Five-Family Apartment
For Sale
$7,995,000
28 8th Ave, Brooklyn, NY 11217
Corner property with a two-car garage, updated systems, and individually equipped residential units.
Property Size7,430 SF
Lot Size0.05 Acres
Price / SF$1,076
Days on Market36
Property Features for 28 8th Ave
General Information
Standard status
Active
Size
7,430 SF
Total Parking Spaces
2
Lot size
0.05 Acres
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 2BR, 1 x 1BR
Multifamily Units
5
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$33,132
Amenities
washer/dryer
dishwasher
updated kitchen and bath
decorative fireplaces
bay windows
hardwood flooring
Building Details
Buildings
1
Stories
5
Units
6
Listing Agency:
Brown Harris Stevens Brooklyn LLC
Listed By:
Peter Richard Grazioli (pgrazioli@bhsusa.com)
Source:
Edifyny
Added: Aug 4
Changed: Sep 3
Last Checked: Sep 8 at 8:25AM
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 Brown Harris Stevens Brooklyn LLC
Investment Insights
Based on property information with market context.
28 8th Avenue is a 7,430-square-foot, legally recognized five-family building on a 22' x 100' corner lot. The existing arrangement includes a ground-level office, three floor-through two-bedroom apartments, and a top-floor one-bedroom unit with expansion potential. A two-car garage is also included. Updated mechanical systems support the building, while each apartment has its own washer/dryer, dishwasher, and renovated kitchen and bath. Common corridors feature sprinkler protection.
The property occupies a prominent position in the North Park Slope Historic District, with entrances from both 8th Avenue and Lincoln Place. Prospect Park, Grand Army Plaza's Soldiers Monument, the Green Market, Brooklyn Public Library, cultural institutions, transportation, shopping, and dining are identified in the surrounding area.
Interior character includes six decorative fireplaces, bay windows, hardwood floors, high ceilings, and natural light from northern, western, and eastern exposures. The building's configuration supports continued multifamily use and provides an established framework for additional residential or ownership-oriented planning.
The property occupies a prominent position in the North Park Slope Historic District, with entrances from both 8th Avenue and Lincoln Place. Prospect Park, Grand Army Plaza's Soldiers Monument, the Green Market, Brooklyn Public Library, cultural institutions, transportation, shopping, and dining are identified in the surrounding area.
Interior character includes six decorative fireplaces, bay windows, hardwood floors, high ceilings, and natural light from northern, western, and eastern exposures. The building's configuration supports continued multifamily use and provides an established framework for additional residential or ownership-oriented planning.
Key Highlights
- Legally configured as a five‑family property with a ground‑floor office
- 7,430 square feet on a 22' x 100' corner lot
- Three floor‑through two‑bedroom apartments plus a top‑floor one‑bedroom unit
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
$226,830
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
2.84%
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%
$4,536,600
$4.5M
Cap Rate 7%
$3,240,429
$3.2M
Cap Rate 9%
$2,520,333
$2.5M
Market Conditions
NOI Build-Up for 7,430 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
$420.8K $56.64/SF
− Vacancy
−$8.4K −$1.13/SF
EGI
$412.4K $55.51/SF
− OpEx
−$185.6K −$24.98/SF
NOI
$226.8K $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%
$4,536,600
Cap Rate 7%
$3,240,429
Cap Rate 9%
$2,520,333
Alternative Uses
Best Use
Apartment 5plus
$3.24M
$2.84M – $3.78M
NOI $226,830 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.15M
$5.38M – $7.18M
NOI $430,643 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,488
Businesses Nearby
Explore this area
Business Placement
Demographics for 11217, NY
42,417
Population
21,590
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
93%
High-School Grad
0.7 sq mi
ZIP Area
60,596
Density / Sq Mi
$158,314
Median Household Income
$95,067
Median Earnings
$2,800
Median Rent
$1,614,200
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 - Corner property with a two-car garage, updated systems, and individually equipped residential units.
Where is this apartment building located?
The property is located at 28 8th Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $7,995,000.
What are key features of this property?
This property features: Legally configured as a five‑family property with a ground‑floor office; 7,430 square feet on a 22' x 100' corner lot; Three floor‑through two‑bedroom apartments plus a top‑floor one‑bedroom unit
