Detached Nine-Family Apartment
For Sale
$2,495,000
176 28th Avenue, Brooklyn, NY 11214
Residential, Brooklyn, NY
Property Size9,000 SF
Lot Size0.16 Acres
Price / SF$277.22
Days on Market274
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 6, Bathroom 5, Bathroom 3, Bathroom 10, Bedroom 14, Bathroom 4, Bathroom 8, Bathroom 9, Bathroom 1, Bedroom 10, Bedroom 15, Bedroom 3, Bedroom 5, Bathroom 7, Bedroom 7, Bathroom 2, Bedroom 13, Bedroom 8, Bathroom 6, Bedroom 12, Bedroom 9, Bedroom 2, Bedroom 11, Bedroom 1, Bedroom 4
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
Hardwood, Tile
Building materials
Brick
Roof type
Flat, Rubber
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Billy Apter · License #BEA5721
(347) 721-6599
Added: Dec 17, 2025
Changed: Sep 17
Last Checked: Sep 17 at 9:06PM
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, three-story brick apartment building contains nine family units, including six two-bedroom apartments and three one-bedroom apartments. Seven units are identified as free-market. The property also includes a ground-level basement and office area, two private driveways, and rear parking for eight cars. Interior finishes include tile and hardwood flooring, with refrigerators and stoves provided. The building has a flat rubber roof and was constructed in 1965.
Set on a 0.16-acre lot measuring 72 by 97 feet, the property is located at 176 28th Avenue in Brooklyn, NY 11214. R5 zoning applies. Its Bath Beach location places the building near transportation and shopping, as described in the property information.
Set on a 0.16-acre lot measuring 72 by 97 feet, the property is located at 176 28th Avenue in Brooklyn, NY 11214. R5 zoning applies. Its Bath Beach location places the building near transportation and shopping, as described in the property information.
Key Highlights
- Nine‑family building with six two‑bedroom and three one‑bedroom units
- Seven free‑market units
- 9,000 square feet across three stories
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
Apartment 5plus
$3.14M
$2.75M – $3.67M
NOI $220,000 @ 7.0% cap · market cap 8.82%
Second Best
—
—
no second resolved use
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with private parking, multiple unit layouts, and additional ground-level office space.
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: Nine‑family building with six two‑bedroom and three one‑bedroom units; Seven free‑market units; 9,000 square feet across three stories
