Spacious Studio in Sheepshead
For Sale
$239,000
Pending
3901 Nostrand Ave 3T, Brooklyn, NY 11235
Well-lit studio co-op with pool, near shops and transportation.
Property Size519 SF
Days on Market272
Property Features for 3901 Nostrand Ave 3T
General Information
Standard status
Pending
Size
519 SF
Property subtype
Residential
Building Details
Building Size
519 SF
Year Built
1961
Listing Agency:
Keller Williams Landmark II
(917) 836-3283
Listed By:
Shameer Fazal · License #10491207122
(917) 836-3283
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 12
Last Checked: Aug 25 at 10:11AM
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 Keller Williams Landmark II
Investment Insights
Based on property information with market context.
Located at 3901 Nostrand Avenue in Brooklyn's Sheepshead Bay neighborhood, The Sea Isle Co-Op is a well-maintained elevator building. This studio co-op features an open layout with a generous living area, ample closet space, and large East-facing windows providing natural light. The main living area allows for flexible living and sleeping arrangements. A separate kitchen provides ample cabinet storage. Building amenities include a seasonal pool and an updated on-site laundry room. Monthly maintenance covers property taxes, water, heat, and cooking gas. Subletting is allowed after residing for two years as a primary residence. The property is located near the marina, shops, restaurants, parks, public transportation, and the Gateway Mall, with the Belt Parkway minutes away.
Key Highlights
- Affordable Sheepshead Bay location steps from marina, shops, restaurants, parks, and public transportation.
- Monthly maintenance covers property taxes, water, heat, and cooking gas.
- Enjoy building amenities including a seasonal pool and updated on‑site laundry room.
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
$15,845
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
6.63%
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%
$316,900
$316.9K
Cap Rate 7%
$226,357
$226.4K
Cap Rate 9%
$176,056
$176.1K
Market Conditions
NOI Build-Up for 519 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
$29.4K $56.64/SF
− Vacancy
−$588 −$1.13/SF
EGI
$28.8K $55.51/SF
− OpEx
−$13.0K −$24.98/SF
NOI
$15.8K $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%
$316,900
Cap Rate 7%
$226,357
Cap Rate 9%
$176,056
Alternative Uses
Best Use
Apartment 5plus
$226.4K
$198.1K – $264.1K
NOI $15,845 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$429.7K
$376.0K – $501.4K
NOI $30,081 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,890
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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 - Well-lit studio co-op with pool, near shops and transportation.
Where is this apartment building located?
The property is located at 3901 Nostrand Ave 3T Brooklyn, NY.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Affordable Sheepshead Bay location steps from marina, shops, restaurants, parks, and public transportation.; Monthly maintenance covers property taxes, water, heat, and cooking gas.; Enjoy building amenities including a seasonal pool and updated on‑site laundry room.
