Residential Income Corner Two-Bedroom
For Sale
$1,299,000
230 Ashland Place 12C, Brooklyn, NY 11217
Corner two-bedroom, two-bath residence on the twelfth floor of Forte, a full-service Fort Greene condominium with 24-hour doorman.
Property Size1,200 SF
Price / SF$1,082
Days on Market43
Property Features for 230 Ashland Place 12C
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,110
Amenities
24-hour doorman
porter staff
fitness center
roof deck
cold storage
residents' sitting area
Building Details
Building Size
1,200 SF
Year Built
2010
Listing Agency:
Compass
(646) 389-1887
Listed By:
Marie C Bromberg
(646) 389-1887
Source:
Cbwarburg
Added: Jun 29
Changed: Aug 8
Last Checked: Aug 9 at 11:58AM
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.
Residence 12C at 230 Ashland Place is a corner two-bedroom, two-bath condominium with extraordinary natural light, sweeping views, and nearly 12-foot ceilings. Situated on the twelfth floor of Forte, the home features a gallery-style hallway leading into an expansive open-concept living and dining area with dramatic wall-to-wall windows and southern and eastern exposure. The kitchen is open to the main living space and includes modern appliances and polished finishes. Both bedrooms have west-facing windows, bringing in soft afternoon light.
Forte is a full-service condominium with only four units per floor. Building amenities include a 24-hour doorman, porter staff, a fitness center, cold storage, and residents’ sitting area. Residents also have access to an expansive roof deck with views of Manhattan and the Statue of Liberty. 230 Ashland Place is in Fort Greene, with Fort Greene Park nearby and multiple subway lines plus the LIRR within reach.
Built in 2010, this residence is positioned for buyers seeking a quieter, service-forward condominium setting with strong window coverage and a bright, open interior.
Forte is a full-service condominium with only four units per floor. Building amenities include a 24-hour doorman, porter staff, a fitness center, cold storage, and residents’ sitting area. Residents also have access to an expansive roof deck with views of Manhattan and the Statue of Liberty. 230 Ashland Place is in Fort Greene, with Fort Greene Park nearby and multiple subway lines plus the LIRR within reach.
Built in 2010, this residence is positioned for buyers seeking a quieter, service-forward condominium setting with strong window coverage and a bright, open interior.
Key Highlights
- Corner two‑bedroom, two‑bath condominium with sweeping views
- Nearly 12‑foot ceilings and an open‑concept living and dining area
- Twelfth‑floor residence with 11 windows across multiple exposures
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
$36,635
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
2.82%
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%
$732,700
$732.7K
Cap Rate 7%
$523,357
$523.4K
Cap Rate 9%
$407,056
$407.1K
Market Conditions
NOI Build-Up for 1,200 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
$68.0K $56.64/SF
− Vacancy
−$1.4K −$1.13/SF
EGI
$66.6K $55.51/SF
− OpEx
−$30.0K −$24.98/SF
NOI
$36.6K $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%
$732,700
Cap Rate 7%
$523,357
Cap Rate 9%
$407,056
Alternative Uses
Best Use
Apartment 5plus
$523.4K
$457.9K – $610.6K
NOI $36,635 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$993.6K
$869.4K – $1.16M
NOI $69,552 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
11,241
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner two-bedroom, two-bath residence on the twelfth floor of Forte, a full-service Fort Greene condominium with 24-hour doorman.
Where is this residential income property located?
The property is located at 230 Ashland Place 12C Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Corner two‑bedroom, two‑bath condominium with sweeping views; Nearly 12‑foot ceilings and an open‑concept living and dining area; Twelfth‑floor residence with 11 windows across multiple exposures
