Seven-Unit Apartment
For Sale
Contact for pricing
187 Bond Street, Brooklyn, NY 11217
Seven-unit multifamily with a mix of rent-stabilized and free-market apartments for residential income investing.
Property Size5,200 SF
Price / SF$480.77
Days on Market59
Property Features for 187 Bond Street
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Multifamily
Zoning
R6B
Investment Type
Stabilized
Net Operating Income
$179,797
Additional Details
Multifamily Units
7
Building Details
Year Built
1900
Stories
5
Units
7
Tenancy
Multi
Listing Agency:
IPRG Investment Property Realty Group
Listed By:
Derek Bestreich · License #10991237362
Source:
Crexi
Added: Jun 16
Changed: Aug 13
Last Checked: Aug 13 at 3:52PM
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 IPRG Investment Property Realty Group
Investment Insights
Based on property information with market context.
This is a seven-unit apartment building with approximately 5,200 square feet of total space, built on a 21-by-63-foot footprint. The property consists of five rent-stabilized apartments and two free-market apartments, creating a portfolio mix within a single residential asset. It is offered as an income-oriented investment property.
The building is located in the Gowanus section of Brooklyn. The surrounding area has seen ongoing residential, commercial, and infrastructure improvements, reflecting continued neighborhood change.
For investors and operators seeking a small multifamily with regulated and market-rate units in one structure, this configuration provides straightforward in-place tenancy through five rent-stabilized homes alongside two free-market apartments. The property’s size and unit mix may appeal to buyers looking to manage a compact building while maintaining exposure to both apartment types.
The building is located in the Gowanus section of Brooklyn. The surrounding area has seen ongoing residential, commercial, and infrastructure improvements, reflecting continued neighborhood change.
For investors and operators seeking a small multifamily with regulated and market-rate units in one structure, this configuration provides straightforward in-place tenancy through five rent-stabilized homes alongside two free-market apartments. The property’s size and unit mix may appeal to buyers looking to manage a compact building while maintaining exposure to both apartment types.
Key Highlights
- Seven‑unit apartment building at 187 Bond Street in Brooklyn’s Gowanus section
- Total approximately 5,200 SF; building footprint built 21 ft by 63 ft
- Unit mix includes five rent‑stabilized apartments plus two free‑market apartments
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
$158,751
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
6.35%
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%
$3,175,020
$3.2M
Cap Rate 7%
$2,267,871
$2.3M
Cap Rate 9%
$1,763,900
$1.8M
Market Conditions
NOI Build-Up for 5,200 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
$294.5K $56.64/SF
− Vacancy
−$5.9K −$1.13/SF
EGI
$288.6K $55.51/SF
− OpEx
−$129.9K −$24.98/SF
NOI
$158.8K $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%
$3,175,020
Cap Rate 7%
$2,267,871
Cap Rate 9%
$1,763,900
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.98M – $2.65M
NOI $158,751 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.31M
$3.77M – $5.02M
NOI $301,392 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
10,142
Businesses Nearby
Explore this area
Business Placement
Demographics for 11217, NY
42,417
Population
21,590
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
93%
High-School Grad
0.7 sq mi
ZIP Area
60,596
Density / Sq Mi
$158,314
Median Household Income
$95,067
Median Earnings
$2,800
Median Rent
$1,614,200
Median Home Value
Market
Vacancy Rate% for Multifamily 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 - Seven-unit multifamily with a mix of rent-stabilized and free-market apartments for residential income investing.
Where is this apartment building located?
The property is located at 187 Bond Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Seven‑unit apartment building at 187 Bond Street in Brooklyn’s Gowanus section; Total approximately 5,200 SF; building footprint built 21 ft by 63 ft; Unit mix includes five rent‑stabilized apartments plus two free‑market apartments
