Wood-Frame Apartment
For Sale
$2,800,000
318 23rd Street, Brooklyn, NY 11215
MULTI_FAMILY - Brooklyn, NY
Property Size5,940 SF
Lot Size0.12 Acres
Price / SF$471.38
Days on Market580
Property Features for 318 23rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 3, Bathroom 6, Bathroom 4
Interior features
Refrigerator, Stove
Basement
Full
Subdivision
Greenwood Heights
Standard status
Active
Size
5,940 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
17846
Building Details
Year built
1931
Floors in Building
3
Number of units
6
Flooring type
Hardwood, Tile
Building materials
Wood Frame
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Billy Apter · License #BEA5721
(718) 532-2000
Added: Jan 7, 2025
Changed: Aug 5
Last Checked: Aug 10 at 12:06PM
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.
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 = 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
$181,342
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
6.48%
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%
$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
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
$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 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%
$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
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
NOI $344,282 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
