Fully Occupied Multifamily
For Sale
$3,800,000
486 3rd Avenue, Brooklyn, NY 11215
Fully occupied 16-unit walk-up with rent-stabilized studios to three-bedroom apartments, including two first-floor duplex units.
Property Size6,480 SF
Price / SF$586.42
Days on Market203
Property Features for 486 3rd Avenue
General Information
Standard status
Active
Size
6,480 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$63,407
Building Details
Building Size
6,480 SF
Year Built
1940
Tenancy
Multi
Listing Agency:
Ben Bay Realty Co
(718) 680-6442
Listed By:
Nicholas Venturini · License #NV3472
(718) 680-6442
Source:
Penrealty
Added: Jan 20
Changed: Aug 11
Last Checked: Aug 10 at 9:44AM
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 Ben Bay Realty Co
Investment Insights
Based on property information with market context.
This 16-unit multifamily building is offered fully occupied and described as well-maintained. The property is a walk-up with a unit mix that includes studios through three-bedroom apartments, plus two duplex units on the first floor. Public remarks indicate all units are rent-stabilized, with no rent-controlled apartments.
The asset is located at 486 3rd Avenue in Brooklyn, New York, within the South Carroll Gardens / Gowanus area. It is presented as a stabilized, long-term income opportunity based on the in-place occupancy and rent stabilization structure described in the offering remarks.
The asset is located at 486 3rd Avenue in Brooklyn, New York, within the South Carroll Gardens / Gowanus area. It is presented as a stabilized, long-term income opportunity based on the in-place occupancy and rent stabilization structure described in the offering remarks.
Key Highlights
- Fully occupied 16‑unit walk‑up multifamily building
- Unit mix includes studios through three‑bedroom apartments
- Includes two first‑floor duplex units
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
$197,828
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
5.21%
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%
$3,956,560
$4.0M
Cap Rate 7%
$2,826,114
$2.8M
Cap Rate 9%
$2,198,089
$2.2M
Market Conditions
NOI Build-Up for 6,480 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
$367.0K $56.64/SF
− Vacancy
−$7.3K −$1.13/SF
EGI
$359.7K $55.51/SF
− OpEx
−$161.9K −$24.98/SF
NOI
$197.8K $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%
$3,956,560
Cap Rate 7%
$2,826,114
Cap Rate 9%
$2,198,089
Alternative Uses
Best Use
Apartment 5plus
$2.83M
$2.47M – $3.30M
NOI $197,828 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.37M
$4.69M – $6.26M
NOI $375,581 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,053
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
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 - Fully occupied 16-unit walk-up with rent-stabilized studios to three-bedroom apartments, including two first-floor duplex units.
Where is this apartment building located?
The property is located at 486 3rd Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Fully occupied 16‑unit walk‑up multifamily building; Unit mix includes studios through three‑bedroom apartments; Includes two first‑floor duplex units
