Apartment Building with Development
For Sale
$2,900,000
493 CLINTON Ave, Brooklyn, NY 11238
Eleven rent-stabilized apartments offer an occupied multifamily configuration with several partially renovated units.
Property Size5,720 SF
Lot Size0.10 Acres
Price / SF$505.23
Days on Market119
Property Features for 493 CLINTON Ave
General Information
Standard status
Active
Size
5,720 SF
Lot size
0.10 Acres
Property subtype
Multi Family
Additional Details
Gross Income
$209,285
Public Transit
Yes
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$51,672
Building Details
Building Size
5,720 SF
Year Built
1930
Buildings
1
Stories
4
Units
11
Listed By:
Vicki V Negron · License #30NE0885770 (NY)
(718) 923-8020
Source:
Elliman
Added: May 9
Changed: Aug 30
Last Checked: Aug 31 at 4:36PM
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 Vicki V Negron
Investment Insights
Based on property information with market context.
This four-story apartment building contains 11 rent-stabilized apartments and will be transferred with tenants in place. Several units have received partial renovations. Built in 1930, the property includes a curb cut, private driveway, and rear garage. The building contains 5,740 square feet on a 37.08' x 120' lot, with an existing 22' x 65' footprint.
The site carries an FAR of 4.0 and supports a maximum buildable area of 17,800 square feet, leaving over 12,000 square feet of unused development rights. The property is not landmarked and is outside a historic district. G, C, and A subway access is located directly above the building, while Clinton Hill, Brooklyn, provides proximity to Pratt Institute, Fort Greene, Downtown Brooklyn, and Prospect Heights. WalkScore is 97, BikeScore is 93, and TransitScore is 100.
The site carries an FAR of 4.0 and supports a maximum buildable area of 17,800 square feet, leaving over 12,000 square feet of unused development rights. The property is not landmarked and is outside a historic district. G, C, and A subway access is located directly above the building, while Clinton Hill, Brooklyn, provides proximity to Pratt Institute, Fort Greene, Downtown Brooklyn, and Prospect Heights. WalkScore is 97, BikeScore is 93, and TransitScore is 100.
Key Highlights
- 11 rent‑stabilized apartments with tenants in place
- 5,740 square feet on a 37.08' x 120' lot
- FAR of 4.0 with maximum buildable area of 17,800 square feet
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
$175,236
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
6.04%
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%
$3,504,720
$3.5M
Cap Rate 7%
$2,503,371
$2.5M
Cap Rate 9%
$1,947,067
$1.9M
Market Conditions
NOI Build-Up for 5,740 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
$325.1K $56.64/SF
− Vacancy
−$6.5K −$1.13/SF
EGI
$318.6K $55.51/SF
− OpEx
−$143.4K −$24.98/SF
NOI
$175.2K $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%
$3,504,720
Cap Rate 7%
$2,503,371
Cap Rate 9%
$1,947,067
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $175,236 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.75M
$4.16M – $5.54M
NOI $332,690 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
7,108
Businesses Nearby
Explore this area
Business Placement
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
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 - Eleven rent-stabilized apartments offer an occupied multifamily configuration with several partially renovated units.
Where is this apartment building located?
The property is located at 493 CLINTON Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 11 rent‑stabilized apartments with tenants in place; 5,740 square feet on a 37.08' x 120' lot; FAR of 4.0 with maximum buildable area of 17,800 square feet
