East Williamsburg Multifamily
For Sale
Contact for pricing
247 Devoe St, Brooklyn, NY 11211
Multifamily building with free-market and rent-stabilized units in Brooklyn.
Property Size4,500 SF
Price / SF$665.56
Days on Market212
Property Features for 247 Devoe St
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Multifamily
Zoning
R6
Net Operating Income
$176,705
Building Details
Year Built
1920
Buildings
1
Stories
3
Units
6
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Mike Salvatico · License #10301216098
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
This multifamily building, spanning 4,500 square feet above grade, is located in East Williamsburg, Brooklyn, with proximity to the Graham Avenue L-Train. It features four high-end, free-market units and two rent-stabilized units. The building contains four 2-bedroom apartments with a dumb-bell layout. The property has split utilities for heating and cooling. The annual tax bill is $13,323, with a tax class of 2A.
Key Highlights
- Four High‑End Free‑Market Units
- Phenomenal East Williamsburg Location with Proximity to Graham Avenue L‑Train
- 4,500 SF Above Grade
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$137,380
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,747,600
$2.7M
Cap Rate 7%
$1,962,571
$2.0M
Cap Rate 9%
$1,526,444
$1.5M
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$254.9K $56.64/SF
− Vacancy
−$5.1K −$1.13/SF
EGI
$249.8K $55.51/SF
− OpEx
−$112.4K −$24.98/SF
NOI
$137.4K $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 Rate 5%
$2,747,600
Cap Rate 7%
$1,962,571
Cap Rate 9%
$1,526,444
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.72M – $2.29M
NOI $137,380 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.73M
$3.26M – $4.35M
NOI $260,820 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,109
Businesses Nearby
Explore this area
Business Placement
Demographics for 11211, NY
68,540
Population
29,068
Households
2.4
Avg Household Size
31
Median Age
55%
College-Educated
86%
High-School Grad
1.5 sq mi
ZIP Area
45,693
Density / Sq Mi
$105,183
Median Household Income
$67,533
Median Earnings
$2,357
Median Rent
$1,118,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily building with free-market and rent-stabilized units in Brooklyn.
Where is this apartment building located?
The property is located at 247 Devoe St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Four High‑End Free‑Market Units; Phenomenal East Williamsburg Location with Proximity to Graham Avenue L‑Train; 4,500 SF Above Grade
