9-Unit Apartment
For Sale
Contact for pricing
479 Warren Street, Brooklyn, NY 11217
Four-story multifamily property with recent roof, hallway, and plumbing improvements plus a mix of free-market units.
Property Size6,631 SF
Price / SF$746.49
Days on Market14
Property Features for 479 Warren Street
General Information
Standard status
Active
Size
6,631 SF
Property subtype
Multifamily
Zoning
R6B
Investment Type
Stabilized
Additional Details
Multifamily Units
9
Building Details
Buildings
1
Stories
4
Units
9
Tenancy
Multi
Listing Agency:
Alpha Realty NY
Listed By:
Lev Mavashev · License #NY 10351208812
Source:
Crexi
Added: Jul 27
Changed: Aug 4
Last Checked: Aug 7 at 5:28AM
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 Alpha Realty NY
Investment Insights
Based on property information with market context.
This 6,631-square-foot multifamily building contains 9 units across 4 stories. Improvements completed within the last 3-5 years include a new roof, redesigned hallways, and updated plumbing. The property is classified under Protected Tax Class 2B, which includes legal limits on assessment increases, and is zoned R6B.
Located at 479 Warren Street in Brooklyn’s Boerum Hill neighborhood, the building includes a free-market component representing 66% of the units. Each free-market unit has individual heat and hot water tanks, providing separate utility equipment for that portion of the property.
Located at 479 Warren Street in Brooklyn’s Boerum Hill neighborhood, the building includes a free-market component representing 66% of the units. Each free-market unit has individual heat and hot water tanks, providing separate utility equipment for that portion of the property.
Key Highlights
- 9‑unit, 4‑story apartment building
- 6,631 SF multifamily property in Boerum Hill, Brooklyn
- 66% of units are free‑market
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
$202,438
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
4.09%
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%
$4,048,760
$4.0M
Cap Rate 7%
$2,891,971
$2.9M
Cap Rate 9%
$2,249,311
$2.2M
Market Conditions
NOI Build-Up for 6,631 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
$375.6K $56.64/SF
− Vacancy
−$7.5K −$1.13/SF
EGI
$368.1K $55.51/SF
− OpEx
−$165.6K −$24.98/SF
NOI
$202.4K $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%
$4,048,760
Cap Rate 7%
$2,891,971
Cap Rate 9%
$2,249,311
Alternative Uses
Best Use
Apartment 5plus
$2.89M
$2.53M – $3.37M
NOI $202,438 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.49M
$4.80M – $6.41M
NOI $384,333 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
10,142
Businesses Nearby
Explore this area
Business Placement
Demographics for 11217, NY
42,417
Population
21,590
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
93%
High-School Grad
0.7 sq mi
ZIP Area
60,596
Density / Sq Mi
$158,314
Median Household Income
$95,067
Median Earnings
$2,800
Median Rent
$1,614,200
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 - Four-story multifamily property with recent roof, hallway, and plumbing improvements plus a mix of free-market units.
Where is this apartment building located?
The property is located at 479 Warren Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 9‑unit, 4‑story apartment building; 6,631 SF multifamily property in Boerum Hill, Brooklyn; 66% of units are free‑market
