Three-Unit Apartment Building with
For Sale
$2,888,000
498 Classon Avenue, Brooklyn, NY 11238
Fully occupied multifamily property with gated access, private outdoor space, and on-site parking.
Property Size6,800 SF
Days on Market59
Property Features for 498 Classon Avenue
General Information
Standard status
Active
Size
6,800 SF
Property subtype
Commercial
Zoning
R6B
Taxes and HOA fees
Annual Taxes
$16,355
Building Details
Building Size
6,800 SF
Year Built
2002
Units
3
Listing Agency:
All Island Estates Realty Corp
(516) 279-8828
Listed By:
Richard Matt Shane · License #10301216230
(516) 279-8828
Source:
Professionalchoicerealty
Added: Jul 3
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 All Island Estates Realty Corp
Investment Insights
Based on property information with market context.
This 2002 multifamily property contains three free-market apartments, each configured with three bedrooms and two bathrooms. The building is 100% occupied and includes 9' ceilings, air conditioning, sprinkler protection, 200 Amp power, and all-new LED lighting. A private gated driveway, rear yard, and six parking spaces provide additional site features, while exterior signage supports property identification.
The property is located at 498 Classon Avenue in Brooklyn, near I-278, Atlantic Terminal, and Barclays Center. It sits between Atlantic Avenue and Nostrand Avenue, with nearby retail, service, medical, fitness, banking, postal, and self-storage users. R6B zoning is in place.
The property is located at 498 Classon Avenue in Brooklyn, near I-278, Atlantic Terminal, and Barclays Center. It sits between Atlantic Avenue and Nostrand Avenue, with nearby retail, service, medical, fitness, banking, postal, and self-storage users. R6B zoning is in place.
Key Highlights
- Three 3 Br., 2 Bath apartments in a 100% occupied building
- R6B zoning with 2002 construction
- Private gated driveway, rear yard, and 6 parking spaces
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
$238,148
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
8.25%
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%
$4,762,960
$4.8M
Cap Rate 7%
$3,402,114
$3.4M
Cap Rate 9%
$2,646,089
$2.6M
Market Conditions
NOI Build-Up for 6,800 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
$346.8K $51.00/SF
− Vacancy
−$6.6K −$0.97/SF
EGI
$340.2K $50.03/SF
− OpEx
−$102.1K −$15.01/SF
NOI
$238.1K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,762,960
Cap Rate 7%
$3,402,114
Cap Rate 9%
$2,646,089
Alternative Uses
Best Use
Multifamily LT 5
$3.40M
$2.98M – $3.97M
NOI $238,148 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$2.97M
$2.59M – $3.46M
NOI $207,597 @ 7.0% cap · market cap 7.19%
Theoretical Best
Specialty Retail
$5.63M
$4.93M – $6.57M
NOI $394,128 @ 7.0% cap · market cap 13.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,107
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied multifamily property with gated access, private outdoor space, and on-site parking.
Where is this triplex located?
The property is located at 498 Classon Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,888,000.
What are key features of this property?
This property features: Three 3 Br., 2 Bath apartments in a 100% occupied building; R6B zoning with 2002 construction; Private gated driveway, rear yard, and 6 parking spaces
