Residential Income Property with Rooftop
For Sale
$910,000
428 E 9TH Street 513, Brooklyn, NY 11218
Condominium residence with engineered oak floors, custom cabinetry, and access to extensive shared amenities.
Property Size898 SF
Price / SF$1,013
Days on Market400
Property Features for 428 E 9TH Street 513
General Information
Standard status
Active
Size
898 SF
Property subtype
Apartment
Building Details
Building Size
898 SF
Year Built
2024
Listing Agency:
Corcoran Group
Listed By:
Salomon Danielov · License #10401221164
(347) 306-4996
Source:
Miradorrealestate
Added: Aug 1, 2025
Changed: Sep 2
Last Checked: Sep 2 at 12:57AM
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.
Located at 428 E 9TH Street in Brooklyn, this 898 SF condominium residence is part of Kensington Manor, a 2024-built development. The home includes engineered European oak flooring, oversized windows, LED lighting, a custom kitchen with Italian cabinetry, quartz countertops, and stainless-steel Blomberg and Fisher and Paykel appliances. The bathroom includes imported porcelain tile, radiant heated floors, an illuminated medicine cabinet, heated anti-fog mirror, and a deep soaking tub. Mini-split heating and cooling and an in-unit washer/dryer add everyday convenience.
Building amenities include a doorman, crafted lobby, package room, video intercom, bicycle storage, fitness center, yoga room, children’s play center, residence lounge with co-working space, pet spa, rooftop pet run, and rooftop lounge with grill stations, 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.
Building amenities include a doorman, crafted lobby, package room, video intercom, bicycle storage, fitness center, yoga room, children’s play center, residence lounge with co-working space, pet spa, rooftop pet run, and rooftop lounge with grill stations, 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
- 898 SF condominium residence at Kensington Manor
- 2024‑built development at 428 E 9TH Street, Brooklyn, NY 11218
- Custom kitchen with Italian cabinetry, quartz countertops, and stainless‑steel appliances
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
$27,415
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
3.01%
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%
$548,300
$548.3K
Cap Rate 7%
$391,643
$391.6K
Cap Rate 9%
$304,611
$304.6K
Market Conditions
NOI Build-Up for 898 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
$50.9K $56.64/SF
− Vacancy
−$1.0K −$1.13/SF
EGI
$49.8K $55.51/SF
− OpEx
−$22.4K −$24.98/SF
NOI
$27.4K $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%
$548,300
Cap Rate 7%
$391,643
Cap Rate 9%
$304,611
Alternative Uses
Best Use
Apartment 5plus
$391.6K
$342.7K – $456.9K
NOI $27,415 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$743.5K
$650.6K – $867.5K
NOI $52,048 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with engineered oak floors, custom cabinetry, and access to extensive shared amenities.
Where is this residential income property located?
The property is located at 428 E 9TH Street 513 Brooklyn, NY.
What is the asking price?
The asking price for this property is $910,000.
What are key features of this property?
This property features: 898 SF condominium residence at Kensington Manor; 2024‑built development at 428 E 9TH Street, Brooklyn, NY 11218; Custom kitchen with Italian cabinetry, quartz countertops, and stainless‑steel appliances
