Renovated 8-Family Building in
For Sale
$6,000,000
Pending
238 Sackett St, Brooklyn, NY 11231
Meticulously maintained, income-producing property in a desirable Brooklyn neighborhood.
Property Size6,384 SF
Lot Size0.06 Acres
Days on Market165
Property Features for 238 Sackett St
General Information
Standard status
Pending
Size
6,384 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Building Details
Year Built
1920
Listing Agency:
J Milo Real Estate
(718) 872-9300
Listed By:
Jenine Milo · License #10301120597
(718) 872-9300
Source:
Elliman
Added: Mar 11
Changed: Jul 6
Last Checked: Aug 21 at 10:36AM
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 J Milo Real Estate
Investment Insights
Based on property information with market context.
This fully renovated 8-family property is located on a tree-lined block in Carroll Gardens. The brick building combines historic Brooklyn charm with modern updates. Each of the eight residences has been completely renovated within the past 4–5 years, featuring updated kitchens, contemporary baths, hardwood floors, and refined finishes. The building is maintained in pristine condition, with recent upgrades including a brand-new boiler, refreshed common areas, and updated mechanical systems. The property offers approximately 6,384 square feet of living space. With three upcoming vacancies, this property presents an opportunity for future customization or capturing premium market rents. Located moments from Court Street's cafes, boutique shops, and restaurants, the property also offers convenient access to the F and G trains, connecting residents easily to Manhattan and the rest of Brooklyn. It is an income-producing property in one of Brooklyn’s most desirable neighborhoods.
Key Highlights
- Fully renovated, turnkey 8‑family building in prime Carroll Gardens location.
- All 8 units renovated within the last 4‑5 years with updated kitchens, baths, and refined finishes.
- Three vacant units at closing offer immediate customization or increased rental income potential.
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
$194,897
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
3.25%
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%
$3,897,940
$3.9M
Cap Rate 7%
$2,784,243
$2.8M
Cap Rate 9%
$2,165,522
$2.2M
Market Conditions
NOI Build-Up for 6,384 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
$361.6K $56.64/SF
− Vacancy
−$7.2K −$1.13/SF
EGI
$354.4K $55.51/SF
− OpEx
−$159.5K −$24.98/SF
NOI
$194.9K $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%
$3,897,940
Cap Rate 7%
$2,784,243
Cap Rate 9%
$2,165,522
Alternative Uses
Best Use
Apartment 5plus
$2.78M
$2.44M – $3.25M
NOI $194,897 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.29M
$4.63M – $6.17M
NOI $370,017 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Meticulously maintained, income-producing property in a desirable Brooklyn neighborhood.
Where is this apartment building located?
The property is located at 238 Sackett St Brooklyn, NY.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Fully renovated, turnkey 8‑family building in prime Carroll Gardens location.; All 8 units renovated within the last 4‑5 years with updated kitchens, baths, and refined finishes.; Three vacant units at closing offer immediate customization or increased rental income potential.
