Brooklyn Heights Brownstone Apartment
87 Joralemon Street Brooklyn, NY 11201
For Sale
$4,300,000
Five-story, 10-unit apartment building in desirable Brooklyn Heights location.
Property Size4,926 SF
Lot Size0.05 Acres
Price / SF$872.92
Days on Market117
Property Features for 87 Joralemon Street
General Information
Standard status
Active
Size
4,926 SF
Lot size
0.05 Acres
Property subtype
Multifamily
Listing Agency:
Marcus & Millichap | Manhattan
(718) 475-4373
Listed By:
John Brennan · License #License(s): NY: 10301221743
(718) 475-4373
Source:
Marcusmillichap
Added: Apr 3
Changed: Jul 10
Last Checked: Jul 27 at 2:19AM
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 Marcus & Millichap | Manhattan
Investment Insights
Based on property information with market context.
Located in the Brooklyn Heights neighborhood of Brooklyn, New York, 87 Joralemon Street is a five-story brownstone building featuring 10 residential apartments. Constructed in 1910, the property is situated between Garden Place and Hicks, a few blocks from the Borough Hall 2, 3, 4 & 5 train lines. The building has dimensions of approximately 20 feet by 48 feet on a 100.67-foot deep lot. With an approximately 63 square foot extension on both the first and second floors, the gross building size is approximately 4,926 square feet. Zoned R6 and classified as Tax Class 2B, the property presents an opportunity to acquire a brownstone apartment building on a desirable block in Brooklyn Heights. The property offers cash-flow, with the potential for single-family, or condo, redevelopment in the future.
Key Highlights
- Prime Brooklyn Heights Location on a highly desirable block.
- Redevelopment Potential for single‑family or condo redevelopment.
- Cash‑Flow Opportunity as a currently operating apartment building.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $279.0k | $56.64 |
| − Vacancy | −$5.6k | −$1.13 |
| EGI | $273.4k | $55.51 |
| − OpEx | −$123.0k | −$24.98 |
| NOI | $150.4k | $30.53 |
4,926 SF · lease $56.64/SF/yr · vacancy 2.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,386 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.08M
$3.57M – $4.76M
NOI $285,511 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Five-story, 10-unit apartment building in desirable Brooklyn Heights location.
Where is this apartment building located?
The property is located at 87 Joralemon Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Prime Brooklyn Heights Location on a highly desirable block.; Redevelopment Potential for single‑family or condo redevelopment.; Cash‑Flow Opportunity as a currently operating apartment building.
