Renovated Six-Unit Apartment
For Sale
Contact for pricing
1381 Madison Street, Brooklyn, NY 11237
Gut-renovated residential property with six free-market apartments and in-unit laundry.
Property Size4,350 SF
Price / SF$649.43
Days on Market8
Property Features for 1381 Madison Street
General Information
Standard status
Active
Size
4,350 SF
Property subtype
Multifamily
Zoning
R6
Occupancy
100%
Net Operating Income
$182,923
Additional Details
Multifamily Units
6
Amenities
in unit W/D
Building Details
Year Built
1931
Year Renovated
2015
Buildings
1
Units
6
Listing Agency:
Eastern Union
Listed By:
Ben Weiss · License #NY49WE0945435
Source:
Crexi
Added: Aug 11
Changed: Aug 15
Last Checked: Aug 17 at 2:53PM
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 Eastern Union
Investment Insights
Based on property information with market context.
This 4,350-square-foot apartment building contains six large free-market apartments and dates to 1931. The property has undergone a complete gut renovation, with upgraded finishes and in-unit washer and dryer installations throughout the residences.
Located at 1381 Madison Street in Brooklyn’s Bushwick neighborhood, the building is close to local Bushwick attractions and offers travel time to Manhattan of under 25 minutes. The property is designated R6 for zoning purposes.
Located at 1381 Madison Street in Brooklyn’s Bushwick neighborhood, the building is close to local Bushwick attractions and offers travel time to Manhattan of under 25 minutes. The property is designated R6 for zoning purposes.
Key Highlights
- Six large free‑market apartments
- 4,350‑square‑foot apartment building
- Complete gut renovation with upgraded finishes
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
$132,801
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
4.70%
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%
$2,656,020
$2.7M
Cap Rate 7%
$1,897,157
$1.9M
Cap Rate 9%
$1,475,567
$1.5M
Market Conditions
NOI Build-Up for 4,350 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
$246.4K $56.64/SF
− Vacancy
−$4.9K −$1.13/SF
EGI
$241.5K $55.51/SF
− OpEx
−$108.7K −$24.98/SF
NOI
$132.8K $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%
$2,656,020
Cap Rate 7%
$1,897,157
Cap Rate 9%
$1,475,567
Alternative Uses
Best Use
Apartment 5plus
$1.90M
$1.66M – $2.21M
NOI $132,801 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.60M
$3.15M – $4.20M
NOI $252,126 @ 7.0% cap · market cap 8.92%
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
5,755
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 - Gut-renovated residential property with six free-market apartments and in-unit laundry.
Where is this apartment building located?
The property is located at 1381 Madison Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,825,000.
What are key features of this property?
This property features: Six large free‑market apartments; 4,350‑square‑foot apartment building; Complete gut renovation with upgraded finishes
