Turnkey Three-Building Multifamily
For Sale
Contact for pricing
390 5th Avenue, Brooklyn, NY 11215
Turnkey portfolio featuring three buildings and 23 income-producing multifamily and mixed-use units across Brooklyn submarkets.
Property Size19,128 SF
Price / SF$891.36
Days on Market21
Property Features for 390 5th Avenue
General Information
Standard status
Active
Size
19,128 SF
Property subtype
Multifamily, Mixed Use
Occupancy
100%
Net Operating Income
$1,111,660
Additional Details
Multifamily Units
23
Building Details
Buildings
3
Units
23
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Andrew Bronsteen · License #NY10401314581
Source:
Crexi
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 12 at 12:07PM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
Marcus & Millichap’s New York Multifamily Group is pleased to exclusively offer The 2B Turnkey Collection, a three-building, 23-unit portfolio of income-producing multifamily and mixed-use assets. The portfolio totals approximately 19,128 square feet and is being offered as a full portfolio or on an individual-building basis.
The collection is positioned across three Brooklyn submarkets: Williamsburg, Boerum Hill, and Park Slope. The offering includes properties at 390 5th Avenue, Brooklyn, NY 11215.
As a turnkey collection, the portfolio is presented as move-in ready for new ownership, with the units described as pristine and income-producing.
The collection is positioned across three Brooklyn submarkets: Williamsburg, Boerum Hill, and Park Slope. The offering includes properties at 390 5th Avenue, Brooklyn, NY 11215.
As a turnkey collection, the portfolio is presented as move-in ready for new ownership, with the units described as pristine and income-producing.
Key Highlights
- Three‑building, 23‑unit turnkey multifamily and mixed‑use portfolio in Brooklyn
- Portfolio totals approximately 19,128 square feet
- Units are located across Brooklyn submarkets including Williamsburg, Boerum Hill, and Park Slope
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
$583,958
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
3.42%
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%
$11,679,160
$11.7M
Cap Rate 7%
$8,342,257
$8.3M
Cap Rate 9%
$6,488,422
$6.5M
Market Conditions
NOI Build-Up for 19,128 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
$1.08M $56.64/SF
− Vacancy
−$21.7K −$1.13/SF
EGI
$1.06M $55.51/SF
− OpEx
−$477.8K −$24.98/SF
NOI
$584.0K $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%
$11,679,160
Cap Rate 7%
$8,342,257
Cap Rate 9%
$6,488,422
Alternative Uses
Best Use
Apartment 5plus
$8.34M
$7.30M – $9.73M
NOI $583,958 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$15.84M
$13.86M – $18.48M
NOI $1,108,659 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Residential units
Location Intelligence
Trade Area within ½ mile
8,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
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 - Turnkey portfolio featuring three buildings and 23 income-producing multifamily and mixed-use units across Brooklyn submarkets.
Where is this apartment building located?
The property is located at 390 5th Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $17,050,000.
What are key features of this property?
This property features: Three‑building, 23‑unit turnkey multifamily and mixed‑use portfolio in Brooklyn; Portfolio totals approximately 19,128 square feet; Units are located across Brooklyn submarkets including Williamsburg, Boerum Hill, and Park Slope
