Ten-Unit Brownstone Apartment
For Sale
Contact for pricing
492 3rd St, Brooklyn, NY 11215
Classic period details, landscaped outdoor areas, and flexible apartment occupancy define this Park Slope multifamily property.
Property Size5,500 SF
Price / SF$936.36
Days on Market154
Property Features for 492 3rd St
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Multifamily
Zoning
R6B
Net Operating Income
$314,150
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
10
Amenities
front garden
rear garden
limestone terrace
platform deck
claw-foot tubs
original parquet floors
classic molding
Building Details
Year Built
1920
Buildings
1
Stories
5
Units
10
Construction
brownstone
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Andrew Bronsteen · License #NY10401314581
Source:
Crexi
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 7:10PM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
This brownstone apartment building contains 10 residences with classic front-and-rear layouts, soaring ceilings, original parquet floors, traditional molding, claw-foot tubs, and other period details. The property includes a front garden, rear garden, limestone terrace, garden paths, rear yard, and platform deck. Nine of the 10 apartments are free market, and the property offers flexibility to deliver multiple units vacant.
The building occupies Third Street between 6th and 7th Avenues in Park Slope, where the roadway is notably broad and tree-lined. The Park, neighborhood services, and multiple subway lines are nearby. The property is zoned R6B and carries the protected 2B tax class.
The building occupies Third Street between 6th and 7th Avenues in Park Slope, where the roadway is notably broad and tree-lined. The Park, neighborhood services, and multiple subway lines are nearby. The property is zoned R6B and carries the protected 2B tax class.
Key Highlights
- 10‑residence brownstone apartment building with classic front‑and‑rear layouts
- 9 of 10 apartments are free market
- Front garden, rear garden, limestone terrace, rear yard, and platform deck
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
$167,909
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
3.26%
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%
$3,358,180
$3.4M
Cap Rate 7%
$2,398,700
$2.4M
Cap Rate 9%
$1,865,656
$1.9M
Market Conditions
NOI Build-Up for 5,500 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
$311.5K $56.64/SF
− Vacancy
−$6.2K −$1.13/SF
EGI
$305.3K $55.51/SF
− OpEx
−$137.4K −$24.98/SF
NOI
$167.9K $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%
$3,358,180
Cap Rate 7%
$2,398,700
Cap Rate 9%
$1,865,656
Alternative Uses
Best Use
Apartment 5plus
$2.40M
$2.10M – $2.80M
NOI $167,909 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.55M
$3.98M – $5.31M
NOI $318,780 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,892
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 - Classic period details, landscaped outdoor areas, and flexible apartment occupancy define this Park Slope multifamily property.
Where is this apartment building located?
The property is located at 492 3rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,150,000.
What are key features of this property?
This property features: 10‑residence brownstone apartment building with classic front‑and‑rear layouts; 9 of 10 apartments are free market; Front garden, rear garden, limestone terrace, rear yard, and platform deck
