8-Unit Brick Apartment
For Sale
$3,795,000
34 Garnet Street, Brooklyn, NY 11231
Residential, Brooklyn, NY
Property Size5,000 SF
Lot Size0.06 Acres
Price / SF$759
Days on Market143
Property Features for 34 Garnet Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 6, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 5, Bathroom 3, Bathroom 7, Bathroom 8, Bedroom 7, Bathroom 6, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 8
Interior features
Refrigerator, Stove
Basement
Finished, Full
Subdivision
Carroll Gardens
Standard status
Active
Size
5,000 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
10097
Building Details
Year built
1931
Floors in Building
4
Number of units
8
Flooring type
Hardwood, Ceramic, Tile
Building materials
Brick
Roof type
Flat, Rubber
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Vito Angelo · License #VITLO524
(718) 887-5708
Added: Apr 28
Changed: Sep 17
Last Checked: Sep 17 at 9:06PM
MLS# 500819
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.
This 5,000-square-foot apartment building at 34 Garnet Street contains eight one-bedroom units and was constructed in 1931. The solid-brick structure includes ceramic, tile, and hardwood flooring, along with refrigerators and stoves. The roof is flat and rubberized, and the property includes a full finished basement with exterior access and a private backyard. The owner's unit will be delivered vacant at closing.
Located in Brooklyn, NY 11231, the property carries R6B zoning and occupies 0.0574 acres. Recent work includes new electrical service, a new boiler, and pointing and weather-sealing throughout. The vacant owner's unit and basement connection provide a documented configuration for future owner use, subject to applicable approvals.
Located in Brooklyn, NY 11231, the property carries R6B zoning and occupies 0.0574 acres. Recent work includes new electrical service, a new boiler, and pointing and weather-sealing throughout. The vacant owner's unit and basement connection provide a documented configuration for future owner use, subject to applicable approvals.
Key Highlights
- Eight one‑bedroom apartment units in a solid‑brick building
- 5,000 square feet on a 0.0574‑acre lot
- Owner's unit delivered vacant at closing
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
$152,645
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
4.02%
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%
$3,052,900
$3.1M
Cap Rate 7%
$2,180,643
$2.2M
Cap Rate 9%
$1,696,056
$1.7M
Market Conditions
NOI Build-Up for 5,000 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
$283.2K $56.64/SF
− Vacancy
−$5.7K −$1.13/SF
EGI
$277.5K $55.51/SF
− OpEx
−$124.9K −$24.98/SF
NOI
$152.6K $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%
$3,052,900
Cap Rate 7%
$2,180,643
Cap Rate 9%
$1,696,056
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,645 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.14M
$3.62M – $4.83M
NOI $289,800 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
3,927
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - R6B-zoned Brooklyn property with updated electrical service, boiler, and weather-sealing.
Where is this apartment building located?
The property is located at 34 Garnet Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,795,000.
What are key features of this property?
This property features: Eight one‑bedroom apartment units in a solid‑brick building; 5,000 square feet on a 0.0574‑acre lot; Owner's unit delivered vacant at closing
