East Flatbush Multifamily Brick
For Sale
$1,075,000
Pending
385 E 46th St, Brooklyn, NY 11203
Updated 6-family building in prime East Flatbush location.
Property Size2,160 SF
Lot Size0.05 Acres
Days on Market217
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
Listed By:
Mohamed Mahmoud
(718) 332-6669
Source:
Elliman
Added: Mar 10
Changed: Oct 12
Last Checked: Oct 11 at 6:44AM
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 semi-detached, brick building contains six apartments and is located in East Flatbush. Each apartment has been updated and features its own gas and electric meter. The building includes a full, semi-finished basement and a resident superintendent. The building is in good condition and has a new hot water heater, a new roof, and a new boiler. The annual rent roll is $93,336, and the annual taxes are $20,013. One apartment can be delivered vacant. Transportation options include the 2, 3, 4, and 5 trains and the B44, B44 SBS, B46 and 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 feature individual gas and electric meters.
- Strong income potential with $93,336 annual rent roll.
- New roof, hot water heater, and boiler for peace of mind.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,943
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated 6-family building in prime East Flatbush location.
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 feature individual gas and electric meters.; Strong income potential with $93,336 annual rent roll.; New roof, hot water heater, and boiler for peace of mind.
