Renovated 12-Unit Apartment
For Sale
$4,650,000
16 & 18 Lenox Road #12, Brooklyn, NY 11226
Fully leased residential property with a mix of one- and two-bedroom apartments and on-site parking.
Property Size9,834 SF
Price / SF$472.85
Days on Market143
Property Features for 16 & 18 Lenox Road #12
General Information
Standard status
Active
Size
9,834 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
R6B
Occupancy
100%
Net Operating Income
$274,731
Units
Unit Mix
7 x 2BR, 5 x 1BR
Multifamily Units
12
Individually Metered Utilities
unspecified utilities
Additional Details
Gross Income
$368,100
Highway Access
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$71,291
Amenities
Security Camera System
High 9' Ceilings
Basement
3 Phase Power
All New LED Lighting
A/C
Building Details
Building Size
9,834 SF
Year Built
1912
Year Renovated
2024
Buildings
1
Units
12
Listing Agency:
All Island Estates Realty Corp
(516) 783-5600
Listed By:
Richard Matt Shane · License #1020151
(516) 279-8828
Source:
Croninreale
Added: Jun 5
Changed: Oct 23
Last Checked: Oct 23 at 4:19PM
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 All Island Estates Realty Corp
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Investment Insights
Based on property information with market context.
This 12-unit apartment building in Brooklyn contains seven two-bedroom apartments and five one-bedroom apartments. A full-building gut renovation was completed in 2024. Building features include a basement, separate meters, a security camera system, air conditioning, LED lighting, and 3-phase power. The property also has six parking spaces and 9-foot ceilings. R6B zoning applies.
The building is near Route 27 and I-278, with Prospect Park, the Brooklyn Museum, and Kings Theatre among the nearby destinations. Surrounding businesses include Target, Chase Bank, Walgreens, and other retailers and service providers.
The building is near Route 27 and I-278, with Prospect Park, the Brooklyn Museum, and Kings Theatre among the nearby destinations. Surrounding businesses include Target, Chase Bank, Walgreens, and other retailers and service providers.
Key Highlights
- 12 apartments: seven 2‑bedroom units and five 1‑bedroom units
- Gut renovation completed in 2024
- Six parking spaces and 9‑foot ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$230,540
Cap Rate
4.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,610,800
$4.6M
Cap Rate 7%
$3,293,429
$3.3M
Cap Rate 9%
$2,561,556
$2.6M
Market Conditions
NOI Build-Up for 9,834 SF
Gross rent
$436.6K $44.40/SF
− Vacancy
−$17.5K −$1.78/SF
EGI
$419.2K $42.62/SF
− OpEx
−$188.6K −$19.18/SF
NOI
$230.5K $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 Rate 5%
$4,610,800
Cap Rate 7%
$3,293,429
Cap Rate 9%
$2,561,556
Alternative Uses
Best Use
Apartment 5plus
$3.29M
$2.88M – $3.84M
NOI $230,540 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.86M
$4.25M – $5.67M
NOI $340,241 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
12
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,704
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
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased residential property with a mix of one- and two-bedroom apartments and on-site parking.
Where is this apartment building located?
The property is located at 16 & 18 Lenox Road #12 Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 12 apartments: seven 2‑bedroom units and five 1‑bedroom units; Gut renovation completed in 2024; Six parking spaces and 9‑foot ceilings
