Six-Unit Brownstone Income
For Sale
$2,300,000
35 Herkimer Street, Brooklyn, NY 11216
Six-unit brownstone with two 1.5-bedroom and four studio units, currently occupied with at least two vacancies.
Property Size3,600 SF
Price / SF$638.89
Days on Market187
Property Features for 35 Herkimer Street
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
R6B
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,728
Building Details
Building Size
3,600 SF
Year Built
1905
Units
6
Construction
brownstone
Tenancy
Multi
Listing Agency:
MYNY Residential
(631) 645-1530
Listed By:
Paul J. St Clair
(631) 645-1530
Source:
Cohenandcohenrealty
Added: Feb 4
Changed: Aug 8
Last Checked: Aug 9 at 12:46PM
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 MYNY Residential
Investment Insights
Based on property information with market context.
This brownstone offers a six-unit residential income setup, composed of two 1.5-bedroom apartments and four studio units. The property’s configuration is designed to provide a straightforward mix of unit types within a compact footprint.
Located in Brooklyn’s Bedford Stuyvesant area, the building is positioned near the Fulton Street corridor and within an area described as having convenient transportation options for commuting and everyday travel.
The building is currently occupied, with the ability to be delivered with at least two vacancies, giving an incoming owner flexibility in how they approach leasing and unit turnover.
Located in Brooklyn’s Bedford Stuyvesant area, the building is positioned near the Fulton Street corridor and within an area described as having convenient transportation options for commuting and everyday travel.
The building is currently occupied, with the ability to be delivered with at least two vacancies, giving an incoming owner flexibility in how they approach leasing and unit turnover.
Key Highlights
- 6‑unit brownstone built in 1905 with 2 x 1.5‑bedroom units and 4 studio units
- 20 ft by 42 ft dimensions with approximately 3,600 SF total square footage
- Currently occupied, with at least two vacancies available for potential delivery
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
$109,904
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
4.78%
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%
$2,198,080
$2.2M
Cap Rate 7%
$1,570,057
$1.6M
Cap Rate 9%
$1,221,156
$1.2M
Market Conditions
NOI Build-Up for 3,600 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
$203.9K $56.64/SF
− Vacancy
−$4.1K −$1.13/SF
EGI
$199.8K $55.51/SF
− OpEx
−$89.9K −$24.98/SF
NOI
$109.9K $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%
$2,198,080
Cap Rate 7%
$1,570,057
Cap Rate 9%
$1,221,156
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,904 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.98M
$2.61M – $3.48M
NOI $208,656 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,968
Businesses Nearby
Explore this area
Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit brownstone with two 1.5-bedroom and four studio units, currently occupied with at least two vacancies.
Where is this apartment building located?
The property is located at 35 Herkimer Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 6‑unit brownstone built in 1905 with 2 x 1.5‑bedroom units and 4 studio units; 20 ft by 42 ft dimensions with approximately 3,600 SF total square footage; Currently occupied, with at least two vacancies available for potential delivery
