Elevator Corner Loft Multifamily
For Sale
Contact for pricing
235 Berry Street, Brooklyn, NY 11249
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 Market56
Property Features for 235 Berry Street
General Information
Standard status
Active
Size
16,896 SF
Property subtype
Multifamily
Zoning
R6B (2.0) with a C2-4 Overlay (2.0) Height Limit 50'
Investment Type
Value Add
Net Operating Income
$194,590
Warehouse & Industrial
Clear Height
11 ft
Sprinkler System
Yes
Additional Details
Multifamily Units
9
Building Details
Buildings
1
Stories
4
Units
9
Tenancy
Multi
Listing Agency:
Brown Harris Stevens
(212) 396-8244
Listed By:
Kervin Vales · License #109918089
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 12 at 10:48AM
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
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
$515,817
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
6.07%
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%
$10,316,340
$10.3M
Cap Rate 7%
$7,368,814
$7.4M
Cap Rate 9%
$5,731,300
$5.7M
Market Conditions
NOI Build-Up for 16,896 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
$957.0K $56.64/SF
− Vacancy
−$19.1K −$1.13/SF
EGI
$937.8K $55.51/SF
− OpEx
−$422.0K −$24.98/SF
NOI
$515.8K $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%
$10,316,340
Cap Rate 7%
$7,368,814
Cap Rate 9%
$5,731,300
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
Property Profile
Current Use
Lease Details
11 ft
Clear height
9
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
7,415
Businesses Nearby
Explore this area
Business Placement
Demographics for 11249, NY
42,024
Population
18,958
Households
2.2
Avg Household Size
31
Median Age
59%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
60,034
Density / Sq Mi
$121,400
Median Household Income
$81,638
Median Earnings
$2,982
Median Rent
$1,326,700
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 - 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
