16-Unit Apartment
For Sale
$3,800,000
486 3rd Avenue, Brooklyn, NY 11215
Residential, Brooklyn, NY
Property Size6,480 SF
Lot Size0.05 Acres
Price / SF$586.42
Days on Market254
Property Features for 486 3rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
19
Bathrooms
16
Full bathrooms
16
Rooms
Bedroom 1, Bedroom 7, Bedroom 6, Bathroom 10, Bedroom 8, Bathroom 14, Bedroom 18, Bedroom 5, Bathroom 13, Bathroom 2, Bedroom 16, Bathroom 1, Bedroom 11, Bedroom 2, Bathroom 6, Bathroom 12, Bedroom 4, Bedroom 10, Bedroom 13, Bathroom 4, Bathroom 3, Bathroom 5, Bathroom 8, Bedroom 9, Bedroom 19, Bathroom 15, Bedroom 3, Bathroom 9, Bedroom 17, Bathroom 16, Bedroom 14, Bedroom 15, Bathroom 11, Bedroom 12, Bathroom 7
Basement
Unfinished
Subdivision
Carroll Gardens
Standard status
Active
Size
6,480 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
63407
Building Details
Year built
1940
Flooring type
Hardwood
Building materials
Block, Brick
Roof type
Flat
Listing Agency:
Ben Bay Realty Co
Listed By:
Nicholas Venturini · License #NV3472
(718) 680-6442
Added: Jan 20
Changed: Sep 15
Last Checked: Oct 1 at 4:06PM
MLS# 498509
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 6,480-square-foot apartment building at 486 3rd Avenue in Brooklyn was built in 1940 and contains 16 units. The walk-up property offers apartments ranging from studios through three-bedroom layouts, along with two first-floor duplex units. Construction includes block and brick, while hardwood flooring and a flat roof are among the documented building features.
All units are occupied and rent-stabilized, with no rent-controlled apartments. The property is situated in South Carroll Gardens/Gowanus, within Brooklyn’s 11215 ZIP code and Kings County. Its compact 0.052-acre site supports an established multifamily configuration with a varied residential unit mix.
All units are occupied and rent-stabilized, with no rent-controlled apartments. The property is situated in South Carroll Gardens/Gowanus, within Brooklyn’s 11215 ZIP code and Kings County. Its compact 0.052-acre site supports an established multifamily configuration with a varied residential unit mix.
Key Highlights
- 16‑unit multifamily building with 6,480 square feet
- 100% occupied with all units rent‑stabilized
- Unit mix ranges from studios to three‑bedroom apartments
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
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Current Use
Lease Details
16
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied walk-up with a studio-to-three-bedroom mix and two first-floor duplex apartments.
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: 16‑unit multifamily building with 6,480 square feet; 100% occupied with all units rent‑stabilized; Unit mix ranges from studios to three‑bedroom apartments
