East Williamsburg Multifamily Investment
234-238 Powers St Brooklyn, NY 11211
For Sale
$3,500,000
Three adjacent 6-unit buildings near Grand St L-train station.
Property Size10,500 SF
Lot Size0.04 Acres
Price / SF$333.33
Days on Market142
Property Features for 234-238 Powers St
General Information
Standard status
Active
Size
10,500 SF
Lot size
0.04 Acres
Property subtype
Commercial
Building Details
Year Built
1920
Listing Agency:
CRIFASI REAL ESTATE INC
(718) 782-4411
Listed By:
Sal J. Crifasi · License #1027429
(718) 782-4411
Source:
Elliman
Added: Mar 11
Changed: Jul 6
Last Checked: Jul 29 at 6:46AM
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 CRIFASI REAL ESTATE INC
Investment Insights
Based on property information with market context.
Located in East Williamsburg, 234, 236, and 238 Powers St offer a portfolio of three adjacent, brick 6-unit buildings, totaling 18 residential units. Constructed in the 1920s, these properties are situated near the Grand St L-train station. The buildings offer potential for long-term value, repositioning, or future redevelopment. Each property includes a unit mix of four 1-bedroom apartments and two 2-bedroom units. Several units are currently rented, while others are vacant or owner-occupied. The combined buildings span approximately 10,500 square feet and sit on three 18.75 x 100 ft lots. The properties are located in residential surroundings and near Williamsburg’s retail corridors. These properties may suit investors or end users familiar with the operations, regulations, and long-term upside of rent-stabilized buildings. The properties offer the potential to unlock under-market rents, stabilize long-term holdings, or explore conversion potential.
Key Highlights
- Prime East Williamsburg location, steps from the Grand St L‑train station.
- Portfolio of three adjacent, 6‑unit brick buildings (18 total units).
- Significant upside potential through lease‑up, improvements, or condo conversion.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $594.7k | $56.64 |
| − Vacancy | −$11.9k | −$1.13 |
| EGI | $582.8k | $55.51 |
| − OpEx | −$262.3k | −$24.98 |
| NOI | $320.6k | $30.53 |
10,500 SF · lease $56.64/SF/yr · vacancy 2.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.58M
$4.01M – $5.34M
NOI $320,554 @ 7.0% cap · market cap 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.69M
$7.61M – $10.14M
NOI $608,580 @ 7.0% cap · market cap 17.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Three adjacent 6-unit buildings near Grand St L-train station.
Where is this apartment building located?
The property is located at 234-238 Powers St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Prime East Williamsburg location, steps from the Grand St L‑train station.; Portfolio of three adjacent, 6‑unit brick buildings (18 total units).; Significant upside potential through lease‑up, improvements, or condo conversion.
