East Flatbush Multifamily
For Sale
$995,000
Pending
315 E 28TH St, Brooklyn, NY 11226
Charming multi-family home in vibrant East Flatbush neighborhood.
Property Size1,000 SF
Lot Size0.05 Acres
Days on Market135
Property Features for 315 E 28TH St
General Information
Standard status
Pending
Size
1,000 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,648
Building Details
Building Size
1,000 SF
Year Built
1901
Stories
2
Units
2
Listed By:
Christian Newton · License #10301223470
(212) 321-7153
Source:
Elliman
Added: Apr 28
Changed: Aug 16
Last Checked: Sep 8 at 5:22AM
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 Christian Newton
Investment Insights
Based on property information with market context.
Located in the East Flatbush neighborhood of Brooklyn, this multi-family home offers 2,080 sqft of building size on a 2,000 sqft lot. The residence features 2.5 bedrooms on the second floor and 2 bedrooms on the first floor. The finished basement includes 2 extra rooms and 2 full baths. The home features original, well-maintained flooring and cabinetry. The kitchen is equipped with stainless steel appliances, and the living room on the first floor features a textured ceiling. All bathrooms are updated with modern fixtures. The fully finished basement includes 2 additional rooms, 2 full baths, and a kitchen, offering flexible space. The property includes a backyard with a deck and a patio at the front of the house. The roof and exterior siding are in excellent condition. The home benefits from its location in a friendly, vibrant neighborhood with access to parks, schools, shopping centers, and public transportation. The property is located in a Walker's Paradise with a walk score of 90 and is also a Rider's Paradise with a transit score of 97. The bike score is 66, making it bikeable. This property will be sold with tenants on the second floor.
Key Highlights
- Seller offers creative financing options, including seller financing at a competitive 4% interest rate and willingness to buy down mortgage points.
- Finished basement with 2 rooms, 2 full baths, and a kitchen provides flexible space for various uses.
- Located in a vibrant East Flatbush neighborhood with excellent walk, bike, and transit scores (90, 66, and 97 respectively).
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
$48,762
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
4.90%
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%
$975,240
$975.2K
Cap Rate 7%
$696,600
$696.6K
Cap Rate 9%
$541,800
$541.8K
Market Conditions
NOI Build-Up for 2,080 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
$92.4K $44.40/SF
− Vacancy
−$3.7K −$1.78/SF
EGI
$88.7K $42.62/SF
− OpEx
−$39.9K −$19.18/SF
NOI
$48.8K $23.44/SF
Area
ZIP 11226
Vacancy
4.00%
Lease Rate
$44.40 /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%
$975,240
Cap Rate 7%
$696,600
Cap Rate 9%
$541,800
Alternative Uses
Best Use
Apartment 5plus
$696.6K
$609.5K – $812.7K
NOI $48,762 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$899.6K – $1.20M
NOI $71,965 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,285
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
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?
Multifamily property - Charming multi-family home in vibrant East Flatbush neighborhood.
Where is this multifamily property located?
The property is located at 315 E 28TH St Brooklyn, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Seller offers creative financing options, including seller financing at a competitive 4% interest rate and willingness to buy down mortgage points.; Finished basement with 2 rooms, 2 full baths, and a kitchen provides flexible space for various uses.; Located in a vibrant East Flatbush neighborhood with excellent walk, bike, and transit scores (90, 66, and 97 respectively).
