Three-Unit Apartment
For Sale
$2,888,000
498 Classon Avenue, Brooklyn, NY 11238
R6B-zoned property with a gated driveway, rear yard, and on-site parking.
Property Size6,800 SF
Price / SF$424.71
Days on Market114
Property Features for 498 Classon Avenue
General Information
Standard status
Active
Size
6,800 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
R6B
Occupancy
100%
Net Operating Income
$145,286
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Additional Details
Gross Income
$169,200
Sprinkler System
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$16,355
Amenities
Private Gated Driveway
Rear Yard
LED Lighting
A/C
Building Details
Building Size
6,800 SF
Year Built
2002
Buildings
1
Units
3
Listing Agency:
All Island Estates Realty Corp
(516) 783-5600
Listed By:
Richard Matt Shane · License #1020151
(516) 279-8828
Source:
Croninreale
Added: Jul 3
Changed: Oct 23
Last Checked: Oct 23 at 9:51AM
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
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Investment Insights
Based on property information with market context.
This Brooklyn apartment property contains three 3-bedroom, 2-bathroom units. Building features include 9-foot ceilings, sprinklers, air conditioning, 200-amp electrical service, and updated LED lighting. The site also has a gated driveway, rear yard, and six parking spaces. R6B zoning is in place.
At 498 Classon Avenue, the property is situated between Atlantic Avenue and Nostrand Avenue. Nearby destinations named include Atlantic Terminal, Barclays Center, Atlantic Center Mall, and NYU Langone. I-278 is also identified in the surrounding area.
At 498 Classon Avenue, the property is situated between Atlantic Avenue and Nostrand Avenue. Nearby destinations named include Atlantic Terminal, Barclays Center, Atlantic Center Mall, and NYU Langone. I-278 is also identified in the surrounding area.
Key Highlights
- Three apartments, each with 3 bedrooms and 2 bathrooms
- R6B zoning
- Six parking spaces, gated driveway, and rear yard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$238,148
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
3
Residential units
100%
Occupancy
Yes
Sprinkler system
Yes
Highway access
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - R6B-zoned property with a gated driveway, rear yard, 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 apartments, each with 3 bedrooms and 2 bathrooms; R6B zoning; Six parking spaces, gated driveway, and rear yard
