Brooklyn Multifamily Property For
For Sale
$3,400,000
164 UNDERHILL Ave, Brooklyn, NY 11238
Multifamily property available in Brooklyn, New York.
Property Size4,441 SF
Lot Size0.05 Acres
Days on Market269
Property Features for 164 UNDERHILL Ave
General Information
Standard status
Active
Size
4,441 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$24,252
Building Details
Building Size
4,441 SF
Year Built
1900
Units
4
Listing Agency:
(917) 797-1351
Listed By:
Ellen J Gottlieb · License #30GO0990231 (NY)
(917) 797-1351
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 17
Last Checked: Aug 23 at 7:57AM
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 Ellen J Gottlieb
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 = 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
$135,579
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
3.99%
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%
$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
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
$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 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%
$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
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
NOI $257,400 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 Ave 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
