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    Low-Rise Multifamily Building Title is generated by Realmo AI

    243 New York Avenue, Brooklyn, NY 11216

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    For Sale
    $3,750,000

    Commercial Building, Low-rise - Brooklyn, NY

    Property size:
    11,277 SF
    Price / SF:
    $332/SF
    Added:
    May 18, 2026
    Days on Market:
    18
    Last Refresh:
    Jun 4 at 4:06 am

    Property Features for 243 New York Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bedrooms
    20
    Bathrooms
    8
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Garage
    Standard status
    Active
    Size
    11,277 SF

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Ian Mednick

    Listing agent Ian Mednick

    Listing office Compass 90 Fifth Avenue, 3rd Floor, New York, NY

    Listing date May 18, 2026

    MLS# 11777388 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 8‑unit residential building at 243 New York Avenue in Crown Heights
    • Building measures 40 ft wide and 80 ft deep, totaling 11,277 SF
    • Includes a 2,800 SF windowed basement that could be used as recreational space
    • Delivered with 6 vacancies for potential layout adjustments
    • Landmarked limestone building with original detail, tall ceiling height, and abundant light
    • Garage parking included

    Overview

    A landmarked low-rise limestone multifamily building offered for sale at 243 New York Avenue. The property features original details, towering ceiling heights, and abundant natural light throughout. With a compact 40-foot-wide by 80-foot-deep footprint, the building provides eight unit layouts designed for generous living spaces. In addition, there is an approximately 2,800 square foot windowed basement that could be used as recreational space or otherwise tailored to buyer needs. The building is delivered with six vacancies, creating an opportunity for new ownership to review and shift unit layouts as desired.

    Located in prime Crown Heights in Brooklyn, the property benefits from neighborhood amenities and express subway lines nearby, supporting convenient access for residents and prospective tenants. The listing also notes the area’s strong day-to-day appeal, which can be important when positioning a building for rental continuity and long-term value.

    This offering is well-suited to buyers seeking a turn-in-place acquisition with upside from unit repositioning. The landmarked architecture and large ceiling heights support differentiated residential appeal, while the delivered vacancies provide flexibility for operators who want to refine layouts and optimize the building’s use of space, including the basement recreation potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.947393
    Latitude
    40.67179

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    FAQs

    What type of property is this?
    Apartment building - Landmarked limestone multifamily with large layouts and a windowed basement, delivered with multiple vacancies for flexible reconfiguration.
    Where is this apartment building located?
    The property is located at 243 New York Avenue Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $3,750,000.
    What are key features of this property?
    This property features: 8‑unit residential building at 243 New York Avenue in Crown Heights; Building measures 40 ft wide and 80 ft deep, totaling 11,277 SF; Includes a 2,800 SF windowed basement that could be used as recreational space
    (203) 858-5789
    We can help!
    Listing Contact
    Ian Mednick
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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