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 Market48
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
(845) 765-6128
Listed By:
Howard Payson · License #NY10491208345
(845) 765-6128
Source:
Town-and-country-fishkill-ny.remax
Added: Jul 8
Changed: Aug 20
Last Checked: Aug 24 at 3:22AM
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
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 = 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
$230,540
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
4.96%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
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 - 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.
