Two-Building Multifamily
New
For Sale
$2,995,000
259 8th St, Brooklyn, NY 11215
Two vacant buildings contain four apartments and share a private garden with street access.
Property Size2,834 SF
Days on Market7
Property Features for 259 8th St
General Information
Standard status
Active
Size
2,834 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,268
Building Details
Building Size
2,834 SF
Year Built
1899
Stories
3
Units
2
Listing Agency:
Compass
Listed By:
Amanda J Young
(917) 715-1678
Source:
Elliman
Added: Sep 19
Changed: Sep 24
Last Checked: Sep 24 at 12:37PM
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 Compass
Investment Insights
Based on property information with market context.
This multifamily property includes a three-story front row house and a two-story rear carriage house on one lot. The buildings contain four vacant apartments: a two-bedroom, two-bathroom duplex and three one-bedroom, one-bathroom units. The front duplex includes an approximately 110-square-foot deck, while the garden-level apartment has a private entrance and direct garden access. The front-house apartments may also be combined into a one-family layout.
A private gate and walkway connect the street to the rear building and the approximately 675-square-foot garden, which separates the two structures across a 30-foot depth. The rear house’s two apartments face south toward the garden, with side windows and views toward the neighboring garden. Located at 259 8th St in Brooklyn, the property is outside the neighborhood’s historic district and has remaining FAR that could be used to expand existing interior square footage. WalkScore is 83, BikeScore is 71, and TransitScore is 100.
A private gate and walkway connect the street to the rear building and the approximately 675-square-foot garden, which separates the two structures across a 30-foot depth. The rear house’s two apartments face south toward the garden, with side windows and views toward the neighboring garden. Located at 259 8th St in Brooklyn, the property is outside the neighborhood’s historic district and has remaining FAR that could be used to expand existing interior square footage. WalkScore is 83, BikeScore is 71, and TransitScore is 100.
Key Highlights
- Two buildings on one lot with four vacant apartments
- Three‑story front row house and two‑story rear carriage house
- Approximately 675‑square‑foot garden with 30‑foot depth
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
$86,519
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
2.89%
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%
$1,730,380
$1.7M
Cap Rate 7%
$1,235,986
$1.2M
Cap Rate 9%
$961,322
$961.3K
Market Conditions
NOI Build-Up for 2,834 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
$160.5K $56.64/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$157.3K $55.51/SF
− OpEx
−$70.8K −$24.98/SF
NOI
$86.5K $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%
$1,730,380
Cap Rate 7%
$1,235,986
Cap Rate 9%
$961,322
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.08M – $1.44M
NOI $86,519 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.35M
$2.05M – $2.74M
NOI $164,259 @ 7.0% cap · market cap 5.48%
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
8,468
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
Median Home Value
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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?
Multifamily property - Two vacant buildings contain four apartments and share a private garden with street access.
Where is this multifamily property located?
The property is located at 259 8th 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: Two buildings on one lot with four vacant apartments; Three‑story front row house and two‑story rear carriage house; Approximately 675‑square‑foot garden with 30‑foot depth
