Multifamily Property with Three
For Sale
$699,000
2221 Utica Avenue, Brooklyn, NY 11234
Residential, Brooklyn, NY
Property Size1,254 SF
Lot Size0.05 Acres
Price / SF$557.42
Days on Market55
Property Features for 2221 Utica Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C8-1
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Interior features
Refrigerator, Stove
Basement
Unfinished
Subdivision
Old Mill Basin
Standard status
Active
Size
1,254 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
6360
Building Details
Year built
1920
Floors in Building
2
Flooring type
Concrete, Carpet, Ceramic, Hardwood
Building materials
Block, Wood Frame, Masonry
Roof type
Shingle, Flat, Asphalt
Listing Agency:
Suits Realty LLC
(646) 714-9366
Listed By:
Sheraz Ali
(646) 492-0915
Added: Jul 14
Changed: Sep 2
Last Checked: Sep 6 at 6:06AM
MLS# 503037
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property occupies a 1,254-square-foot building on a 0.0459-acre lot in Brooklyn. Constructed in 1920, the building includes three listed bathrooms and a kitchen equipped with a refrigerator and stove. Interior finishes include carpet, ceramic, concrete, and hardwood flooring, providing a varied existing finish profile.
The structure uses block, wood frame, and masonry construction, with a flat asphalt and shingle roof configuration. The property is located at 2221 Utica Avenue in Brooklyn, NY 11234, within C8-1 zoning. These details establish a compact residential income property with existing improvements and a mix of durable construction and interior materials.
The structure uses block, wood frame, and masonry construction, with a flat asphalt and shingle roof configuration. The property is located at 2221 Utica Avenue in Brooklyn, NY 11234, within C8-1 zoning. These details establish a compact residential income property with existing improvements and a mix of durable construction and interior materials.
Key Highlights
- 1,254‑square‑foot multifamily property on a 0.0459‑acre lot
- C8‑1 zoning in Brooklyn, NY 11234
- Built in 1920
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
$38,283
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
5.48%
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%
$765,660
$765.7K
Cap Rate 7%
$546,900
$546.9K
Cap Rate 9%
$425,367
$425.4K
Market Conditions
NOI Build-Up for 1,254 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
$71.0K $56.64/SF
− Vacancy
−$1.4K −$1.13/SF
EGI
$69.6K $55.51/SF
− OpEx
−$31.3K −$24.98/SF
NOI
$38.3K $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%
$765,660
Cap Rate 7%
$546,900
Cap Rate 9%
$425,367
Alternative Uses
Best Use
Apartment 5plus
$546.9K
$478.5K – $638.1K
NOI $38,283 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.04M
$908.5K – $1.21M
NOI $72,682 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,922
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
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 - C8-1-zoned Brooklyn property featuring period construction, multiple flooring types, and existing kitchen appliances.
Where is this multifamily property located?
The property is located at 2221 Utica Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 1,254‑square‑foot multifamily property on a 0.0459‑acre lot; C8‑1 zoning in Brooklyn, NY 11234; Built in 1920
