000
1198 JEFFERSON Avenue B, Brooklyn, NY 11221
Unit B offers a floor-through layout, two full baths, private laundry, and a finished rooftop space.
Property Size989 SF
Price / SF$884.73
Days on Market9
Property Features for 1198 JEFFERSON Avenue B
General Information
Standard status
Active
Size
989 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
Juliet balcony
rooftop deck
in-unit washer/dryer
Building Details
Building Size
989 SF
Year Built
2025
Listing Agency:
Corcoran Group
(410) 703-9775
Listed By:
Nicole Elizabeth Schmidlein
(410) 703-9775
Source:
Cbwarburg
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 14 at 12:13PM
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.
Unit B is a 989-square-foot, two-bedroom, two-bath floor-through residence in a four-home property completed in 2025. North- and south-facing exposures bring light through an open living area with room for dining and multiple seating arrangements. The home includes wide-plank white oak flooring, a galley kitchen with custom cabinetry and stainless steel appliances, a stackable LG washer/dryer, and substantial closet storage.
The primary suite includes a walk-in closet and an en suite bath with a floating vanity and large shower. The second bedroom also has a walk-in closet and Juliet balcony. Residents have access to a finished rooftop area with 360-degree views, while several local restaurants, cafes, and bars are nearby. Multiple subway lines, Citibike service on the block, and Irving Square Park add transportation and recreational access.
The primary suite includes a walk-in closet and an en suite bath with a floating vanity and large shower. The second bedroom also has a walk-in closet and Juliet balcony. Residents have access to a finished rooftop area with 360-degree views, while several local restaurants, cafes, and bars are nearby. Multiple subway lines, Citibike service on the block, and Irving Square Park add transportation and recreational access.
Key Highlights
- 989 SF two‑bedroom, two‑bath residence in a four‑home property
- Floor‑through layout with north- and south‑facing exposures
- Finished rooftop area with 360‑degree views
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
$30,193
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
3.45%
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%
$603,860
$603.9K
Cap Rate 7%
$431,329
$431.3K
Cap Rate 9%
$335,478
$335.5K
Market Conditions
NOI Build-Up for 989 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
$56.0K $56.64/SF
− Vacancy
−$1.1K −$1.13/SF
EGI
$54.9K $55.51/SF
− OpEx
−$24.7K −$24.98/SF
NOI
$30.2K $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%
$603,860
Cap Rate 7%
$431,329
Cap Rate 9%
$335,478
Alternative Uses
Best Use
Apartment 5plus
$431.3K
$377.4K – $503.2K
NOI $30,193 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$818.9K
$716.5K – $955.4K
NOI $57,322 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,737
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
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 - Unit B offers a floor-through layout, two full baths, private laundry, and a finished rooftop space.
Where is this residential income property located?
The property is located at 1198 JEFFERSON Avenue B Brooklyn, NY.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 989 SF two‑bedroom, two‑bath residence in a four‑home property; Floor‑through layout with north- and south‑facing exposures; Finished rooftop area with 360‑degree views
