6-Unit Renovated Apartment
For Sale
$2,495,000
260 Cornelia Street, Brooklyn, NY 11221
Six occupied two-bedroom apartments feature updated kitchens, in-unit laundry, split-system air conditioning, and contemporary flooring.
Property Size5,025 SF
Price / SF$496.52
Days on Market72
Property Features for 260 Cornelia Street
General Information
Standard status
Active
Size
5,025 SF
Property subtype
Multifamily
Occupancy
100%
Financials
Asking Price
$2,495,000
Cap Rate
6.6%
Average Monthly Rent
$3,017
Units
Unit Mix
6 x 2BR
Multifamily Units
6
Amenities
backyard access
skylights
in-unit washer/dryers
split-system air conditioning
260 Cornelia Street, built in 1907, is a 6-unit multifamily asset, sitting on a 25' x100' Lot, approx. 5,025 SF.
Tax Class: 2A | Zoning: R6 | 100% Fair Market
260 Cornelia Street benefits from its proximity to the Myrtle-Wyckoff transportation hub, providing convenient access to both the L and M subway lines.
Building Details
Building Size
5,025 SF
Units
6
Listing Agency:
New York City Office
Listed By:
Shaun Riney · License #License(s): NY: 10491208207, NY: 10301215754
(718) 475-4369
Source:
Marcusmillichap
Added: Jun 23
Changed: Aug 31
Last Checked: Aug 31 at 12:45PM
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 New York City Office
Investment Insights
Based on property information with market context.
Located at 260 Cornelia Street in Bushwick, Brooklyn, this multifamily building contains six two-bedroom apartments totaling approximately 5,025 square feet. The units are fully occupied and operate as free-market apartments without regulatory rent restrictions. Each residence measures approximately 711 square feet, with select apartments offering backyard access and skylights.
Interior improvements include modern finishes, renovated kitchens, contemporary flooring, in-unit washer/dryers, and split-system air conditioning. The property is producing a 6.6% cap rate and offers a six-unit residential configuration in an established Brooklyn neighborhood.
Interior improvements include modern finishes, renovated kitchens, contemporary flooring, in-unit washer/dryers, and split-system air conditioning. The property is producing a 6.6% cap rate and offers a six-unit residential configuration in an established Brooklyn neighborhood.
Key Highlights
- Six fully occupied two‑bedroom apartments
- Approximately 5,025 square feet across the building
- Each apartment is approximately 711 square feet
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
$153,408
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
6.15%
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%
$3,068,160
$3.1M
Cap Rate 7%
$2,191,543
$2.2M
Cap Rate 9%
$1,704,533
$1.7M
Market Conditions
NOI Build-Up for 5,025 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
$284.6K $56.64/SF
− Vacancy
−$5.7K −$1.13/SF
EGI
$278.9K $55.51/SF
− OpEx
−$125.5K −$24.98/SF
NOI
$153.4K $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%
$3,068,160
Cap Rate 7%
$2,191,543
Cap Rate 9%
$1,704,533
Alternative Uses
Best Use
Apartment 5plus
$2.19M
$1.92M – $2.56M
NOI $153,408 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.16M
$3.64M – $4.85M
NOI $291,249 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,459
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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 - Six occupied two-bedroom apartments feature updated kitchens, in-unit laundry, split-system air conditioning, and contemporary flooring.
Where is this apartment building located?
The property is located at 260 Cornelia Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Six fully occupied two‑bedroom apartments; Approximately 5,025 square feet across the building; Each apartment is approximately 711 square feet
