Newly Developed 46-Unit Rental
For Sale
Contact for pricing
45 Lenox Road, Brooklyn, NY 11226
Fully leased 46-unit apartment building with in-unit washers and dryers and a package of resident amenities.
Property Size45,000 SF
Price / SF$622.22
Days on Market124
Property Features for 45 Lenox Road
General Information
Standard status
Active
Size
45,000 SF
Property subtype
Retail, Multifamily
Zoning
R7A & R6B
Occupancy
100%
Net Operating Income
$1,820,000
Additional Details
Cap Rate
6.5%
Multifamily Units
46
Building Details
Year Built
2023
Buildings
1
Stories
8
Tenancy
Multi
Listing Agency:
SERHANT
Listed By:
Bernadette Brennan · License #NY 10301221862
(646) 480-7665
Source:
Crexi
Added: Jun 5
Changed: Sep 18
Last Checked: Oct 5 at 4:00PM
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 SERHANT
Investment Insights
Based on property information with market context.
45 Lenox Road is a newly developed, 8-story multifamily building constructed in 2024, containing 46 rental units totaling approximately 45,000 square feet. The unit mix includes 4 studios, 32 one-bedrooms, and 10 two-bedrooms. Residences are designed with contemporary kitchens and in-unit washer and dryers, with private storage rooms included and several units offering private outdoor space.
The building is described as being located in the heart of Flatbush, Brooklyn. The property is currently fully leased. Reported benefits include a 30-year tax exemption, and the offering is presented as a turnkey asset.
For buyers and investors, the practical appeal is the combination of new construction and a fully leased configuration, along with an extensive amenity package. Community features include a modern fitness center, pet care room, package room, media room, and a furnished roof deck. The offering also notes a sponsor-condominium origin and a higher standard of design and quality than a typical rental property.
The building is described as being located in the heart of Flatbush, Brooklyn. The property is currently fully leased. Reported benefits include a 30-year tax exemption, and the offering is presented as a turnkey asset.
For buyers and investors, the practical appeal is the combination of new construction and a fully leased configuration, along with an extensive amenity package. Community features include a modern fitness center, pet care room, package room, media room, and a furnished roof deck. The offering also notes a sponsor-condominium origin and a higher standard of design and quality than a typical rental property.
Key Highlights
- Newly developed, fully leased 46‑unit apartment building built in 2023 (8 stories)
- 46 units total: 4 studios, 32 one‑bedrooms, and 10 two‑bedrooms
- In‑unit washer and dryer included in residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,054,944
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,098,880
$21.1M
Cap Rate 7%
$15,070,629
$15.1M
Cap Rate 9%
$11,721,600
$11.7M
Market Conditions
NOI Build-Up for 45,000 SF
Gross rent
$2.00M $44.40/SF
− Vacancy
−$79.9K −$1.78/SF
EGI
$1.92M $42.62/SF
− OpEx
−$863.1K −$19.18/SF
NOI
$1.05M $23.44/SF
Area
ZIP 11226
Vacancy
4.00%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,098,880
Cap Rate 7%
$15,070,629
Cap Rate 9%
$11,721,600
Alternative Uses
Best Use
Apartment 5plus
$15.07M
$13.19M – $17.58M
NOI $1,054,944 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.24M
$19.46M – $25.95M
NOI $1,556,928 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
46
Residential units
Location Intelligence
Trade Area within ½ mile
5,387
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased 46-unit apartment building with in-unit washers and dryers and a package of resident amenities.
Where is this apartment building located?
The property is located at 45 Lenox Road Brooklyn, NY.
What is the asking price?
The asking price for this property is $28,000,000.
What are key features of this property?
This property features: Newly developed, fully leased 46‑unit apartment building built in 2023 (8 stories); 46 units total: 4 studios, 32 one‑bedrooms, and 10 two‑bedrooms; In‑unit washer and dryer included in residences
