Residential Income Property with Outdoor
For Sale
$945,000
68 ELDERT Street 3B, Brooklyn, NY 11207
Sunlit condominium residence with multiple private outdoor areas, an elevator, and dedicated work-from-home space.
Property Size930 SF
Price / SF$1,016
Days on Market514
Property Features for 68 ELDERT Street 3B
General Information
Standard status
Active
Size
930 SF
Property subtype
Apartment
Building Details
Building Size
930 SF
Year Built
2023
Listing Agency:
Corcoran Group
Listed By:
Daniel Cohen · License #10401261296
(862) 823-2674
Source:
Miradorrealestate
Added: Apr 29, 2025
Changed: Sep 23
Last Checked: Sep 22 at 8:01PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This 930-square-foot residential income property is a 2-bedroom, 2-bathroom condominium completed in 2023. The layout separates the bedrooms from the living areas, with an eat-in kitchen, spacious living room, dedicated home office, two entry closets, and a primary suite with a walk-through closet and en-suite bath. Three exposures bring natural light into the home, while private outdoor space includes two balconies and a terrace. Central heat and air conditioning, an in-unit washer and dryer, and video intercom add everyday convenience.
The elevator building also provides access to a shared roof deck, with cabana ownership available. The property is near amenities along the Wilson corridor, including Evergreen Bar, Little Skips East, and Nowadays. Transit access includes the J and Z trains at Chauncey Street, the L at Bushwick Avenue, and the A and C at Broadway Junction. Street parking and nearby Citi Bike stations are also noted.
The elevator building also provides access to a shared roof deck, with cabana ownership available. The property is near amenities along the Wilson corridor, including Evergreen Bar, Little Skips East, and Nowadays. Transit access includes the J and Z trains at Chauncey Street, the L at Bushwick Avenue, and the A and C at Broadway Junction. Street parking and nearby Citi Bike stations are also noted.
Key Highlights
- 930 SF condominium with 2 bedrooms and 2 bathrooms
- Three private outdoor spaces: two balconies and a terrace
- Three exposures provide natural light throughout the residence
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
$28,392
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
3.00%
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%
$567,840
$567.8K
Cap Rate 7%
$405,600
$405.6K
Cap Rate 9%
$315,467
$315.5K
Market Conditions
NOI Build-Up for 930 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
$52.7K $56.64/SF
− Vacancy
−$1.1K −$1.13/SF
EGI
$51.6K $55.51/SF
− OpEx
−$23.2K −$24.98/SF
NOI
$28.4K $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%
$567,840
Cap Rate 7%
$405,600
Cap Rate 9%
$315,467
Alternative Uses
Best Use
Apartment 5plus
$405.6K
$354.9K – $473.2K
NOI $28,392 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$770.0K
$673.8K – $898.4K
NOI $53,903 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,987
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Sunlit condominium residence with multiple private outdoor areas, an elevator, and dedicated work-from-home space.
Where is this residential income property located?
The property is located at 68 ELDERT Street 3B Brooklyn, NY.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: 930 SF condominium with 2 bedrooms and 2 bathrooms; Three private outdoor spaces: two balconies and a terrace; Three exposures provide natural light throughout the residence
