Landmarked Limestone Apartment
For Sale
$3,750,000
243 New York Avenue, Brooklyn, NY 11216
Commercial Sale, Brooklyn, NY
Property Size11,277 SF
Price / SF$332.54
Days on Market99
Property Features for 243 New York Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
20
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 6, Bedroom 13, Bathroom 1, Bedroom 5, Bedroom 14, Bedroom 2, Bedroom 19, Bathroom 3, Bathroom 5, Bedroom 9, Bedroom 8, Bedroom 12, Bathroom 2, Bathroom 4, Bathroom 7, Bedroom 16, Bedroom 20, Bedroom 11, Bedroom 10, Bathroom 8, Bedroom 1, Bedroom 17, Bedroom 4, Bedroom 15, Bedroom 7, Bedroom 18, Bedroom 3, Bedroom 6
Subdivision
Crown Heights
High school district
000000
Standard status
Active
Size
11,277 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Ian Mednick · License #10401308254
Added: May 18
Changed: Aug 23
Last Checked: Aug 24 at 6:06AM
MLS# 11777388
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.
Investment Insights
Based on property information with market context.
This 11,277-square-foot apartment building at 243 New York Avenue is a landmarked limestone property with eight units. The building measures 40 feet wide by 80 feet deep and features original architectural details, tall ceilings, and strong natural light. A 2,800-square-foot windowed basement provides additional interior area suitable for recreational use.
The property is in Crown Heights, Brooklyn, near neighborhood amenities and express subway service. Six units will be vacant at delivery, allowing a purchaser to reconsider interior layouts. The existing configuration combines residential income potential with substantial below-grade space and a distinctive historic exterior.
The property is in Crown Heights, Brooklyn, near neighborhood amenities and express subway service. Six units will be vacant at delivery, allowing a purchaser to reconsider interior layouts. The existing configuration combines residential income potential with substantial below-grade space and a distinctive historic exterior.
Key Highlights
- 8‑unit landmarked limestone apartment building
- 11,277 SF building with 2,800 SF windowed basement
- 40 feet wide by 80 feet deep
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
$344,275
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
9.18%
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%
$6,885,500
$6.9M
Cap Rate 7%
$4,918,214
$4.9M
Cap Rate 9%
$3,825,278
$3.8M
Market Conditions
NOI Build-Up for 11,277 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
$638.7K $56.64/SF
− Vacancy
−$12.8K −$1.13/SF
EGI
$626.0K $55.51/SF
− OpEx
−$281.7K −$24.98/SF
NOI
$344.3K $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%
$6,885,500
Cap Rate 7%
$4,918,214
Cap Rate 9%
$3,825,278
Alternative Uses
Best Use
Apartment 5plus
$4.92M
$4.30M – $5.74M
NOI $344,275 @ 7.0% cap · market cap 9.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.34M
$8.17M – $10.89M
NOI $653,615 @ 7.0% cap · market cap 17.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
6,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
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 - Eight-unit property includes a windowed basement and six vacant units at delivery.
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 landmarked limestone apartment building; 11,277 SF building with 2,800 SF windowed basement; 40 feet wide by 80 feet deep
