Five-Unit Apartment
New
For Sale
$3,999,000
128 N 1st St, Brooklyn, NY 11249
A varied residential layout includes a finished basement and multiple bedroom configurations.
Property Size3,750 SF
Price / SF$1,066
Days on Market4
Property Features for 128 N 1st St
General Information
Standard status
Active
Size
3,750 SF
Property subtype
Commercial
Units
Unit Mix
4 x 2BR, 1 x 3BR
Multifamily Units
5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,417
Building Details
Building Size
3,750 SF
Year Built
1910
Units
5
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Joshua Mohamed · License #10401348915
(917) 364-2922
Source:
Elliman
Added: Sep 15
Last Checked: Sep 16 at 5:02PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This 1910 apartment building comprises five residential units, including four two-bedroom apartments and one three-bedroom apartment. The property provides 3,750 square feet of residential space and includes a full finished basement, creating additional interior area within the building. The asset is being offered and sold as-is.
Located at 128 N 1st St in Williamsburg, Brooklyn, the property has strong walkability and transit access, reflected in its Walk Score of 96 and Transit Score of 94. Its Bike Score is 90. The surrounding neighborhood is also identified with residential dining, shopping, arts, waterfront, and entertainment amenities, along with transportation options to Manhattan.
Located at 128 N 1st St in Williamsburg, Brooklyn, the property has strong walkability and transit access, reflected in its Walk Score of 96 and Transit Score of 94. Its Bike Score is 90. The surrounding neighborhood is also identified with residential dining, shopping, arts, waterfront, and entertainment amenities, along with transportation options to Manhattan.
Key Highlights
- Five‑unit apartment building with four two‑bedroom apartments and one three‑bedroom apartment
- 3,750 sqft building area
- Full, finished basement
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
$114,484
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
2.86%
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%
$2,289,680
$2.3M
Cap Rate 7%
$1,635,486
$1.6M
Cap Rate 9%
$1,272,044
$1.3M
Market Conditions
NOI Build-Up for 3,750 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
$212.4K $56.64/SF
− Vacancy
−$4.2K −$1.13/SF
EGI
$208.2K $55.51/SF
− OpEx
−$93.7K −$24.98/SF
NOI
$114.5K $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 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%
$2,289,680
Cap Rate 7%
$1,635,486
Cap Rate 9%
$1,272,044
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.43M – $1.91M
NOI $114,484 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.10M
$2.72M – $3.62M
NOI $217,350 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
7,415
Businesses Nearby
Explore this area
Business Placement
Demographics for 11249, NY
42,024
Population
18,958
Households
2.2
Avg Household Size
31
Median Age
59%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
60,034
Density / Sq Mi
$121,400
Median Household Income
$81,638
Median Earnings
$2,982
Median Rent
$1,326,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - A varied residential layout includes a finished basement and multiple bedroom configurations.
Where is this apartment building located?
The property is located at 128 N 1st St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: Five‑unit apartment building with four two‑bedroom apartments and one three‑bedroom apartment; 3,750 sqft building area; Full, finished basement
