Apartment Building with Coin
For Sale
$1,999,000
677 Glenmore Avenue, Brooklyn, NY 11207
Renovated six-unit apartment property with tenant-paid utilities and on-site laundry serving a five-three-bedroom, one-two-bedroom mix.
Property Size5,363 SF
Days on Market104
Property Features for 677 Glenmore Avenue
General Information
Standard status
Active
Size
5,363 SF
Property subtype
Commercial
Units
Unit Mix
5 x 3BR, 1 x 2BR
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$19,301
Amenities
coin-operated laundry
Building Details
Building Size
5,363 SF
Year Built
1935
Year Renovated
2007
Buildings
1
Stories
3
Units
6
Construction
stucco
Listing Agency:
Macaluso Realty
(718) 894-5000
Listed By:
Thomas J. Macaluso
Source:
Maurafinnegan
Added: May 19
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 Macaluso Realty
Investment Insights
Based on property information with market context.
This six-unit apartment building contains five three-bedroom apartments and one two-bedroom apartment. The property underwent a gut renovation in 2007, and each apartment pays its own utilities, including heat. A coin-operated laundry room serves the building, while the exterior features stucco in reported good condition.
Located at 677 Glenmore Avenue in Brooklyn, the property sits across from a playground. All apartments are described as exempt from DHCR regulations and not subject to rent stabilization. The unit configuration and existing building amenities provide a defined multifamily operating profile.
Located at 677 Glenmore Avenue in Brooklyn, the property sits across from a playground. All apartments are described as exempt from DHCR regulations and not subject to rent stabilization. The unit configuration and existing building amenities provide a defined multifamily operating profile.
Key Highlights
- Six apartments: five 3‑bedroom units and one 2‑bedroom unit
- Gut renovated in 2007
- Each apartment pays its own utilities, including heat
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
$163,727
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
8.19%
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%
$3,274,540
$3.3M
Cap Rate 7%
$2,338,957
$2.3M
Cap Rate 9%
$1,819,189
$1.8M
Market Conditions
NOI Build-Up for 5,363 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
$303.8K $56.64/SF
− Vacancy
−$6.1K −$1.13/SF
EGI
$297.7K $55.51/SF
− OpEx
−$134.0K −$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%
$3,274,540
Cap Rate 7%
$2,338,957
Cap Rate 9%
$1,819,189
Alternative Uses
Best Use
Apartment 5plus
$2.34M
$2.05M – $2.73M
NOI $163,727 @ 7.0% cap · market cap 8.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.44M
$3.89M – $5.18M
NOI $310,839 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
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 - Renovated six-unit apartment property with tenant-paid utilities and on-site laundry serving a five-three-bedroom, one-two-bedroom mix.
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 $1,999,000.
What are key features of this property?
This property features: Six apartments: five 3‑bedroom units and one 2‑bedroom unit; Gut renovated in 2007; Each apartment pays its own utilities, including heat
