6-Unit Multifamily
For Sale
$2,999,000
301 23rd Street, Brooklyn, NY 11215
COMMERCIAL - Other - Brooklyn, NY
Property Size3,900 SF
Price / SF$768.97
Days on Market154
Property Features for 301 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 6, Bathroom 5, Bedroom 5, Bedroom 6, Bathroom 4, 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
Added: Mar 10
Changed: Aug 4
Last Checked: Aug 10 at 8:06AM
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.
Own an entire 6-unit multifamily building featuring six rent-stabilized units total, including one owner’s duplex with three additional rooms in the lower level. Each updated and renovated unit is a one-bedroom layout with a full kitchen and bath.
The owner’s duplex includes direct access to the back yard, a washer/dryer, two bathrooms, and modified living space on the lower level. The property is fully rented, with a full floor cellar that includes updated mechanicals and a gas boiler.
Set up to combine live-in flexibility with rental use, this building offers a straightforward configuration for an owner-occupant or investor seeking consistent residential income within the same structure. The building totals 3,900 square feet.
The owner’s duplex includes direct access to the back yard, a washer/dryer, two bathrooms, and modified living space on the lower level. The property is fully rented, with a full floor cellar that includes updated mechanicals and a gas boiler.
Set up to combine live-in flexibility with rental use, this building offers a straightforward configuration for an owner-occupant or investor seeking consistent residential income within the same structure. The building totals 3,900 square feet.
Key Highlights
- Six rent‑stabilized units in a fully rented building
- Owner’s duplex includes direct access to the back yard
- Washer/dryer in the owner’s duplex, plus two bathrooms
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
Yes
Paved road access
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 - Fully rented 6-unit multifamily property with rent-stabilized apartments and an owner duplex with 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 rent‑stabilized units in a fully rented building; Owner’s duplex includes direct access to the back yard; Washer/dryer in the owner’s duplex, plus two bathrooms
