Rent-Stabilized Six-Unit Apartment
For Sale
$1,750,000
238 26th Street, Brooklyn, NY 11232
Three-story, six-unit building with convertible two-bedroom layouts and private outdoor space for two units.
Property Size5,000 SF
Price / SF$350
Days on Market47
Property Features for 238 26th Street
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,272
Building Details
Building Size
5,000 SF
Year Built
1955
Listing Agency:
Corcoran Group
(347) 683-4433
Listed By:
Alexandra Gupta · License #10301217843
(347) 683-4433
Source:
Howardhannanyc
Added: Jul 9
Changed: Aug 23
Last Checked: Aug 23 at 4:53AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Offered for sale: a rent-stabilized six-unit, three-story multifamily building. The property is configured with two apartments per floor, for a total of six units, and each unit is laid out as a convertible two-bedroom. The building is described as well-maintained and benefits from an abundance of natural light. Apartments 1L and 1R also include private outdoor space.
The property is located in Greenwood Heights, Brooklyn, and is positioned just minutes from South Slope. It sits on a 20' x 100' lot with a building footprint of approximately 25' x 50', totaling approximately 5,000 interior square feet. Transportation and walkability are highlighted by very strong walk and transit scores (WalkScore: 98, transitScore: 100) and a bike score of 79 (Very Bikeable).
The property is located in Greenwood Heights, Brooklyn, and is positioned just minutes from South Slope. It sits on a 20' x 100' lot with a building footprint of approximately 25' x 50', totaling approximately 5,000 interior square feet. Transportation and walkability are highlighted by very strong walk and transit scores (WalkScore: 98, transitScore: 100) and a bike score of 79 (Very Bikeable).
Key Highlights
- 1955‑built, three‑story multifamily with 6 apartments (2 per floor)
- ~5,000 interior SF across a 25' x 50' building footprint on a 20' x 100' lot
- All units are configured as convertible two‑bedroom layouts with an abundance of natural light
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
$152,645
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
8.72%
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%
$3,052,900
$3.1M
Cap Rate 7%
$2,180,643
$2.2M
Cap Rate 9%
$1,696,056
$1.7M
Market Conditions
NOI Build-Up for 5,000 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
$283.2K $56.64/SF
− Vacancy
−$5.7K −$1.13/SF
EGI
$277.5K $55.51/SF
− OpEx
−$124.9K −$24.98/SF
NOI
$152.6K $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%
$3,052,900
Cap Rate 7%
$2,180,643
Cap Rate 9%
$1,696,056
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,645 @ 7.0% cap · market cap 8.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.14M
$3.62M – $4.83M
NOI $289,800 @ 7.0% cap · market cap 16.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,736
Businesses Nearby
Explore this area
Business Placement
Demographics for 11232, NY
30,181
Population
10,004
Households
3
Avg Household Size
35
Median Age
36%
College-Educated
69%
High-School Grad
1.2 sq mi
ZIP Area
25,151
Density / Sq Mi
$87,517
Median Household Income
$45,983
Median Earnings
$1,972
Median Rent
$782,500
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-story, six-unit building with convertible two-bedroom layouts and private outdoor space for two units.
Where is this apartment building located?
The property is located at 238 26th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 1955‑built, three‑story multifamily with 6 apartments (2 per floor); ~5,000 interior SF across a 25' x 50' building footprint on a 20' x 100' lot; All units are configured as convertible two‑bedroom layouts with an abundance of natural light
