Loft-Style Residential Income
For Sale
$995,000
201 Spencer Street 5B, Brooklyn, NY 11205
A light-filled apartment offers a private balcony, flexible sleeping arrangements, central heat and AC, and a tax abatement through 2030.
Property Size1,041 SF
Price / SF$955.81
Days on Market98
Property Features for 201 Spencer Street 5B
General Information
Standard status
Active
Size
1,041 SF
Elevators
Yes
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$24
Building Details
Building Size
1,041 SF
Year Built
2004
Listing Agency:
Compass
(917) 297-8575
Listed By:
Daniel Blatman
(917) 297-8575
Source:
Nilelundgren
Added: May 20
Changed: Aug 23
Last Checked: Aug 24 at 2:33PM
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 Compass
Investment Insights
Based on property information with market context.
This 1,041-square-foot loft-style apartment was built in 2004 and is currently arranged as a spacious one-bedroom home. A key-locked elevator opens directly into the residence, leading to an expansive living and dining area with western treetop views. The private balcony extends the living space outdoors, while the open kitchen provides substantial counter space and storage. A separate home office sits near a half bathroom, and the bedroom wing can be reconfigured for additional sleeping rooms or work areas.
Interior features include oak hardwood floors, central heat and AC, a washer/dryer, and 1.5 bathrooms. Morning light reaches the bedrooms, with afternoon sunlight in the main living area. Residents also have access to a large communal rooftop space. A tax abatement remains in place through 2030. The property is located at 201 Spencer Street 5B, Brooklyn, NY 11205.
Interior features include oak hardwood floors, central heat and AC, a washer/dryer, and 1.5 bathrooms. Morning light reaches the bedrooms, with afternoon sunlight in the main living area. Residents also have access to a large communal rooftop space. A tax abatement remains in place through 2030. The property is located at 201 Spencer Street 5B, Brooklyn, NY 11205.
Key Highlights
- 1,041‑square‑foot loft‑style apartment built in 2004
- Key‑locked elevator opens directly into the residence
- Private balcony with western treetop views over surrounding townhouses
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
$31,781
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
3.19%
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%
$635,620
$635.6K
Cap Rate 7%
$454,014
$454.0K
Cap Rate 9%
$353,122
$353.1K
Market Conditions
NOI Build-Up for 1,041 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
$59.0K $56.64/SF
− Vacancy
−$1.2K −$1.13/SF
EGI
$57.8K $55.51/SF
− OpEx
−$26.0K −$24.98/SF
NOI
$31.8K $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%
$635,620
Cap Rate 7%
$454,014
Cap Rate 9%
$353,122
Alternative Uses
Best Use
Apartment 5plus
$454.0K
$397.3K – $529.7K
NOI $31,781 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$861.9K
$754.2K – $1.01M
NOI $60,336 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,363
Businesses Nearby
Explore this area
Business Placement
Demographics for 11205, NY
50,474
Population
19,200
Households
2.6
Avg Household Size
30
Median Age
52%
College-Educated
86%
High-School Grad
1.2 sq mi
ZIP Area
42,062
Density / Sq Mi
$86,753
Median Household Income
$59,901
Median Earnings
$2,307
Median Rent
$892,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - A light-filled apartment offers a private balcony, flexible sleeping arrangements, central heat and AC, and a tax abatement through 2030.
Where is this residential income property located?
The property is located at 201 Spencer Street 5B Brooklyn, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 1,041‑square‑foot loft‑style apartment built in 2004; Key‑locked elevator opens directly into the residence; Private balcony with western treetop views over surrounding townhouses
