R6B Zoned Four-Family
For Sale
$2,499,999
Pending
478 Classon Ave, Brooklyn, NY 11238
Immaculate, renovated four-family property in prime location.
Property Size3,264 SF
Days on Market112
Property Features for 478 Classon Ave
General Information
Standard status
Pending
Size
3,264 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,993
Building Details
Building Size
3,264 SF
Year Built
1899
Units
3
Listing Agency:
Stonegate RE LLC
(646) 639-9447
Listed By:
Robert Heicklen
(646) 639-9447
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 12 at 8:51AM
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 Stonegate RE LLC
Investment Insights
Based on property information with market context.
This is an immaculate four-family property with R6B zoning. All units are market rate. The property features stainless steel appliances and renovated bathrooms. A brand new backyard is included. The property can be delivered vacant. The location has a bike score of 76, indicating it is very bikeable. The walk score is 95, designating it as a walker's paradise. The transit score is 100, marking it as a rider's paradise.
Key Highlights
- TransitScore of 100 (Rider's Paradise)
- WalkScore of 95 (Walker's Paradise)
- R6b Zoned 4‑Family Property
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
$114,311
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
4.57%
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%
$2,286,220
$2.3M
Cap Rate 7%
$1,633,014
$1.6M
Cap Rate 9%
$1,270,122
$1.3M
Market Conditions
NOI Build-Up for 3,264 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
$166.5K $51.00/SF
− Vacancy
−$3.2K −$0.97/SF
EGI
$163.3K $50.03/SF
− OpEx
−$49.0K −$15.01/SF
NOI
$114.3K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,286,220
Cap Rate 7%
$1,633,014
Cap Rate 9%
$1,270,122
Alternative Uses
Best Use
Multifamily LT 5
$1.63M
$1.43M – $1.91M
NOI $114,311 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$1.42M
$1.25M – $1.66M
NOI $99,647 @ 7.0% cap · market cap 3.99%
Theoretical Best
Specialty Retail
$2.70M
$2.36M – $3.15M
NOI $189,181 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
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?
Quadplex - Immaculate, renovated four-family property in prime location.
Where is this quadplex located?
The property is located at 478 Classon Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,499,999.
What are key features of this property?
This property features: TransitScore of 100 (Rider's Paradise); WalkScore of 95 (Walker's Paradise); R6b Zoned 4‑Family Property
