Building Details

Building Size 4,441 SF

Year Built 1900

Listing Agency: Corcoran Group

Listed By: Ellen J Gottlieb · License #30GO0990231 (NY) Show Phone

Source: Penrealty

Added: Oct 20, 2025 Changed: Oct 4 Last Checked: Oct 11 at 1:29PM

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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 Corcoran Group

Investment Insights

Based on property information with market context.

A multifamily property is available for sale in Brooklyn, New York. The list price is $3,400,000.

Key Highlights

• Year Built: 1900

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$135,579

Cap Rate

3.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,711,580 $2.7M

Cap Rate 7%

$1,936,843 $1.9M

Cap Rate 9%

$1,506,433 $1.5M

Market Conditions

NOI Build-Up for 4,441 SF

Gross rent

$251.5K $56.64/SF

− Vacancy

−$5.0K −$1.13/SF

EGI

$246.5K $55.51/SF

− OpEx

−$110.9K −$24.98/SF

NOI

$135.6K $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 Rate 5%

$2,711,580

Cap Rate 7%

$1,936,843

Cap Rate 9%

$1,506,433

Alternative Uses

Best Use

Apartment 5plus

$1.94M

$1.69M – $2.26M (±1% cap)

NOI $135,579 @ 7.0% cap · market cap 3.99%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$3.68M

$3.22M – $4.29M (±1% cap)

NOI $257,400 @ 7.0% cap · market cap 7.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Law Firm Auto Parts Store Nursing Home Building Supply Accounting Firm Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

6,355

Businesses Nearby

Explore this area Business Placement

Demographics for 11238, NY

60,090

Population

29,588

Households

2

Avg Household Size

35

Median Age

71%

College-Educated

93%

High-School Grad

1.8 sq mi

ZIP Area

33,383

Density / Sq Mi

$132,957

Median Household Income

$85,179

Median Earnings

$2,511

Median Rent

$1,146,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Multifamily property - Multifamily property available in Brooklyn, New York.

Where is this multifamily property located?

The property is located at 164 UNDERHILL Avenue Brooklyn, NY.

What is the asking price?

The asking price for this property is $3,400,000.

What are key features of this property?

This property features: Year Built: 1900