New Construction Multifamily in
For Sale
$3,990,000
2721 E 21st St, Brooklyn, NY 11235
New construction multifamily property in prime Sheepshead Bay area.
Property Size5,775 SF
Lot Size0.14 Acres
Price / SF$665
Days on Market195
Property Features for 2721 E 21st St
General Information
Standard status
Active
Size
5,775 SF
Lot size
0.14 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$56,300
Building Details
Building Size
5,775 SF
Year Built
2022
Stories
3
Listing Agency:
A P Services Inc
Listed By:
Aliaksei A. (Alex) Palaukou · License #AP8095
(347) 515-8272
Source:
Elliman
Added: Mar 10
Changed: Sep 18
Last Checked: Sep 20 at 8:31AM
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 A P Services Inc
Investment Insights
Based on property information with market context.
This is a new construction, vacant six-family house with over 6000 square feet. There is a possibility to convert the property into condo apartments to increase its value. Each of the three floors features two apartments, consisting of one one-bedroom and one two-bedroom unit, each with balconies. The property has separate meters for gas and electricity. Heated floors and split system units are installed in each room. Every apartment includes one parking spot and storage space. The property is located in the Sheepshead Bay area, close to the B and Q train, Sheepshead Bay Road, Emmons Avenue, Belt Parkway, schools, and supermarkets.
Key Highlights
- New construction 6‑family house (over 6000 sqft) with condo conversion potential.
- Prime Sheepshead Bay location near transportation (B and Q train), shopping, and schools.
- Each apartment includes a balcony, parking spot, and storage space.
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
$183,174
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
4.59%
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%
$3,663,480
$3.7M
Cap Rate 7%
$2,616,771
$2.6M
Cap Rate 9%
$2,035,267
$2.0M
Market Conditions
NOI Build-Up for 6,000 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
$339.8K $56.64/SF
− Vacancy
−$6.8K −$1.13/SF
EGI
$333.0K $55.51/SF
− OpEx
−$149.9K −$24.98/SF
NOI
$183.2K $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%
$3,663,480
Cap Rate 7%
$2,616,771
Cap Rate 9%
$2,035,267
Alternative Uses
Best Use
Apartment 5plus
$2.62M
$2.29M – $3.05M
NOI $183,174 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.97M
$4.35M – $5.80M
NOI $347,760 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,872
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - New construction multifamily property in prime Sheepshead Bay area.
Where is this apartment building located?
The property is located at 2721 E 21st St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: New construction 6‑family house (over 6000 sqft) with condo conversion potential.; Prime Sheepshead Bay location near transportation (B and Q train), shopping, and schools.; Each apartment includes a balcony, parking spot, and storage space.
