Apartment Building with Roof
For Sale
$7,100,000
2823 Snyder Ave, Brooklyn, NY 11226
Fully occupied multifamily property with updated in-unit finishes, shared outdoor space, laundry, and access to multiple subway lines.
Property Size13,805 SF
Price / SF$514.31
Days on Market765
Property Features for 2823 Snyder Ave
General Information
Standard status
Active
Size
13,805 SF
Property subtype
Multifamily
Zoning
R6
Building Details
Building Size
13,805 SF
Year Built
2018
Buildings
1
Stories
4
Listing Agency:
Matthews Real Estate Investments Services | New York
Listed By:
DJ Johnston · License #10401225168(NY)
(718) 701-5367
Source:
Cpix.resimplifi
Added: Aug 6, 2024
Changed: Sep 8
Last Checked: Aug 30 at 8:49AM
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 Matthews Real Estate Investments Services | New York
Investment Insights
Based on property information with market context.
This 13,805-square-foot apartment building was completed in 2018 and is fully occupied. Apartments feature stainless steel appliances, central A/C, and stone countertops. Resident amenities include an in-building laundry area, lounge, shared backyard, and roof access. The property is zoned R6.
The building is positioned near the 2 and 5 trains at Church Avenue and the Q train at Parkside Avenue, providing rail service to Downtown Brooklyn and Union Square. Retail services along Church and Flatbush Avenues include Target, Key Food, CityMD, Chase, and CVS.
Units are rent stabilized under a 421a tax abatement currently in year 5 of 35. The source information states that units may become destabilized upon tenant turnover after the abatement expires.
The building is positioned near the 2 and 5 trains at Church Avenue and the Q train at Parkside Avenue, providing rail service to Downtown Brooklyn and Union Square. Retail services along Church and Flatbush Avenues include Target, Key Food, CityMD, Chase, and CVS.
Units are rent stabilized under a 421a tax abatement currently in year 5 of 35. The source information states that units may become destabilized upon tenant turnover after the abatement expires.
Key Highlights
- 13,805 SF apartment building completed in 2018
- Fully occupied multifamily property with R6 zoning
- 421a tax abatement currently in year 5 of 35
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
$323,633
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
4.56%
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%
$6,472,660
$6.5M
Cap Rate 7%
$4,623,329
$4.6M
Cap Rate 9%
$3,595,922
$3.6M
Market Conditions
NOI Build-Up for 13,805 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
$612.9K $44.40/SF
− Vacancy
−$24.5K −$1.78/SF
EGI
$588.4K $42.62/SF
− OpEx
−$264.8K −$19.18/SF
NOI
$323.6K $23.44/SF
Area
ZIP 11226
Vacancy
4.00%
Lease Rate
$44.40 /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%
$6,472,660
Cap Rate 7%
$4,623,329
Cap Rate 9%
$3,595,922
Alternative Uses
Best Use
Apartment 5plus
$4.62M
$4.05M – $5.39M
NOI $323,633 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.82M
$5.97M – $7.96M
NOI $477,631 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,725
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
Median Home Value
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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 - Fully occupied multifamily property with updated in-unit finishes, shared outdoor space, laundry, and access to multiple subway lines.
Where is this apartment building located?
The property is located at 2823 Snyder Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $7,100,000.
What are key features of this property?
This property features: 13,805 SF apartment building completed in 2018; Fully occupied multifamily property with R6 zoning; 421a tax abatement currently in year 5 of 35
