Sheepshead Bay Investment
For Sale
$3,600,000
2146 East 17Th St, Brooklyn, NY 11229
Prime Sheepshead Bay Investment Opportunity
Property Size10,560 SF
Lot Size0.14 Acres
Price / SF$340.91
Days on Market321
Property Features for 2146 East 17Th St
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
Listed By:
Norman Klein
(718) 490-2527
Added: Oct 24, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
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.
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
$322,386
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
8.96%
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%
$6,447,720
$6.4M
Cap Rate 7%
$4,605,514
$4.6M
Cap Rate 9%
$3,582,067
$3.6M
Market Conditions
NOI Build-Up for 10,560 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
$598.1K $56.64/SF
− Vacancy
−$12.0K −$1.13/SF
EGI
$586.2K $55.51/SF
− OpEx
−$263.8K −$24.98/SF
NOI
$322.4K $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%
$6,447,720
Cap Rate 7%
$4,605,514
Cap Rate 9%
$3,582,067
Alternative Uses
Best Use
Apartment 5plus
$4.61M
$4.03M – $5.37M
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
NOI $612,058 @ 7.0% cap · market cap 17.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,766
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
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 Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,600,000.
