Building Details

Year built 1931

Floors in Building 3

Number of units 6

Flooring type Tile, Hardwood

Building materials Wood Frame

Roof type Flat

Listing Agency: RE/MAX Real Estate Professiona r***@outlook.com Show Phone

Listed By: Billy Apter · License #BEA5721 Show Phone

Added: Jan 7, 2025 Changed: Oct 10 Last Checked: Oct 10 at 1:06PM

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MLS# 488444

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 building with a wood-frame construction and flat roof. The property includes hardwood and tile flooring and multiple bathrooms (Bathroom 1 through Bathroom 6), with interior features such as a refrigerator and stove.

The site is described as a 50x100 lot and totals 0.115 acres, with PropertySize listed at 5,940 square feet. Zoning is R6B, and the property is identified for a Greenwood/South Slope area in Brooklyn.

Built in 1931, this is a compact, R6B-zoned residential-income building opportunity for developers/builders seeking to evaluate the existing structure and lot configuration for future plans.

Key Highlights

• 50x100 lot size
• 0.115 acres
• Zoned R6B

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$181,342

Cap Rate

6.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,626,840 $3.6M

Cap Rate 7%

$2,590,600 $2.6M

Cap Rate 9%

$2,014,911 $2.0M

Market Conditions

NOI Build-Up for 5,940 SF

Gross rent

$336.4K $56.64/SF

− Vacancy

−$6.7K −$1.13/SF

EGI

$329.7K $55.51/SF

− OpEx

−$148.4K −$24.98/SF

NOI

$181.3K $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%

$3,626,840

Cap Rate 7%

$2,590,600

Cap Rate 9%

$2,014,911

Alternative Uses

Best Use

Apartment 5plus

$2.59M

$2.27M – $3.02M (±1% cap)

NOI $181,342 @ 7.0% cap · market cap 6.48%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$4.92M

$4.30M – $5.74M (±1% cap)

NOI $344,282 @ 7.0% cap · market cap 12.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Residential land & home ...

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Hair Salon Catering Service Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,630

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Wood-frame apartment building zoned R6B with flat roof and residential interiors featuring a refrigerator and stove.

Where is this apartment building located?

The property is located at 318 23rd Street Brooklyn, NY.

What is the asking price?

The asking price for this property is $2,800,000.

What are key features of this property?

This property features: 50x100 lot size; 0.115 acres; Zoned R6B