East Flatbush Multifamily Investment
For Sale
$1,075,000
Pending
385 E 46th St, Brooklyn, NY 11203
Updated 6-family building in prime location with strong income.
Property Size2,160 SF
Lot Size0.05 Acres
Days on Market278
Property Features for 385 E 46th St
General Information
Standard status
Pending
Size
2,160 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$20,012
Building Details
Building Size
2,160 SF
Year Built
1931
Stories
3
Listing Agency:
Citi Star Inc
(718) 332-6669
Listed By:
Mohamed Mahmoud
(718) 332-6669
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 27
Last Checked: Sep 1 at 6:25PM
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 Citi Star Inc
Investment Insights
Based on property information with market context.
This is a 6-family, semi-detached brick building located in East Flatbush. All 6 apartments have been updated and feature individual gas and electric meters. The building includes a full, semi-finished basement and a resident superintendent. The property is in good condition and features a new hot water heater, a new roof, and a new boiler. The annual rent roll is $93,336, with annual taxes of $20,013. The building can be delivered with one vacant apartment. Transportation options include the 2, 3, 4, and 5 trains, as well as the B44, B44 SBS, B46, B46 SBS, 6, 8, 35, 12, and 7 buses. The property is located near restaurants, eateries, SUNY Downstate Medical Center, the Brooklyn Public Library, houses of worship, schools, a Post Office, and department stores.
Key Highlights
- Updated apartments with individual gas and electric meters.
- Strong income potential with an annual rent roll of $93,336.**
- New hot water heater, roof, and boiler.
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
$65,943
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
6.13%
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%
$1,318,860
$1.3M
Cap Rate 7%
$942,043
$942.0K
Cap Rate 9%
$732,700
$732.7K
Market Conditions
NOI Build-Up for 2,160 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
$122.3K $56.64/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$119.9K $55.51/SF
− OpEx
−$54.0K −$24.98/SF
NOI
$65.9K $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%
$1,318,860
Cap Rate 7%
$942,043
Cap Rate 9%
$732,700
Alternative Uses
Best Use
Apartment 5plus
$942.0K
$824.3K – $1.10M
NOI $65,943 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.79M
$1.56M – $2.09M
NOI $125,194 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,220
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
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 - Updated 6-family building in prime location with strong income.
Where is this apartment building located?
The property is located at 385 E 46th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Updated apartments with individual gas and electric meters.; Strong income potential with an annual rent roll of $93,336.**; New hot water heater, roof, and boiler.
