Modern Multifamily Rental
For Sale
$21,000,000
299 Mcguinness Boulevard, Brooklyn, NY 11222
Three contiguous, 5-story multifamily buildings contain 10 apartments each with in-unit washer/dryers and private balconies.
Property Size28,980 SF
Price / SF$724.64
Days on Market149
Property Features for 299 Mcguinness Boulevard
General Information
Standard status
Active
Size
28,980 SF
Property subtype
Commercial
Additional Details
Multifamily Units
30
Taxes and HOA fees
Annual Taxes
$256,596
Amenities
in-unit washer/dryers
private balconies
bike storage
Central air
Building Details
Year Built
2009
Stories
5
Units
10
Listing Agency:
Brooklyn Heights
Listed By:
Eric Volpe · License #10301219675
(646) 400-2078
Source:
Corcoran
Added: Apr 11
Changed: Aug 25
Last Checked: Sep 6 at 8:51AM
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 Brooklyn Heights
Investment Insights
Based on property information with market context.
A modern multifamily property offering three contiguous, 5-story buildings comprising 10 apartments each. The buildings were constructed in 2009 and collectively provide 28,980 square feet of residential space. Apartment layouts include a mix of 2, 3, 4, 5, and 6 bedroom residences, with in-unit washer/dryers, private balconies, and bike storage.
The property is located on McGuinness Boulevard in Greenpoint, Brooklyn, near Manhattan Avenue and a range of shops, cafés, and restaurants. It is also approximately two blocks from the Greenpoint Avenue G train station.
The offering includes a 421A tax abatement through 2028.
The property is located on McGuinness Boulevard in Greenpoint, Brooklyn, near Manhattan Avenue and a range of shops, cafés, and restaurants. It is also approximately two blocks from the Greenpoint Avenue G train station.
The offering includes a 421A tax abatement through 2028.
Key Highlights
- Three contiguous 5‑story multifamily buildings (287‑293‑299 McGuinness Blvd) with 10 apartments each for 30 total apartments
- Total building size 28,980 SF; built in 2009
- Apartment features include in‑unit washer/dryers and private balconies
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
$884,729
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
4.21%
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%
$17,694,580
$17.7M
Cap Rate 7%
$12,638,986
$12.6M
Cap Rate 9%
$9,830,322
$9.8M
Market Conditions
NOI Build-Up for 28,980 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
$1.64M $56.64/SF
− Vacancy
−$32.8K −$1.13/SF
EGI
$1.61M $55.51/SF
− OpEx
−$723.9K −$24.98/SF
NOI
$884.7K $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%
$17,694,580
Cap Rate 7%
$12,638,986
Cap Rate 9%
$9,830,322
Alternative Uses
Best Use
Apartment 5plus
$12.64M
$11.06M – $14.75M
NOI $884,729 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$24.00M
$21.00M – $27.99M
NOI $1,679,681 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
5,216
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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 - Three contiguous, 5-story multifamily buildings contain 10 apartments each with in-unit washer/dryers and private balconies.
Where is this apartment building located?
The property is located at 299 Mcguinness Boulevard Brooklyn, NY.
What is the asking price?
The asking price for this property is $21,000,000.
What are key features of this property?
This property features: Three contiguous 5‑story multifamily buildings (287‑293‑299 McGuinness Blvd) with 10 apartments each for 30 total apartments; Total building size 28,980 SF; built in 2009; Apartment features include in‑unit washer/dryers and private balconies
