Six-Family Apartment
For Sale
$3,100,000
Pending
571 8th Street, Brooklyn, NY 11215
COMMERCIAL - Other - Brooklyn, NY
Property Size6,196 SF
Days on Market207
Property Features for 571 8th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bedroom 4, Bedroom 2, Bedroom 8, Bedroom 11, Bedroom 5, Bedroom 7, Bathroom 1, Bedroom 10, Bedroom 12, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 1, Bedroom 9, Bathroom 5, Bedroom 3
Subdivision
Park Slope
High school district
000000
Standard status
Pending
Size
6,196 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Ian Mednick · License #10401308254
Added: Jan 15
Changed: Aug 9
Last Checked: Aug 10 at 4:06PM
MLS# 11633573
Copyright © 2026 My State MLS. 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 well-maintained six-family apartment building is first offered in more than half a century and has been carefully maintained by the same ownership for decades. The property offers a clean, straightforward foundation for the next owner, with the stated potential for the top three floors to be delivered vacant, creating near-term flexibility for repositioning or occupancy planning.
Located at 571 8th Street in Brooklyn, NY 11215, the building sits on a quiet park block. It is described as filled with natural light.
The property totals 6,196 square feet and is laid out with 12 bedrooms and six bathrooms across the units.
Located at 571 8th Street in Brooklyn, NY 11215, the building sits on a quiet park block. It is described as filled with natural light.
The property totals 6,196 square feet and is laid out with 12 bedrooms and six bathrooms across the units.
Key Highlights
- Six‑family apartment building maintained by the same ownership for decades
- Top three floors have potential to be delivered vacant
- 6,196 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
$189,157
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
6.10%
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%
$3,783,140
$3.8M
Cap Rate 7%
$2,702,243
$2.7M
Cap Rate 9%
$2,101,744
$2.1M
Market Conditions
NOI Build-Up for 6,196 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
$350.9K $56.64/SF
− Vacancy
−$7.0K −$1.13/SF
EGI
$343.9K $55.51/SF
− OpEx
−$154.8K −$24.98/SF
NOI
$189.2K $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%
$3,783,140
Cap Rate 7%
$2,702,243
Cap Rate 9%
$2,101,744
Alternative Uses
Best Use
Apartment 5plus
$2.70M
$2.36M – $3.15M
NOI $189,157 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.13M
$4.49M – $5.99M
NOI $359,120 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
5,549
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 - Well-maintained six-family apartment building with potential for the top three floors to be delivered vacant.
Where is this apartment building located?
The property is located at 571 8th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Six‑family apartment building maintained by the same ownership for decades; Top three floors have potential to be delivered vacant; 6,196 square feet
