Gut-Renovated 12-Unit Apartment
For Sale
$4,650,000
16 & 18 Lenox Road 12 Brooklyn, Ny, NY 11226
100% occupied 12-unit building with separate meters, basement, and 6 parking spaces in a gut renovation completed in 2024.
Property Size9,834 SF
Price / SF$472.85
Days on Market119
Property Features for 16 & 18 Lenox Road 12 Brooklyn
General Information
Standard status
Active
Size
9,834 SF
Total Parking Spaces
6
Zoning
R6B
Occupancy
100%
Warehouse & Industrial
Clear Height
9 ft
Heavy Power
Yes
Additional Details
Highway Access
Yes
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$71,291
Amenities
No
Public
6
On Street, Other
9834
Building Details
Building Size
9,834 SF
Year Built
1912
Year Renovated
2024
Tenancy
Multi
Listing Agency:
RE/MAX Town & Country
Listed By:
Howard Payson · License #NY10491208345
(845) 765-6128
Source:
Town-and-country-fishkill-ny.remax
Added: Jul 8
Changed: Oct 31
Last Checked: Oct 7 at 9:31AM
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 RE/MAX Town & Country
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This for-sale multifamily property is a 12-unit free market apartment building with seven two-bedroom apartments and five one-bedroom apartments. Improvements include a basement, separate meters, high 9’ ceilings, an on-site security camera system, and all-new LED lighting. The building also includes A/C and 3-phase power, along with six parking spaces.
The property is located in Brooklyn in the Flatbush area just off Rt. 27, near major cultural and park amenities including the Brooklyn Museum, Kings Theatre, and Prospect Park, and minutes from I-278. Public remarks cite an R6B zoning designation and highlight nearby retail and services.
Operating information is provided for each of the 12 apartments, along with annual income and expense figures and a stated net operating income (NOI).
The property is located in Brooklyn in the Flatbush area just off Rt. 27, near major cultural and park amenities including the Brooklyn Museum, Kings Theatre, and Prospect Park, and minutes from I-278. Public remarks cite an R6B zoning designation and highlight nearby retail and services.
Operating information is provided for each of the 12 apartments, along with annual income and expense figures and a stated net operating income (NOI).
Key Highlights
- 12‑unit free‑market apartment building in Brooklyn (100% occupied) with (7) 2BR and (5) 1BR units.
- Gut renovation completed in 2024; includes security camera system, all‑new LED lighting, and A/C.
- Built in 1912 with high 9' ceilings and a basement; separate meters for the building.
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
9 ft
Clear height
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,446
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - 100% occupied 12-unit building with separate meters, basement, and 6 parking spaces in a gut renovation completed in 2024.
Where is this apartment building located?
The property is located at 16 & 18 Lenox Road 12 Brooklyn Ny, 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‑unit free‑market apartment building in Brooklyn (100% occupied) with (7) 2BR and (5) 1BR units.; Gut renovation completed in 2024; includes security camera system, all‑new LED lighting, and A/C.; Built in 1912 with high 9' ceilings and a basement; separate meters for the building.
