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    Sheepshead Bay Investment Opportunity Title is generated by Realmo AI

    2146 East 17Th St Unit Brooklyn, Brooklyn, NY 11229

    View on Map
    For Sale
    $3,600,000

    Prime Sheepshead Bay Investment Opportunity

    Property size:
    10,560 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $340/SF
    Added:
    Oct 6, 2025
    Days on Market:
    243
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 2146 East 17Th St Unit Brooklyn

    General Information

    Standard status
    Active
    Property type
    Multifamily properties, Residential income properties
    Size
    10,560 SF
    Class
    C
    Elevators
    N/A
    Lot size
    0.14 Acres
    Occupancy
    100%
    Sale Condition
    Lease Option
    Investment Type
    Stabilized

    Building Details

    Year Built
    1926
    Buildings
    2
    Stories
    3
    Units
    12

    We can help!

    Listing Contact
    Norman Klein
    Norman Klein

    Listing agent Norman

    Listing office

    Listing date Oct 6, 2025

    Overview

    This is a prime investment opportunity in Sheepshead Bay, Brooklyn, featuring two 6-family buildings located at 2146 East 17 St and 2148 East 17 St, being sold as a package. The detached, three-story brick buildings offer a total of 12 residential units in excellent condition. There are ten 2-bedroom units and two 1-bedroom units, totaling 22 bedrooms. The building dimensions are 44 x 80, situated on a lot size of 60 x 100. Three apartments have been completely renovated with modern kitchens and stylish bathrooms. The property benefits from a stable tenant base and strong rental income with upside potential. Located in a desirable neighborhood, it is in close proximity to the subway, banks, and shopping. The property offers immediate cash flow, with approximate rent income of $225,000, and long-term value. This multi-family property is suitable for expanding portfolios or seeking a high-performing asset.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $598.1k $56.64
    − Vacancy −$12.0k −$1.13
    EGI $586.2k $55.51
    − OpEx −$263.8k −$24.98
    NOI $322.4k $30.53
    10,560 SF · lease $56.64/SF/yr · vacancy 2.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $4.61M
    $4.03M – $5.37M (±1% cap)
    NOI $322,386 @ 7.0% cap · market cap 8.96%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $8.74M
    $7.65M – $10.20M (±1% cap)
    NOI $612,058 @ 7.0% cap · market cap 17.00%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9627937
    Latitude
    40.6427373

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    FAQs

    What type of property is this?
    Multifamily property - Prime Sheepshead Bay Investment Opportunity
    Where is this multifamily property located?
    The property is located at 2146 East 17Th St Unit Brooklyn Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $3,600,000.
    (718) 490-2527
    We can help!
    Listing Contact
    Norman Klein
    Norman Klein
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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