Building Details

Year built 1914

Floors in Building 3

Flooring type Hardwood, Tile

Building materials Brick

Roof type Tar/Gravel, Flat, Asphalt

Listing Agency: ILITE REALTY INC Show Phone

Listed By: Igor Libo Show Phone

Added: Apr 22 Changed: Sep 15 Last Checked: Oct 13 at 5:06AM

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MLS# 11691650

Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This six-family apartment building at 448 40th St. is constructed of brick and contains six three-bedroom, one-bath apartments. The property provides 5,610 square feet, with tile and hardwood flooring, steam heat fueled by natural gas, and a flat tar-and-gravel asphalt roof. The building dates to 1914 and includes 33-by-68-foot dimensions, R6B zoning, and recently installed third-floor windows. The roof is approximately 7-8 years old.

The property is positioned near the N, D, and R trains, with shopping, Sunset Park, Industry City’s waterfront, and express transit options into Manhattan nearby. Its six-apartment configuration offers a defined multifamily layout within Brooklyn’s Sunset Park area.

Key Highlights

• Six 3‑bed/1‑bath apartments in a brick building
• 5,610 square feet on a 33x68‑foot building footprint
• R6B zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$149,600

Cap Rate

9.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,992,000 $3.0M

Cap Rate 7%

$2,137,143 $2.1M

Cap Rate 9%

$1,662,222 $1.7M

Market Conditions

NOI Build-Up for 5,610 SF

Gross rent

$282.7K $50.40/SF

− Vacancy

−$10.7K −$1.92/SF

EGI

$272.0K $48.48/SF

− OpEx

−$122.4K −$21.82/SF

NOI

$149.6K $26.67/SF

Area

ZIP 11220

Vacancy

3.80%

Lease Rate

$50.40 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,992,000

Cap Rate 7%

$2,137,143

Cap Rate 9%

$1,662,222

Alternative Uses

Best Use

Apartment 5plus

$2.14M

$1.87M – $2.49M (±1% cap)

NOI $149,600 @ 7.0% cap · market cap 9.07%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.64M

$3.18M – $4.24M (±1% cap)

NOI $254,577 @ 7.0% cap · market cap 15.43%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

1031 exchange properties

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Gym & Fitness Center Nursing Home Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

Location Intelligence

Trade Area within ½ mile

4,589

Businesses Nearby

Explore this area Business Placement

Demographics for 11220, NY

105,797

Population

30,897

Households

3.4

Avg Household Size

35

Median Age

25%

College-Educated

62%

High-School Grad

1.7 sq mi

ZIP Area

62,234

Density / Sq Mi

$64,201

Median Household Income

$31,489

Median Earnings

$1,688

Median Rent

$1,021,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Six three-bedroom apartments with R6B zoning and transit access near shopping and waterfront destinations.

Where is this apartment building located?

The property is located at 448 40th St. Brooklyn, NY.

What is the asking price?

The asking price for this property is $1,650,000.

What are key features of this property?

This property features: Six 3‑bed/1‑bath apartments in a brick building; 5,610 square feet on a 33x68‑foot building footprint; R6B zoning