Residential Income Property with Rooftop
For Sale
$809,000
428 E 9TH Street 603, Brooklyn, NY 11218
Condominium residence with designer finishes, modern appliances, in-unit laundry, and access to extensive shared amenities.
Property Size851 SF
Price / SF$950.65
Days on Market400
Property Features for 428 E 9TH Street 603
General Information
Standard status
Active
Size
851 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
doorman
package room
crafted lobby and waiting area
video intercom system
bicycle storage
private storage available
fully equipped fitness center
yoga room
children's play center
residence lounge and co-working space
pet spa
rooftop pet run
rooftop lounge
Building Details
Building Size
851 SF
Year Built
2024
Listing Agency:
Corcoran Group
Listed By:
Salomon Danielov · License #10401221164
(347) 306-4996
Source:
Howardhannanyc
Added: Aug 1, 2025
Changed: Sep 2
Last Checked: Sep 2 at 2:28AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This 851-square-foot condominium residence is part of a 2024 development offering studios and one-, two-, and three-bedroom homes. Interior details include European oak engineered hardwood flooring, oversized windows, LED lighting, custom Italian cabinetry, engineered quartz countertops, and stainless-steel Blomberg and Fisher and Paykel appliances. The bathroom includes imported porcelain tile, radiant heated flooring, a heated anti-fog mirror, floating vanity, and deep soaking tub. Mini-split heating and cooling and an in-unit washer/dryer provide everyday convenience. Many residences also include private outdoor space.
Shared features at Kensington Manor include a doorman, package room, fitness center, yoga room, children's play center, residence lounge with co-working space, bicycle storage, pet spa, and rooftop pet run. The rooftop lounge adds grill stations, a kitchenette, picnic areas, and seating. Optional parking with EV chargers and private storage are available. The property is near Prospect Park and offers access to Q, B, and F train lines, along with BM1, BM2, BM3, and BM4 express bus routes.
Shared features at Kensington Manor include a doorman, package room, fitness center, yoga room, children's play center, residence lounge with co-working space, bicycle storage, pet spa, and rooftop pet run. The rooftop lounge adds grill stations, a kitchenette, picnic areas, and seating. Optional parking with EV chargers and private storage are available. The property is near Prospect Park and offers access to Q, B, and F train lines, along with BM1, BM2, BM3, and BM4 express bus routes.
Key Highlights
- 851 SF condominium residence in a 2024 development
- Access to Q, B, and F train lines plus BM1, BM2, BM3, and BM4 express bus routes
- Rooftop lounge with grill stations, kitchenette, picnic areas, and lounge seating
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
$25,980
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
3.21%
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%
$519,600
$519.6K
Cap Rate 7%
$371,143
$371.1K
Cap Rate 9%
$288,667
$288.7K
Market Conditions
NOI Build-Up for 851 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
$48.2K $56.64/SF
− Vacancy
−$964 −$1.13/SF
EGI
$47.2K $55.51/SF
− OpEx
−$21.3K −$24.98/SF
NOI
$26.0K $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%
$519,600
Cap Rate 7%
$371,143
Cap Rate 9%
$288,667
Alternative Uses
Best Use
Apartment 5plus
$371.1K
$324.8K – $433.0K
NOI $25,980 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$704.6K
$616.6K – $822.1K
NOI $49,324 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
7,259
Businesses Nearby
Explore this area
Business Placement
Demographics for 11218, NY
78,642
Population
27,403
Households
2.9
Avg Household Size
35
Median Age
51%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
56,173
Density / Sq Mi
$95,916
Median Household Income
$55,190
Median Earnings
$1,966
Median Rent
$914,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with designer finishes, modern appliances, in-unit laundry, and access to extensive shared amenities.
Where is this residential income property located?
The property is located at 428 E 9TH Street 603 Brooklyn, NY.
What is the asking price?
The asking price for this property is $809,000.
What are key features of this property?
This property features: 851 SF condominium residence in a 2024 development; Access to Q, B, and F train lines plus BM1, BM2, BM3, and BM4 express bus routes; Rooftop lounge with grill stations, kitchenette, picnic areas, and lounge seating
