Updated Brick Multifamily
New
For Sale
$1,999,000
40 Bay 46th St, Brooklyn, NY 11214
Updated brick residence with multiple private driveways, garage parking, and a configuration suited to extended household living.
Property Size2,945 SF
Days on Market2
Property Features for 40 Bay 46th St
General Information
Standard status
Active
Size
2,945 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$12,408
Building Details
Building Size
2,945 SF
Year Built
1975
Stories
3
Listing Agency:
Bergen Basin Realty
(718) 763-4110
Listed By:
Jason Sciulara
(718) 763-4110
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 7:22AM
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 Bergen Basin Realty
Investment Insights
Based on property information with market context.
Built in 1975, this brick multifamily residence at 40 Bay 46th St includes 18 rooms, 7 bedrooms, and 6 baths. The home has been updated and is described as ready for occupancy, with two private driveways and a 1-car garage providing on-site parking.
The property is located in Brooklyn, NY 11214, with a Walk Score of 83, a BikeScore of 67, and a TransitScore of 88. These ratings reflect a setting with walkable access, bikeable conditions, and strong transit connectivity.
The property is located in Brooklyn, NY 11214, with a Walk Score of 83, a BikeScore of 67, and a TransitScore of 88. These ratings reflect a setting with walkable access, bikeable conditions, and strong transit connectivity.
Key Highlights
- 18‑room multifamily residence with 7 bedrooms and 6 baths
- Brick construction; built in 1975
- Updated interior described as ready for occupancy
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
$71,989
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
3.60%
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%
$1,439,780
$1.4M
Cap Rate 7%
$1,028,414
$1.0M
Cap Rate 9%
$799,878
$799.9K
Market Conditions
NOI Build-Up for 2,945 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
$136.1K $46.20/SF
− Vacancy
−$5.2K −$1.76/SF
EGI
$130.9K $44.44/SF
− OpEx
−$58.9K −$20.00/SF
NOI
$72.0K $24.44/SF
Area
ZIP 11214
Vacancy
3.80%
Lease Rate
$46.20 /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%
$1,439,780
Cap Rate 7%
$1,028,414
Cap Rate 9%
$799,878
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.9K – $1.20M
NOI $71,989 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,258 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,896
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
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?
Multifamily property - Updated brick residence with multiple private driveways, garage parking, and a configuration suited to extended household living.
Where is this multifamily property located?
The property is located at 40 Bay 46th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 18‑room multifamily residence with 7 bedrooms and 6 baths; Brick construction; built in 1975; Updated interior described as ready for occupancy
