Detached Brick Three-Family
For Sale
$2,495,000
176 28th Avenue, Brooklyn, NY 11214
MULTI_FAMILY - Brooklyn, NY
Property Size9,000 SF
Lot Size0.16 Acres
Price / SF$277.22
Days on Market236
Property Features for 176 28th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
15
Bathrooms
10
Full bathrooms
9
Rooms
Bedroom 1, Bathroom 8, Bedroom 9, Bedroom 15, Bathroom 7, Bedroom 2, Bathroom 3, Bedroom 5, Bathroom 6, Bedroom 12, Bedroom 14, Bedroom 11, Bedroom 3, Bathroom 4, Bedroom 13, Bedroom 7, Bedroom 10, Bathroom 2, Bathroom 1, Bathroom 5, Bedroom 4, Bedroom 6, Bathroom 9, Bedroom 8, Bathroom 10
Interior features
Refrigerator, Stove
Basement
Finished, Full
Subdivision
Bath Beach
Standard status
Active
Size
9,000 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
52401
Building Details
Year built
1965
Floors in Building
3
Number of units
9
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat, Rubber
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Billy Apter · License #BEA5721
(718) 532-2000
Added: Dec 17, 2025
Changed: Aug 5
Last Checked: Aug 10 at 6:06AM
MLS# 497897
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully detached solid brick three-story building is configured as nine family units, including seven free market units. The interior layout is described as six two-bedroom units and three one-bedroom units, plus a ground level basement/office space that may support medical, daycare, or professional use. Flooring includes hardwood and tile, and the unit features list includes a refrigerator and stove.
The building is described as approximately 9,000 square feet (53 x 57 building size) on a 72 x 97 lot, with two private driveways and eight car parking in the rear. The roof is described as flat with rubber roofing, and construction is brick. The property was built in 1965 and is zoned R5.
The current configuration supports multiple living unit sizes alongside an additional ground-level office/basement space, providing flexibility for an owner-occupant or investor in need of both residential and work-space options.
The building is described as approximately 9,000 square feet (53 x 57 building size) on a 72 x 97 lot, with two private driveways and eight car parking in the rear. The roof is described as flat with rubber roofing, and construction is brick. The property was built in 1965 and is zoned R5.
The current configuration supports multiple living unit sizes alongside an additional ground-level office/basement space, providing flexibility for an owner-occupant or investor in need of both residential and work-space options.
Key Highlights
- Fully detached solid brick three‑story building with flat rubber roof
- Configured as nine family units: six two‑bedroom units and three one‑bedroom units plus basement/office space
- Approximately 9,000 SF with a 53 x 57 building size
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
$220,000
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
8.82%
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%
$4,400,000
$4.4M
Cap Rate 7%
$3,142,857
$3.1M
Cap Rate 9%
$2,444,444
$2.4M
Market Conditions
NOI Build-Up for 9,000 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
$415.8K $46.20/SF
− Vacancy
−$15.8K −$1.76/SF
EGI
$400.0K $44.44/SF
− OpEx
−$180.0K −$20.00/SF
NOI
$220.0K $24.44/SF
Area
ZIP 11214
Vacancy
3.80%
Lease Rate
$46.20 /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%
$4,400,000
Cap Rate 7%
$3,142,857
Cap Rate 9%
$2,444,444
Alternative Uses
Best Use
Office B
$3.54M
$3.10M – $4.13M
NOI $247,779 @ 7.0% cap · market cap 9.93%
Second Best
Apartment 5plus
$3.14M
$2.75M – $3.67M
NOI $220,000 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$5.25M
$4.59M – $6.13M
NOI $367,511 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,155
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
Median Home Value
Market
Vacancy Rate% for Office 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 - Detached brick building zoned R5, configured as nine family units with a ground-level basement office/medical/daycare fit.
Where is this apartment building located?
The property is located at 176 28th Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Fully detached solid brick three‑story building with flat rubber roof; Configured as nine family units: six two‑bedroom units and three one‑bedroom units plus basement/office space; Approximately 9,000 SF with a 53 x 57 building size
