Six-Unit Multifamily
For Sale
$2,999,000
301 23rd Street, Brooklyn, NY 11215
Commercial Sale, Brooklyn, NY
Property Size3,900 SF
Price / SF$768.97
Days on Market183
Property Features for 301 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 5, Bathroom 5, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2
Subdivision
South Slope
High school district
000000
Standard status
Active
Size
3,900 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Charissa Sheptak · License #10401320825
(646) 583-3663
Added: Mar 10
Changed: Sep 5
Last Checked: Sep 8 at 11:06PM
MLS# 11671056
Copyright © 2026 My State MLS. 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.
301 23rd Street is a 3,900-square-foot multifamily building with six rent-stabilized apartments. Each apartment is configured with one bedroom, a full kitchen, and a full bath. One unit is an owner's duplex with three additional rooms on the lower level, two bathrooms, a washer/dryer, modified living space, and direct access to the backyard. The full-floor cellar contains updated mechanical systems and a gas boiler.
The property is fully rented and sits on a tree-lined street in Greenwood Heights. It is adjacent to Greenwood Cemetery and located blocks from Prospect Park. The surrounding transit network includes the D, N, R, and W lines, with access to the F and G nearby.
The property is fully rented and sits on a tree-lined street in Greenwood Heights. It is adjacent to Greenwood Cemetery and located blocks from Prospect Park. The surrounding transit network includes the D, N, R, and W lines, with access to the F and G nearby.
Key Highlights
- Six‑unit multifamily building totaling 3,900 square feet
- Six rent‑stabilized apartments; property is fully rented
- One‑bedroom layouts with full kitchens and baths
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
$119,063
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
3.97%
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%
$2,381,260
$2.4M
Cap Rate 7%
$1,700,900
$1.7M
Cap Rate 9%
$1,322,922
$1.3M
Market Conditions
NOI Build-Up for 3,900 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
$220.9K $56.64/SF
− Vacancy
−$4.4K −$1.13/SF
EGI
$216.5K $55.51/SF
− OpEx
−$97.4K −$24.98/SF
NOI
$119.1K $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%
$2,381,260
Cap Rate 7%
$1,700,900
Cap Rate 9%
$1,322,922
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.98M
NOI $119,063 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.23M
$2.83M – $3.77M
NOI $226,044 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,488
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
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 - Updated multifamily property with rent-stabilized units, a duplex residence, and direct backyard access.
Where is this apartment building located?
The property is located at 301 23rd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Six‑unit multifamily building totaling 3,900 square feet; Six rent‑stabilized apartments; property is fully rented; One‑bedroom layouts with full kitchens and baths
