Six-Family Apartment Building with Private
For Sale
$3,990,000
2721 E 21st Street, Brooklyn, NY 11235
MULTI_FAMILY - Brooklyn, NY
Property Size5,775 SF
Lot Size0.14 Acres
Price / SF$690.91
Days on Market479
Property Features for 2721 E 21st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 6, Bathroom 3, Bedroom 7, Bathroom 4, Bedroom 6, Bedroom 4, Bedroom 1, Bedroom 9, Bathroom 5, Bedroom 5, Bedroom 3, Bedroom 2, Bedroom 8, Bathroom 2
Patio and Porch features
Patio, Deck, Porch
Interior features
A/C Unit - Wall, Deck, Laundry Area, Microwave, Patio Garden, Porch, Refrigerator, Stove, Terrace, Washer, Window Treatments
Basement
Full, Crawl Space
Subdivision
Sheepshead Bay
Standard status
Active
Size
5,775 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
56300
Amenities
private balcony
washer and dryer
split-system heating and cooling
heated floors
modern finishes
Building Details
Year built
2022
Floors in Building
3
Number of units
6
Flooring type
Ceramic, Hardwood, Tile
Building materials
Block, Brick
Roof type
Metal, Shingle
Listing Agency:
A P Services Inc
(347) 515-8272
Listed By:
Aliaksei A. (Alex) Palaukou · License #AP8095
(347) 515-8272
Added: May 1, 2025
Changed: Aug 4
Last Checked: Aug 22 at 6:06AM
MLS# 492331
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 newly constructed six-family apartment building is built with block and brick improvements and was completed in 2022. The building totals 5,775 square feet on a 0.14-acre lot, with three floors, each offering two apartments. Residents benefit from in-unit washer and dryer, split-system heating and cooling units in every room, heated floors, and modern finishes.
Each unit includes a private balcony. The building also has separate gas and electric meters for each unit and provides one dedicated parking space per apartment. Interior finishes include hardwood, tile, and ceramic flooring, along with features such as window treatments and laundry area accommodations.
Located at 2721 E 21st Street in Brooklyn’s Sheepshead Bay area, the property is positioned near the B and Q subway lines and close to Sheepshead Bay Road and the Belt Parkway, with nearby schools, supermarkets, restaurants, and shopping.
Each unit includes a private balcony. The building also has separate gas and electric meters for each unit and provides one dedicated parking space per apartment. Interior finishes include hardwood, tile, and ceramic flooring, along with features such as window treatments and laundry area accommodations.
Located at 2721 E 21st Street in Brooklyn’s Sheepshead Bay area, the property is positioned near the B and Q subway lines and close to Sheepshead Bay Road and the Belt Parkway, with nearby schools, supermarkets, restaurants, and shopping.
Key Highlights
- Six‑family apartment building with three floors, two apartments per floor
- 0.14‑acre lot totaling 5,775 square feet
- Built in 2022 with block and brick construction and shingle/metal roof
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
$176,305
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
4.42%
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%
$3,526,100
$3.5M
Cap Rate 7%
$2,518,643
$2.5M
Cap Rate 9%
$1,958,944
$2.0M
Market Conditions
NOI Build-Up for 5,775 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
$327.1K $56.64/SF
− Vacancy
−$6.5K −$1.13/SF
EGI
$320.6K $55.51/SF
− OpEx
−$144.2K −$24.98/SF
NOI
$176.3K $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%
$3,526,100
Cap Rate 7%
$2,518,643
Cap Rate 9%
$1,958,944
Alternative Uses
Best Use
Apartment 5plus
$2.52M
$2.20M – $2.94M
NOI $176,305 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.78M
$4.18M – $5.58M
NOI $334,719 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,113
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?
Apartment building - R4-zoned six-family built in 2022 with private balconies, split-system heating and cooling, and separate gas and electric meters.
Where is this apartment building located?
The property is located at 2721 E 21st Street 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: Six‑family apartment building with three floors, two apartments per floor; 0.14‑acre lot totaling 5,775 square feet; Built in 2022 with block and brick construction and shingle/metal roof
