Elevator Corner Loft Multifamily
235 Berry Street Brooklyn, NY 11249
For Sale
Contact for pricing
Nine-unit, four-story corner building with elevator service, individually metered gas and electric, and sprinkler protection.
Property Size16,896 SF
Price / SF$503.08
Days on Market39
Property Features for 235 Berry Street
General Information
Standard status
Active
Size
16,896 SF
Property subtype
Multifamily
Listing Agency:
Brown Harris Stevens
(212) 396-8244
Listed By:
Kervin Vales · License #109918089
Source:
Crexi
Added: Jun 19
Changed: Jul 21
Last Checked: Jul 26 at 2:07PM
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 Brown Harris Stevens
Investment Insights
Based on property information with market context.
This is a 44-foot wide, nine-unit, four-story elevatored corner loft building. The first floor includes four two-bedroom apartments. The second floor is a vacant floor-through apartment in need of gut renovation, featuring 11-foot ceilings with windows on all sides. The third floor contains two one-bedroom apartments, including one renovated free-market unit that is vacant and one IMD unit that is occupied; this floor also has 11-foot ceilings. The fourth floor has two occupied one-bedroom apartments, also with 11-foot ceilings.
The building has a sprinkler system and two fire escapes. Apartments are individually metered for gas and electric, and tenants are responsible for their own heat. The property is described as receiving strong sunlight throughout.
Zoning allows for conversion of the first and second floors to commercial use. The remark also notes that legalization work will be required for tenants to begin paying, and that a new owner would need to buy out everyone and renovate the building to move forward.
The building has a sprinkler system and two fire escapes. Apartments are individually metered for gas and electric, and tenants are responsible for their own heat. The property is described as receiving strong sunlight throughout.
Zoning allows for conversion of the first and second floors to commercial use. The remark also notes that legalization work will be required for tenants to begin paying, and that a new owner would need to buy out everyone and renovate the building to move forward.
Key Highlights
- 44' wide, nine‑unit, four‑story corner loft building with elevator service
- Individual gas and electric meters; tenants pay their own heat
- First floor has four 2‑bedroom apartments; second floor includes a vacant floor‑through unit needing gut renovation
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 | $957.0k | $56.64 |
| − Vacancy | −$19.1k | −$1.13 |
| EGI | $937.8k | $55.51 |
| − OpEx | −$422.0k | −$24.98 |
| NOI | $515.8k | $30.53 |
16,896 SF · lease $56.64/SF/yr · vacancy 2.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$7.37M
$6.45M – $8.60M
NOI $515,817 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.99M
$12.24M – $16.32M
NOI $979,292 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit, four-story corner building with elevator service, individually metered gas and electric, and sprinkler protection.
Where is this apartment building located?
The property is located at 235 Berry Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: 44' wide, nine‑unit, four‑story corner loft building with elevator service; Individual gas and electric meters; tenants pay their own heat; First floor has four 2‑bedroom apartments; second floor includes a vacant floor‑through unit needing gut renovation
