Renovated 6-Unit Apartment
For Sale
$1,999,999
677 Glenmore Avenue, Brooklyn, NY 11207
Multifamily property with market rents, tenant-paid utilities, basement storage, and coin-operated laundry.
Property Size5,361 SF
Days on Market36
Property Features for 677 Glenmore Avenue
General Information
Standard status
Active
Size
5,361 SF
Property subtype
Commercial
Zoning
R5B
Units
Unit Mix
5 x 3BR, 1 x 2BR
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$19,113
Amenities
laundry
Building Details
Building Size
5,361 SF
Year Built
1935
Year Renovated
2007
Buildings
1
Units
6
Listing Agency:
JBarnes & Associates Inc
(516) 216-4722
Listed By:
Vinneth Barnes
(516) 216-4722
Source:
Cohenandcohenrealty
Added: Jul 14
Changed: Aug 17
Last Checked: Aug 18 at 12:08AM
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 JBarnes & Associates Inc
Investment Insights
Based on property information with market context.
This R5B-zoned apartment building contains six residences: five three-bedroom apartments and one two-bedroom apartment. The property was renovated in 2007 and includes a laundry area equipped with coin-operated machines. Basement space provides storage along with additional area identified for rentable use.
Apartments are described as operating at market rents and are not rent stabilized or rent regulated. Tenants pay their own heat, gas, and electricity, establishing a defined utility arrangement for the building. The property was constructed in 1935 and is located at 677 Glenmore Avenue in Brooklyn, New York.
Apartments are described as operating at market rents and are not rent stabilized or rent regulated. Tenants pay their own heat, gas, and electricity, establishing a defined utility arrangement for the building. The property was constructed in 1935 and is located at 677 Glenmore Avenue in Brooklyn, New York.
Key Highlights
- Six apartments: five three‑bedroom units and one two‑bedroom unit
- Renovated in 2007; original construction date is 1935
- R5B zoning
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
$163,666
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
8.18%
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%
$3,273,320
$3.3M
Cap Rate 7%
$2,338,086
$2.3M
Cap Rate 9%
$1,818,511
$1.8M
Market Conditions
NOI Build-Up for 5,361 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
$303.6K $56.64/SF
− Vacancy
−$6.1K −$1.13/SF
EGI
$297.6K $55.51/SF
− OpEx
−$133.9K −$24.98/SF
NOI
$163.7K $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%
$3,273,320
Cap Rate 7%
$2,338,086
Cap Rate 9%
$1,818,511
Alternative Uses
Best Use
Apartment 5plus
$2.34M
$2.05M – $2.73M
NOI $163,666 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.44M
$3.88M – $5.18M
NOI $310,724 @ 7.0% cap · market cap 15.54%
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
2,858
Businesses Nearby
Explore this area
Business Placement
Demographics for 11207, NY
100,330
Population
38,030
Households
2.6
Avg Household Size
35
Median Age
19%
College-Educated
81%
High-School Grad
2.7 sq mi
ZIP Area
37,159
Density / Sq Mi
$55,419
Median Household Income
$41,008
Median Earnings
$1,443
Median Rent
$657,400
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 - Multifamily property with market rents, tenant-paid utilities, basement storage, and coin-operated laundry.
Where is this apartment building located?
The property is located at 677 Glenmore Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: Six apartments: five three‑bedroom units and one two‑bedroom unit; Renovated in 2007; original construction date is 1935; R5B zoning
