8-Unit Studio Apartment
For Sale
$1,550,000
288 NEW YORK Avenue, Brooklyn, NY 11216
The 1931 property has eight studio residences, each approximately 425 square feet.
Property Size3,800 SF
Lot Size0.04 Acres
Price / SF$407.89
Days on Market185
Property Features for 288 NEW YORK Avenue
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.04 Acres
Property subtype
Multi Family
Zoning
R-5
Units
Unit Mix
8 x studio
Multifamily Units
8
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$200,856
Building Details
Building Size
3,800 SF
Year Built
1931
Buildings
1
Listing Agency:
Revived Residential
Listed By:
Gregory Valvo
(718) 795-6263
Source:
Irynaferenets
Added: Apr 27
Changed: Oct 27
Last Checked: Oct 27 at 3:33AM
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 Revived Residential
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Investment Insights
Based on property information with market context.
Built in 1931, this apartment property contains eight studio units of approximately 425 square feet each. Original details, high ceilings, hardwood floors, and natural light contribute to the building’s character. The units are described as being in good condition. The property measures 3,800 square feet, sits on a 1,900-square-foot lot, and is zoned R-5.
The building is on New York Avenue between Lincoln Place and Eastern Parkway in Brooklyn’s Crown Heights neighborhood. Franklin Avenue and Nostrand Avenue stations provide access to the 2, 3, 4, and 5 trains. The Brooklyn Museum, Brooklyn Botanic Garden, and Prospect Park are also cited among nearby destinations.
The building is on New York Avenue between Lincoln Place and Eastern Parkway in Brooklyn’s Crown Heights neighborhood. Franklin Avenue and Nostrand Avenue stations provide access to the 2, 3, 4, and 5 trains. The Brooklyn Museum, Brooklyn Botanic Garden, and Prospect Park are also cited among nearby destinations.
Key Highlights
- Eight studio apartments, each approximately 425 square feet
- 3,800‑square‑foot property on a 1,900‑square‑foot lot
- R‑5 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$116,010
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,320,200
$2.3M
Cap Rate 7%
$1,657,286
$1.7M
Cap Rate 9%
$1,289,000
$1.3M
Market Conditions
NOI Build-Up for 3,800 SF
Gross rent
$215.2K $56.64/SF
− Vacancy
−$4.3K −$1.13/SF
EGI
$210.9K $55.51/SF
− OpEx
−$94.9K −$24.98/SF
NOI
$116.0K $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 Rate 5%
$2,320,200
Cap Rate 7%
$1,657,286
Cap Rate 9%
$1,289,000
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.45M – $1.93M
NOI $116,010 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.15M
$2.75M – $3.67M
NOI $220,248 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
6,039
Businesses Nearby
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Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The 1931 property has eight studio residences, each approximately 425 square feet.
Where is this apartment building located?
The property is located at 288 NEW YORK Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Eight studio apartments, each approximately 425 square feet; 3,800‑square‑foot property on a 1,900‑square‑foot lot; R‑5 zoning
