Renovated Greenpoint Multifamily Investment
For Sale
Contact for pricing
46 Sutton St, Brooklyn, NY 11222
Renovated 6-unit building in prime Greenpoint location with vacant units.
Property Size4,500 SF
Lot Size0.06 Acres
Price / SF$460
Days on Market2025
Property Features for 46 Sutton St
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.06 Acres
Property subtype
Multifamily
Zoning
R6B
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1937
Buildings
1
Stories
3
Units
6
Listing Agency:
Capri Jet Realty Corp
(718) 388-2188
Listed By:
Robert Napolitano · License #NY 31NA0992911
Source:
Crexi
Added: Feb 4, 2021
Changed: Aug 15
Last Checked: Aug 20 at 10:01PM
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 Capri Jet Realty Corp
Investment Insights
Based on property information with market context.
This renovated multifamily property is located in Greenpoint, Brooklyn, just two blocks from McGolrick Park and half a mile from the Nassau Avenue G train station, surrounded by shops, restaurants, boutiques, and bars. The building features six renovated units, each with two bedrooms and one bathroom, except for one railroad-style unit. Each unit is equipped with stainless steel appliances, hardwood floors, and high ceilings. The property includes a large backyard and a full basement. The roof was replaced seven years ago, and the property has new electric and windows, a new back wall, and new front doors. Two apartments will be delivered vacant at closing. The lot size is 25 x 100 ft, and the building size is 25 x 60 ft. The zoning is R6B, with a FAR of 1.80 and a MAX FAR of 2. The property's taxes are $10,705 per year. This property is an investment opportunity.
Key Highlights
- Two units delivered vacant, offering immediate rental income or owner‑occupancy potential.
- Renovated units with stainless steel appliances, hardwood floors, and high ceilings.
- Prime Greenpoint location, close to McGolrick Park, the G train, shops, restaurants, and bars.
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
$137,380
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
6.64%
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%
$2,747,600
$2.7M
Cap Rate 7%
$1,962,571
$2.0M
Cap Rate 9%
$1,526,444
$1.5M
Market Conditions
NOI Build-Up for 4,500 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
$254.9K $56.64/SF
− Vacancy
−$5.1K −$1.13/SF
EGI
$249.8K $55.51/SF
− OpEx
−$112.4K −$24.98/SF
NOI
$137.4K $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%
$2,747,600
Cap Rate 7%
$1,962,571
Cap Rate 9%
$1,526,444
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.72M – $2.29M
NOI $137,380 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.73M
$3.26M – $4.35M
NOI $260,820 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,503
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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?
Apartment building - Renovated 6-unit building in prime Greenpoint location with vacant units.
Where is this apartment building located?
The property is located at 46 Sutton St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,070,000.
What are key features of this property?
This property features: Two units delivered vacant, offering immediate rental income or owner‑occupancy potential.; Renovated units with stainless steel appliances, hardwood floors, and high ceilings.; Prime Greenpoint location, close to McGolrick Park, the G train, shops, restaurants, and bars.
