Five-Story Apartment
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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 Market7
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: Sep 9
Last Checked: Sep 10 at 6:25AM
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
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 = 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
$180,513
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
5.31%
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%
$3,610,260
$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
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
$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 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%
$3,610,260
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.
Property Analytics
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Current Use
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
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 - 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
