Five-Story Apartment
For Sale
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2514 Cortelyou Rd, Brooklyn, NY 11226
Gut-renovated residential property with nine occupied, fully free-market apartments in Flatbush.
Property Size7,700 SF
Price / SF$441.56
Days on Market52
Property Features for 2514 Cortelyou Rd
General Information
Standard status
Active
Size
7,700 SF
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$214,096
Financials
Gross Income
$280,944
Average Monthly Rent
$2,601
Additional Details
Public Transit
Yes
Multifamily Units
9
Building Details
Year Built
1920
Year Renovated
2017
Buildings
1
Stories
5
Listing Agency:
Meridian Capital Group
Listed By:
David Schechtman · License #10301211874
(212) 468-5907
Source:
Crexi
Added: Sep 5
Changed: Oct 26
Last Checked: Oct 24 at 1:57PM
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 Meridian Capital Group
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Investment Insights
Based on property information with market context.
This five-story apartment building contains 7,700 square feet and nine fully free-market apartments. Originally constructed in 1920, the property underwent a gut renovation in 2017, and all nine residences are occupied. The building generates gross annual income and net operating income, with lease economics supported by a weighted average monthly rent of $2,601.
Located on Cortelyou Road between East 25th and East 26th Streets, the property is positioned within Flatbush, Brooklyn. The surrounding residential corridor provides access to public transportation and is near Prospect Park.
Located on Cortelyou Road between East 25th and East 26th Streets, the property is positioned within Flatbush, Brooklyn. The surrounding residential corridor provides access to public transportation and is near Prospect Park.
Key Highlights
- Nine fully free‑market apartments, all occupied
- 7,700‑square‑foot, five‑story apartment building
- Gut renovated in 2017
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$180,513
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,610,260
$3.6M
Cap Rate 7%
$2,578,757
$2.6M
Cap Rate 9%
$2,005,700
$2.0M
Market Conditions
NOI Build-Up for 7,700 SF
Gross rent
$341.9K $44.40/SF
− Vacancy
−$13.7K −$1.78/SF
EGI
$328.2K $42.62/SF
− OpEx
−$147.7K −$19.18/SF
NOI
$180.5K $23.44/SF
Area
ZIP 11226
Vacancy
4.00%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,610,260
Cap Rate 7%
$2,578,757
Cap Rate 9%
$2,005,700
Alternative Uses
Best Use
Apartment 5plus
$2.58M
$2.26M – $3.01M
NOI $180,513 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.81M
$3.33M – $4.44M
NOI $266,408 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Gut-renovated residential property with nine occupied, fully free-market apartments in Flatbush.
Where is this apartment building located?
The property is located at 2514 Cortelyou Rd Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Nine fully free‑market apartments, all occupied; 7,700‑square‑foot, five‑story apartment building; Gut renovated in 2017
