Renovated Brick Multi-Family
For Sale
$1,450,000
2704 Avenue Z, Brooklyn, NY 11235
Renovated brick multi-family with multiple levels, updated interiors, and private outdoor access for flexible living or leasing.
Property Size3,180 SF
Days on Market73
Property Features for 2704 Avenue Z
General Information
Standard status
Active
Size
3,180 SF
Total Parking Spaces
1
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$11,899
Building Details
Building Size
3,180 SF
Year Built
1955
Stories
3
Tenancy
Multi
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Michelle J. Zhang · License #MZ4172
(718) 612-3088
Source:
Elliman
Added: Jun 3
Changed: Aug 12
Last Checked: Aug 13 at 7:48AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This renovated brick multi-family home offers multiple distinct living levels and several upgrades aimed at day-to-day comfort and durability. The fully finished level includes a private entrance, additional space with a full bathroom and a dedicated laundry area, and direct access to the backyard. The second floor features a spacious two-bedroom apartment with a large living room, hardwood floors, an updated eat-in kitchen with a dining area, split A/C systems for heating and cooling, and access to outdoor space. The top floor provides a generous layout with substantial bedroom accommodations, a large open living area, an eat-in kitchen, ample closet space, and a flexible floor plan suitable for owner-occupants or tenants. The property also includes a one-car garage, a maintained backyard, and a private garden area.
Situated near schools, shopping, restaurants, and public transportation, the home is described as being just minutes from the Belt Parkway, supporting convenient access for residents and guests.
From a tenant and buyer fit perspective, the layout provides options for occupants who value privacy and outdoor access, along with updated interior and exterior finishes. The renovation, completed approximately five years ago, included reinforced floor systems and quality construction upgrades, supported by a newer roof, three separate electric meters, and a 3-zone heating system. The property is presented as move-in ready.
Situated near schools, shopping, restaurants, and public transportation, the home is described as being just minutes from the Belt Parkway, supporting convenient access for residents and guests.
From a tenant and buyer fit perspective, the layout provides options for occupants who value privacy and outdoor access, along with updated interior and exterior finishes. The renovation, completed approximately five years ago, included reinforced floor systems and quality construction upgrades, supported by a newer roof, three separate electric meters, and a 3-zone heating system. The property is presented as move-in ready.
Key Highlights
- Renovated 1955 brick multi‑family with fully updated interior and exterior and move‑in ready condition
- Renovation included newer roof, upgraded floor systems (reinforced), and other quality construction upgrades about 5 years ago
- Three separate electric meters and 3‑zone heating system plus split A/C systems for heating and cooling
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
$97,082
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
6.70%
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%
$1,941,640
$1.9M
Cap Rate 7%
$1,386,886
$1.4M
Cap Rate 9%
$1,078,689
$1.1M
Market Conditions
NOI Build-Up for 3,180 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
$180.1K $56.64/SF
− Vacancy
−$3.6K −$1.13/SF
EGI
$176.5K $55.51/SF
− OpEx
−$79.4K −$24.98/SF
NOI
$97.1K $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%
$1,941,640
Cap Rate 7%
$1,386,886
Cap Rate 9%
$1,078,689
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $97,082 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.63M
$2.30M – $3.07M
NOI $184,313 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,890
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Renovated brick multi-family with multiple levels, updated interiors, and private outdoor access for flexible living or leasing.
Where is this multifamily property located?
The property is located at 2704 Avenue Z Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Renovated 1955 brick multi‑family with fully updated interior and exterior and move‑in ready condition; Renovation included newer roof, upgraded floor systems (reinforced), and other quality construction upgrades about 5 years ago; Three separate electric meters and 3‑zone heating system plus split A/C systems for heating and cooling
