Canarsie 24-Unit Investment
For Sale
$10,500,000
8820 Avenue J, Brooklyn, NY 11236
Well-maintained 24-unit building in Canarsie, Brooklyn with 421A Tax Abatement.
Property Size22,035 SF
Lot Size0.37 Acres
Days on Market313
Property Features for 8820 Avenue J
General Information
Standard status
Active
Size
22,035 SF
Lot size
0.37 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,102
Building Details
Building Size
22,035 SF
Year Built
2016
Units
24
Listing Agency:
Blue Key Real Estate Brokerage
Listed By:
Reginald Brannen · License #40BR1116315
(718) 921-2280
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 8 at 1:44PM
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 Blue Key Real Estate Brokerage
Investment Insights
Based on property information with market context.
Located in Canarsie, Brooklyn, this well-maintained brick building features 24 units, each with 2 bedrooms and 2 baths. The property is designed for steady rental demand. Tenants are responsible for all utilities except water. The building operates on all-electric systems, which eliminates the need for gas, boiler maintenance, or a compactor room. The property includes a legal super's unit, an accessory office in the basement with a half bath, and additional storage rooms. The absence of an elevator contributes to lower maintenance costs. A 421A Tax Abatement is in place. With a Net Operating Income (NOI) of $649,000 and a Net Cap Rate of 6.2%, this property is suitable for long-term investors or a 1031 exchange. The property offers stable income, minimal overhead, and efficient building systems.
Key Highlights
- Turn‑key 24‑unit investment property with steady rental demand.
- Net Operating Income (NOI) of $649,000 and a Net Cap Rate of 6.2%.**
- 421A Tax Abatement in place.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$672,706
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,454,120
$13.5M
Cap Rate 7%
$9,610,086
$9.6M
Cap Rate 9%
$7,474,511
$7.5M
Market Conditions
NOI Build-Up for 22,035 SF
Gross rent
$1.25M $56.64/SF
− Vacancy
−$25.0K −$1.13/SF
EGI
$1.22M $55.51/SF
− OpEx
−$550.4K −$24.98/SF
NOI
$672.7K $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 Rate 5%
$13,454,120
Cap Rate 7%
$9,610,086
Cap Rate 9%
$7,474,511
Alternative Uses
Best Use
Apartment 5plus
$9.61M
$8.41M – $11.21M
NOI $672,706 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$18.24M
$15.96M – $21.29M
NOI $1,277,149 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 11236, NY
100,687
Population
37,002
Households
2.7
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
3.6 sq mi
ZIP Area
27,969
Density / Sq Mi
$82,813
Median Household Income
$50,244
Median Earnings
$1,637
Median Rent
$710,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 24-unit building in Canarsie, Brooklyn with 421A Tax Abatement.
Where is this apartment building located?
The property is located at 8820 Avenue J Brooklyn, NY.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Turn‑key 24‑unit investment property with steady rental demand.; Net Operating Income (NOI) of $649,000 and a Net Cap Rate of 6.2%.**; 421A Tax Abatement in place.
