Renovated 12-Unit Apartment
For Sale
$4,650,000
16 & 18 Lenox Road #12, Brooklyn, NY 11226
Gut-renovated multifamily property with separate meters, basement space, and on-site parking.
Property Size9,834 SF
Days on Market87
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
Additional Details
Gross Income
$368,100
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$71,291
Amenities
Security Camera System
High 9' Ceilings
Basement
Separate Meters
3 Phase Power
All New LED LIghting
A/C
Building Details
Building Size
9,834 SF
Year Built
1912
Year Renovated
2024
Units
12
Listing Agency:
All Island Estates Realty Corp
(516) 279-8828
Listed By:
Richard Matt Shane · License #10301216230
(516) 279-8828
Source:
Alexandermadisonhomes
Added: Jun 5
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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
Investment Insights
Based on property information with market context.
This 12-unit apartment building at 16 & 18 Lenox Road in Brooklyn offers a residential income configuration with seven two-bedroom apartments and five one-bedroom apartments. The entire building received a gut renovation in 2024 and is reported as 100% occupied. Physical features include 9-foot ceilings, a basement, separate utility meters, air conditioning, security cameras, updated LED lighting, and 3-phase power. Six parking spaces serve the property, while exterior signage provides an additional site feature.
The property is zoned R6B and is positioned in Flatbush near Route 27. Nearby destinations identified in the property information include the Brooklyn Museum, Kings Theatre, and Prospect Park, with access to I-278 described as minutes away. Retail, banking, fitness, grocery, pharmacy, postal, and restaurant operators are also listed among the surrounding businesses.
Apartment lease expirations range from 9/30/25 through 5/31/27, providing a defined existing occupancy schedule for review.
The property is zoned R6B and is positioned in Flatbush near Route 27. Nearby destinations identified in the property information include the Brooklyn Museum, Kings Theatre, and Prospect Park, with access to I-278 described as minutes away. Retail, banking, fitness, grocery, pharmacy, postal, and restaurant operators are also listed among the surrounding businesses.
Apartment lease expirations range from 9/30/25 through 5/31/27, providing a defined existing occupancy schedule for review.
Key Highlights
- 12‑unit building with 7 two‑bedroom apartments and 5 one‑bedroom apartments
- 100% occupied; apartment lease expirations range from 9/30/25 through 5/31/27
- Gut renovation completed in 2024
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
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Gut-renovated multifamily property with separate meters, basement space, 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‑unit building with 7 two‑bedroom apartments and 5 one‑bedroom apartments; 100% occupied; apartment lease expirations range from 9/30/25 through 5/31/27; Gut renovation completed in 2024
