18-Unit Apartment Building
For Sale
$3,500,000
234-238 Powers Street, Brooklyn, NY 11211
Three adjacent brick apartment buildings offer a balanced mix of one- and two-bedroom residences near the Grand St L-train station.
Property Size10,500 SF
Lot Size0.13 Acres
Price / SF$333.33
Days on Market428
Property Features for 234-238 Powers Street
General Information
Standard status
Active
Size
10,500 SF
Lot size
0.13 Acres
Property subtype
Multi Family
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
12 x 1BR, 6 x 2BR
Multifamily Units
18
Taxes and HOA fees
Annual Taxes
$49,925
Building Details
Building Size
10,500 SF
Year Built
1920
Buildings
3
Construction
brick
Listing Agency:
Crifasi Real Estate Inc
Listed By:
Sal J. Crifasi · License #10301205163
(718) 782-4411
Source:
Cbwarburg
Added: Jul 9, 2025
Changed: Sep 4
Last Checked: Sep 8 at 11:26AM
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 Crifasi Real Estate Inc
Investment Insights
Based on property information with market context.
This offering comprises three adjacent brick apartment buildings at 234–238 Powers Street, with six residential units in each building and 18 units overall. Constructed in 1920, the properties contain approximately 10,500 square feet across three 18.75 x 100 ft lots. Each building includes four one-bedroom apartments and two two-bedroom apartments, creating a consistent unit mix across the portfolio.
Occupancy varies among the residences, with several units rented and others vacant or owner-occupied. The properties are zoned R7A/R6B and are located close to the Grand St L-train station and Williamsburg retail corridors. The buildings are identified as rent-stabilized, making existing occupancy and regulatory considerations relevant to evaluation.
Occupancy varies among the residences, with several units rented and others vacant or owner-occupied. The properties are zoned R7A/R6B and are located close to the Grand St L-train station and Williamsburg retail corridors. The buildings are identified as rent-stabilized, making existing occupancy and regulatory considerations relevant to evaluation.
Key Highlights
- Three adjacent brick buildings with 18 residential units
- Six units per building, including four 1‑bedroom and two 2‑bedroom apartments
- Approximately 10,500 square feet across the portfolio
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
$320,554
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
9.16%
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%
$6,411,080
$6.4M
Cap Rate 7%
$4,579,343
$4.6M
Cap Rate 9%
$3,561,711
$3.6M
Market Conditions
NOI Build-Up for 10,500 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
$594.7K $56.64/SF
− Vacancy
−$11.9K −$1.13/SF
EGI
$582.8K $55.51/SF
− OpEx
−$262.3K −$24.98/SF
NOI
$320.6K $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%
$6,411,080
Cap Rate 7%
$4,579,343
Cap Rate 9%
$3,561,711
Alternative Uses
Best Use
Apartment 5plus
$4.58M
$4.01M – $5.34M
NOI $320,554 @ 7.0% cap · market cap 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.69M
$7.61M – $10.14M
NOI $608,580 @ 7.0% cap · market cap 17.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,669
Businesses Nearby
Explore this area
Business Placement
Demographics for 11211, NY
68,540
Population
29,068
Households
2.4
Avg Household Size
31
Median Age
55%
College-Educated
86%
High-School Grad
1.5 sq mi
ZIP Area
45,693
Density / Sq Mi
$105,183
Median Household Income
$67,533
Median Earnings
$2,357
Median Rent
$1,118,600
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?
Apartment building - Three adjacent brick apartment buildings offer a balanced mix of one- and two-bedroom residences near the Grand St L-train station.
Where is this apartment building located?
The property is located at 234-238 Powers Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Three adjacent brick buildings with 18 residential units; Six units per building, including four 1‑bedroom and two 2‑bedroom apartments; Approximately 10,500 square feet across the portfolio
