Luxury Multifamily Building Near
For Sale
$16,000,000
18 Monitor St, Brooklyn, NY 11222
New 13-unit apartment building with tax abatement and amenities.
Property Size14,996 SF
Days on Market142
Property Features for 18 Monitor St
General Information
Standard status
Active
Size
14,996 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,597
Building Details
Building Size
14,996 SF
Year Built
2023
Units
13
Listed By:
George T. Spyridakis
(718) 606-7450
Source:
Elliman
Added: Apr 24
Changed: Sep 3
Last Checked: Sep 11 at 8:59AM
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 George T. Spyridakis
Investment Insights
Based on property information with market context.
This newly constructed, five-story luxury rental building is located on the border of Greenpoint and Williamsburg. Completed in 2023, the boutique elevator building contains 13 units: seven one-bedroom and six two-bedroom residences, including five affordable units. Each apartment features an in-unit washer and dryer, individual split heating and cooling systems, sleek modern finishes, and an audio-video intercom. Many units also offer private outdoor space. Building amenities include a fitness center, landscaped common courtyard, a rooftop with skyline views, bike storage, and a private garage with eight designated parking spaces. The property benefits from a 421-A tax abatement with approximately 34 years remaining. The location is near the L subway, major highways, waterfront parks, cafes, restaurants, and shopping. The bike score is 82, indicating it is very bikeable. The walk score is 91, indicating it is a walker's paradise. The transit score is 85, indicating excellent transit.
Key Highlights
- New construction (2023) luxury rental building in prime Greenpoint/Williamsburg location.
- 421‑A tax abatement with approximately 34 years remaining.
- Boutique elevator building with a mix of one- and two‑bedroom residences, many with private outdoor space.
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
$457,812
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
2.86%
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%
$9,156,240
$9.2M
Cap Rate 7%
$6,540,171
$6.5M
Cap Rate 9%
$5,086,800
$5.1M
Market Conditions
NOI Build-Up for 14,996 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
$849.4K $56.64/SF
− Vacancy
−$17.0K −$1.13/SF
EGI
$832.4K $55.51/SF
− OpEx
−$374.6K −$24.98/SF
NOI
$457.8K $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%
$9,156,240
Cap Rate 7%
$6,540,171
Cap Rate 9%
$5,086,800
Alternative Uses
Best Use
Apartment 5plus
$6.54M
$5.72M – $7.63M
NOI $457,812 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.42M
$10.86M – $14.49M
NOI $869,168 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,889
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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 - New 13-unit apartment building with tax abatement and amenities.
Where is this apartment building located?
The property is located at 18 Monitor St Brooklyn, NY.
What is the asking price?
The asking price for this property is $16,000,000.
What are key features of this property?
This property features: New construction (2023) luxury rental building in prime Greenpoint/Williamsburg location.; 421‑A tax abatement with approximately 34 years remaining.; Boutique elevator building with a mix of one- and two‑bedroom residences, many with private outdoor space.
