Brick Six-Family Apartment
For Sale
$1,290,000
2363 81st St, Brooklyn, NY 11214
Solid brick six-family with updated baths and a finished basement with a separate entrance.
Property Size1,890 SF
Lot Size0.33 Acres
Price / SF$682.54
Days on Market75
Property Features for 2363 81st St
General Information
Standard status
Active
Size
1,890 SF
Lot size
0.33 Acres
Property subtype
Multi Family
Zoning
R5
Additional Details
Cap Rate
6%
Multifamily Units
6
Building Details
Year Built
1923
Tenancy
Multi
Listing Agency:
Metro Realty Professionals
(718) 838-2600
Listed By:
Rui (Nancy) L Wu · License #10491203971
(718) 838-2600
Source:
Elliman
Added: Jun 3
Changed: Jul 10
Last Checked: Aug 15 at 9:11AM
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 Metro Realty Professionals
Investment Insights
Based on property information with market context.
Well maintained six-family solid brick building featuring six two-bedroom apartments. Units have a practical layout with larger bedrooms, a living room, and updated bathrooms. The property also includes a finished basement with a separate entrance, adding flexibility for storage, recreation, or other use depending on tenant needs. One of the apartments can be delivered vacant at closing.
The building is set on a 27 x 100 lot with a 27 x 70 building footprint. Zoning is R5. The area is described as close to trains and shopping, supported by walkScore 96 and transitScore 84.
This property is designed for investors or owner-users looking for a multi-unit structure with multiple two-bedroom layouts and an additional finished basement entry point. With gross yearly income reported at $117,835.68 plus, and an indicated cap rate of about 6%, it offers straightforward income-focused underwriting based on the information provided.
The building is set on a 27 x 100 lot with a 27 x 70 building footprint. Zoning is R5. The area is described as close to trains and shopping, supported by walkScore 96 and transitScore 84.
This property is designed for investors or owner-users looking for a multi-unit structure with multiple two-bedroom layouts and an additional finished basement entry point. With gross yearly income reported at $117,835.68 plus, and an indicated cap rate of about 6%, it offers straightforward income-focused underwriting based on the information provided.
Key Highlights
- Solid brick six‑family building built in 1923
- 6 units, each with 2 bedrooms, large‑sized bedrooms, living rooms, and updated bathrooms
- Lot size 27x100; building size 27x70; R5 zoning
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
$46,200
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
3.58%
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%
$924,000
$924.0K
Cap Rate 7%
$660,000
$660.0K
Cap Rate 9%
$513,333
$513.3K
Market Conditions
NOI Build-Up for 1,890 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
$87.3K $46.20/SF
− Vacancy
−$3.3K −$1.76/SF
EGI
$84.0K $44.44/SF
− OpEx
−$37.8K −$20.00/SF
NOI
$46.2K $24.44/SF
Area
ZIP 11214
Vacancy
3.80%
Lease Rate
$46.20 /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%
$924,000
Cap Rate 7%
$660,000
Cap Rate 9%
$513,333
Alternative Uses
Best Use
Apartment 5plus
$660.0K
$577.5K – $770.0K
NOI $46,200 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$964.7K – $1.29M
NOI $77,177 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
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 - Solid brick six-family with updated baths and a finished basement with a separate entrance.
Where is this apartment building located?
The property is located at 2363 81st St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Solid brick six‑family building built in 1923; 6 units, each with 2 bedrooms, large‑sized bedrooms, living rooms, and updated bathrooms; Lot size 27x100; building size 27x70; R5 zoning
