Two-Building Apartment
For Sale
$2,250,000
2862 W 17th Street, Brooklyn, NY 11224
MULTI_FAMILY - Brooklyn, NY
Property Size4,294 SF
Lot Size0.06 Acres
Price / SF$523.99
Days on Market233
Property Features for 2862 W 17th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
14
Bathrooms
10
Full bathrooms
9
Rooms
Bedroom 9, Bedroom 10, Bathroom 7, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 13, Bathroom 1, Bathroom 9, Bedroom 5, Bathroom 3, Bathroom 10, Bedroom 14, Bedroom 3, Bedroom 6, Bedroom 7, Bedroom 11, Bathroom 8, Bathroom 4, Bedroom 12, Bathroom 2, Bathroom 5, Bathroom 6, Bedroom 8
Interior features
Refrigerator, Stove
Basement
Full, Finished
Subdivision
Coney Island
Standard status
Active
Size
4,294 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
8573
Building Details
Year built
1920
Floors in Building
3
Number of units
5
Flooring type
Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Added: Dec 23, 2025
Changed: Aug 7
Last Checked: Aug 13 at 9:06AM
MLS# 498008
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.
Apartment buildings with two separate structures on one lot, totaling 4,294 SF, offering a 4-family front building and a 1-family rear building. The front building is three stories plus a partial basement and is configured as a 4-family; the rear building is two stories plus a finished basement and is configured as a 1-family. Both buildings have been recently renovated with new electrical and plumbing systems throughout. Units have separate heating systems and boilers, and tenants are responsible for their own utilities.
The property is located at 2862 W 17th Street in Brooklyn, NY 11224, on a 0.0565-acre lot zoned R6. The buildings are constructed of brick with flat roofing and tile flooring. Interior features include a refrigerator and stove.
Built in 1920, the layout includes multiple bedrooms and bathrooms across the buildings, with a basement utility room in the front structure and a finished basement in the rear structure.
The property is located at 2862 W 17th Street in Brooklyn, NY 11224, on a 0.0565-acre lot zoned R6. The buildings are constructed of brick with flat roofing and tile flooring. Interior features include a refrigerator and stove.
Built in 1920, the layout includes multiple bedrooms and bathrooms across the buildings, with a basement utility room in the front structure and a finished basement in the rear structure.
Key Highlights
- Two separate buildings on one lot totaling 4,294 SF
- Front building: three stories plus partial basement, configured as a 4‑family
- Rear building: two stories plus finished basement, configured as a 1‑family
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
$131,091
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
5.83%
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%
$2,621,820
$2.6M
Cap Rate 7%
$1,872,729
$1.9M
Cap Rate 9%
$1,456,567
$1.5M
Market Conditions
NOI Build-Up for 4,294 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
$243.2K $56.64/SF
− Vacancy
−$4.9K −$1.13/SF
EGI
$238.3K $55.51/SF
− OpEx
−$107.3K −$24.98/SF
NOI
$131.1K $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%
$2,621,820
Cap Rate 7%
$1,872,729
Cap Rate 9%
$1,456,567
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.18M
NOI $131,091 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.56M
$3.11M – $4.15M
NOI $248,880 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,833
Businesses Nearby
Explore this area
Business Placement
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R6-zoned, two-building apartment property with recently renovated systems and tenant-paid utilities.
Where is this apartment building located?
The property is located at 2862 W 17th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Two separate buildings on one lot totaling 4,294 SF; Front building: three stories plus partial basement, configured as a 4‑family; Rear building: two stories plus finished basement, configured as a 1‑family
