Four-Unit Multifamily
For Sale
$2,995,000
259 8th Street, Brooklyn, NY 11215
Residential Income, Brooklyn, NY
Property Size2,834 SF
Price / SF$1,056
Days on Market172
Property Features for 259 8th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 1, Bathroom 3, Bedroom 1
Subdivision
Park Slope
High school district
000000
Standard status
Active
Size
2,834 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Amanda Young
(212) 712-1130
Added: Apr 7
Changed: Sep 24
Last Checked: Sep 25 at 5:06AM
MLS# 11687522
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 2,834-square-foot multifamily property comprises two houses on one lot: a three-story row house and a two-story rear carriage house. Together, the buildings contain four apartments, including a two-bedroom, two-bathroom duplex and three one-bedroom, one-bathroom units. The front building also includes a garden-level apartment with direct outdoor access, while the upper duplex features an approximately 110-square-foot deck. The two front-house apartments may be combined into a single-family configuration.
A private gate and walkway lead from the street to the buildings and a 30-foot-deep garden measuring approximately 675 square feet. The structures were developed in the 1880s and 1890s. Located in Park Slope, the property is near Prospect Park and the neighborhood’s tree-lined brownstone blocks and dining destinations. Apartments may be delivered vacant or with tenants in place.
A private gate and walkway lead from the street to the buildings and a 30-foot-deep garden measuring approximately 675 square feet. The structures were developed in the 1880s and 1890s. Located in Park Slope, the property is near Prospect Park and the neighborhood’s tree-lined brownstone blocks and dining destinations. Apartments may be delivered vacant or with tenants in place.
Key Highlights
- Four apartments across two houses on one lot
- 2,834 square feet with a three‑story row house and two‑story carriage house
- 30‑foot‑deep garden measuring approximately 675 square feet
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
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
8,369
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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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?
Multifamily property - Two separate houses provide flexible apartment layouts around a private garden and gated street access.
Where is this multifamily property located?
The property is located at 259 8th Street 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 apartments across two houses on one lot; 2,834 square feet with a three‑story row house and two‑story carriage house; 30‑foot‑deep garden measuring approximately 675 square feet
