Pre-War 10-Unit Apartment
For Sale
$5,000,000
279 HENRY St, Brooklyn, NY 11201
Pre-war 5-story building with 10 units, including one vacant unit, and a mix of one- and two-bedroom layouts.
Property Size2,312 SF
Price / SF$758.27
Days on Market100
Property Features for 279 HENRY St
General Information
Standard status
Active
Size
2,312 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$64,884
Building Details
Building Size
2,312 SF
Year Built
1900
Stories
4
Units
10
Listed By:
Stephen Gallagher · License #40GA0917788
(212) 909-7993
Source:
Elliman
Added: Jun 3
Changed: Aug 14
Last Checked: Sep 9 at 8:03AM
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 Stephen Gallagher
Investment Insights
Based on property information with market context.
This pre-war, 5-story, 10-unit apartment building totals approximately 6,594 square feet. The property includes eight one-bedroom units and two two-bedroom units, with nine units reported as free market and one rent stabilized. One unit is currently vacant and ready for immediate use or renovation.
The asset is located on a highly sought-after block in Brooklyn Heights. WalkScore and transitScore indicate strong pedestrian and transit accessibility.
As configured, the building offers a straightforward mix of one- and two-bedroom apartments within a small multifamily footprint, with vacancy providing flexibility for either immediate occupancy or planned improvements.
The asset is located on a highly sought-after block in Brooklyn Heights. WalkScore and transitScore indicate strong pedestrian and transit accessibility.
As configured, the building offers a straightforward mix of one- and two-bedroom apartments within a small multifamily footprint, with vacancy providing flexibility for either immediate occupancy or planned improvements.
Key Highlights
- Pre‑war 5‑story, 10‑unit building with approx. 6,594 SF
- Unit mix: 8 one‑bedroom units and 2 two‑bedroom units
- Includes 1 vacant unit, ready for immediate use or renovation
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
$201,308
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
4.03%
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%
$4,026,160
$4.0M
Cap Rate 7%
$2,875,829
$2.9M
Cap Rate 9%
$2,236,756
$2.2M
Market Conditions
NOI Build-Up for 6,594 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
$373.5K $56.64/SF
− Vacancy
−$7.5K −$1.13/SF
EGI
$366.0K $55.51/SF
− OpEx
−$164.7K −$24.98/SF
NOI
$201.3K $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%
$4,026,160
Cap Rate 7%
$2,875,829
Cap Rate 9%
$2,236,756
Alternative Uses
Best Use
Apartment 5plus
$2.88M
$2.52M – $3.36M
NOI $201,308 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.46M
$4.78M – $6.37M
NOI $382,188 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
9,891
Businesses Nearby
Explore this area
Business Placement
Demographics for 11201, NY
69,703
Population
36,155
Households
1.9
Avg Household Size
35
Median Age
79%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
49,788
Density / Sq Mi
$169,285
Median Household Income
$113,681
Median Earnings
$3,207
Median Rent
$1,131,700
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?
Apartment building - Pre-war 5-story building with 10 units, including one vacant unit, and a mix of one- and two-bedroom layouts.
Where is this apartment building located?
The property is located at 279 HENRY St Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Pre‑war 5‑story, 10‑unit building with approx. 6,594 SF; Unit mix: 8 one‑bedroom units and 2 two‑bedroom units; Includes 1 vacant unit, ready for immediate use or renovation
