Multifamily Building with CO
For Sale
Contact for pricing
340 Irving Avenue, Brooklyn, NY 11237
Modern new construction multifamily building with a mix of one- and two-bedroom apartments near Myrtle–Wyckoff L/M access.
Property Size10,396 SF
Price / SF$529.05
Days on Market58
Property Features for 340 Irving Avenue
General Information
Standard status
Active
Size
10,396 SF
Property subtype
Multifamily
Zoning
R6
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$295,769
Additional Details
Business Included
Yes
Building Details
Year Built
2020
Stories
4
Units
10
Tenancy
Multi
Listing Agency:
IPRG Investment Property Realty Group
Listed By:
Derek Bestreich · License #10991237362
Source:
Crexi
Added: Jun 17
Changed: Aug 13
Last Checked: Aug 13 at 2:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of IPRG Investment Property Realty Group
Investment Insights
Based on property information with market context.
340 Irving Avenue is a modern new construction multifamily building that received its Final CO in 2020. The property was built as a 34.67 ft by 58 ft structure and offers an efficient residential layout with a mix of one- and two-bedroom apartments. The building has been maintained since completion and features contemporary finishes throughout.
The property is situated in Brooklyn’s Bushwick area, with connectivity to the Myrtle–Wyckoff L/M trains described as being just steps away. The surrounding area is characterized by a neighborhood mix of local retail, dining, and amenities.
From an ownership perspective, the asset is presented as a statutorily free market property, with no tax abatement or exemption noted in the offering materials. This structure and unit mix can support tenant-oriented operations for a buyer seeking a relatively straightforward residential rental profile in a well-connected Brooklyn location, with the operational flexibility tied to the stated tax status.
The property is situated in Brooklyn’s Bushwick area, with connectivity to the Myrtle–Wyckoff L/M trains described as being just steps away. The surrounding area is characterized by a neighborhood mix of local retail, dining, and amenities.
From an ownership perspective, the asset is presented as a statutorily free market property, with no tax abatement or exemption noted in the offering materials. This structure and unit mix can support tenant-oriented operations for a buyer seeking a relatively straightforward residential rental profile in a well-connected Brooklyn location, with the operational flexibility tied to the stated tax status.
Key Highlights
- Final CO received in 2020 for a modern new construction multifamily building
- 34.67 ft × 58 ft building with an efficient layout
- Apartment mix includes one- and two‑bedroom units
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
$317,379
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
5.77%
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%
$6,347,580
$6.3M
Cap Rate 7%
$4,533,986
$4.5M
Cap Rate 9%
$3,526,433
$3.5M
Market Conditions
NOI Build-Up for 10,396 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
$588.8K $56.64/SF
− Vacancy
−$11.8K −$1.13/SF
EGI
$577.1K $55.51/SF
− OpEx
−$259.7K −$24.98/SF
NOI
$317.4K $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%
$6,347,580
Cap Rate 7%
$4,533,986
Cap Rate 9%
$3,526,433
Alternative Uses
Best Use
Apartment 5plus
$4.53M
$3.97M – $5.29M
NOI $317,379 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.61M
$7.53M – $10.04M
NOI $602,552 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,755
Businesses Nearby
Explore this area
Business Placement
Demographics for 11237, NY
49,418
Population
18,801
Households
2.6
Avg Household Size
31
Median Age
41%
College-Educated
76%
High-School Grad
1.0 sq mi
ZIP Area
49,418
Density / Sq Mi
$82,570
Median Household Income
$43,421
Median Earnings
$2,109
Median Rent
$1,063,700
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 - Modern new construction multifamily building with a mix of one- and two-bedroom apartments near Myrtle–Wyckoff L/M access.
Where is this apartment building located?
The property is located at 340 Irving Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Final CO received in 2020 for a modern new construction multifamily building; 34.67 ft × 58 ft building with an efficient layout; Apartment mix includes one- and two‑bedroom units
