Five-Unit Apartment
128 N 1st Street, Brooklyn, NY 11249
For Sale
$3,999,000
Commercial Sale, Brooklyn, NY
Property Size3,750 SF
Lot Size0.05 Acres
Price / SF$1,066
Days on Market86
Property Features for 128 N 1st Street
General Information
Property type
Property subtype
Zoning
Rooms
Parking features
Basement
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
full finished basement
Building Details
Year built
Number of units
Building materials
Listing Agency:
Douglas Elliman Real Estate
(516) 354-6500
Listed By:
Joshua Mohamed · License NY #10401348915
(917) 364-2922
Added: Aug 21
Changed: Nov 6
Last Checked: Nov 13 at 11:06PM
MLS# 1041921
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This five-unit apartment property at 128 N 1st Street includes four two-bedroom apartments and one three-bedroom apartment. The building was constructed in 1910 and features brick and frame construction, along with a full finished basement. It is being offered and sold AS IS.
The property occupies 0.0486 acres in Brooklyn's Williamsburg area and is zoned R6B. Building systems include natural gas heat, window and wall/window unit cooling, public water, and public sewer. Parking features include on-street and open parking. Buyers are encouraged to complete their own due diligence regarding zoning, legal use, building records, taxes, expenses, leases, rents, and other property matters.
The property occupies 0.0486 acres in Brooklyn's Williamsburg area and is zoned R6B. Building systems include natural gas heat, window and wall/window unit cooling, public water, and public sewer. Parking features include on-street and open parking. Buyers are encouraged to complete their own due diligence regarding zoning, legal use, building records, taxes, expenses, leases, rents, and other property matters.
Key Highlights
- Five‑unit configuration with four two‑bedroom apartments and one three‑bedroom apartment
- Full finished basement included
- 0.0486‑acre property in Williamsburg, Brooklyn
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$114,484
Cap Rate
2.86%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
7,415
Businesses Nearby
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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
$1,326,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Brooklyn, NY
Properties on Market for Apartment buildings in Brooklyn
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with a finished basement, residential unit mix, and public water and sewer service.
Where is this apartment building located?
The property is located at 128 N 1st Street 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 configuration with four two‑bedroom apartments and one three‑bedroom apartment; Full finished basement included; 0.0486‑acre property in Williamsburg, Brooklyn
