Multifamily Apartment
For Sale
$1,499,900
299 Harman St, Brooklyn, NY 11237
For sale building with six two-bedroom apartments and strong walk, bike, and transit scores.
Property Size4,125 SF
Days on Market111
Property Features for 299 Harman St
General Information
Standard status
Active
Size
4,125 SF
Property subtype
Commercial
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,975
Building Details
Building Size
4,125 SF
Year Built
1931
Units
6
Listing Agency:
Langer Realty Group, Ltd.
(718) 479-9200
Listed By:
Matthew Langer
(718) 479-9200
Source:
Elliman
Added: Apr 28
Changed: Aug 12
Last Checked: Aug 16 at 4:34AM
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 Langer Realty Group, Ltd.
Investment Insights
Based on property information with market context.
This for-sale multifamily apartment building features six two-bedroom apartments. The property is described as having walk score of 82, bike score of 70, and transit score of 84.
The building is located at 299 Harman St in Brooklyn, NY 11237.
As presented, the asset is configured specifically around two-bedroom units, making it a straightforward fit for tenants seeking that layout within a walkable, bikeable, and transit-served area.
The building is located at 299 Harman St in Brooklyn, NY 11237.
As presented, the asset is configured specifically around two-bedroom units, making it a straightforward fit for tenants seeking that layout within a walkable, bikeable, and transit-served area.
Key Highlights
- Six 2‑bedroom apartment units in one building
- Year built: 1931
- Walk Score: 82 (very walkable)
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
$125,932
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
8.40%
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%
$2,518,640
$2.5M
Cap Rate 7%
$1,799,029
$1.8M
Cap Rate 9%
$1,399,244
$1.4M
Market Conditions
NOI Build-Up for 4,125 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
$233.6K $56.64/SF
− Vacancy
−$4.7K −$1.13/SF
EGI
$229.0K $55.51/SF
− OpEx
−$103.0K −$24.98/SF
NOI
$125.9K $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%
$2,518,640
Cap Rate 7%
$1,799,029
Cap Rate 9%
$1,399,244
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,932 @ 7.0% cap · market cap 8.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.42M
$2.99M – $3.98M
NOI $239,085 @ 7.0% cap · market cap 15.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
5,989
Businesses Nearby
Explore this area
Business Placement
Demographics for 11237, NY
49,418
Population
18,801
Households
2.6
Avg Household Size
31
Median Age
41%
College-Educated
76%
High-School Grad
1.0 sq mi
ZIP Area
49,418
Density / Sq Mi
$82,570
Median Household Income
$43,421
Median Earnings
$2,109
Median Rent
$1,063,700
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 - For sale building with six two-bedroom apartments and strong walk, bike, and transit scores.
Where is this apartment building located?
The property is located at 299 Harman St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: Six 2‑bedroom apartment units in one building; Year built: 1931; Walk Score: 82 (very walkable)
