Renovated 5-Unit Apartment
For Sale
Contact for pricing
870 Hancock Street, Brooklyn, NY 11233
Renovated brownstone with a ground-floor three-bedroom residence and four one-bedroom apartments.
Property Size2,970 SF
Price / SF$656.57
Days on Market130
Property Features for 870 Hancock Street
General Information
Standard status
Active
Size
2,970 SF
Property subtype
Multifamily
Zoning
R6B
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$124,216
Building Details
Year Built
1880
Units
5
Tenancy
Multi
Listing Agency:
IPRG Investment Property Realty Group
Listed By:
Derek Bestreich · License #10991237362
Source:
Crexi
Added: Jun 17
Changed: Oct 3
Last Checked: Oct 23 at 4:41AM
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 IPRG Investment Property Realty Group
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Investment Insights
Based on property information with market context.
This renovated brownstone apartment building contains five residences within approximately 2,970 square feet. The layout includes a ground-floor three-bedroom apartment with an in-unit washer and dryer plus private backyard access, along with four one-bedroom units. The building measures 18 x 55 feet and dates to 1880.
Located at 870 Hancock Street in Brooklyn’s Bedford-Stuyvesant section, the property is one block from the Halsey J train station. It carries R6B zoning, operates as a free-market property, and has protected Tax Class 2A status.
Located at 870 Hancock Street in Brooklyn’s Bedford-Stuyvesant section, the property is one block from the Halsey J train station. It carries R6B zoning, operates as a free-market property, and has protected Tax Class 2A status.
Key Highlights
- Five‑unit renovated brownstone apartment building
- 2,970 square feet in a building measuring 18 x 55 feet
- Unit mix includes one 3‑bedroom and four 1‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$90,671
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,813,420
$1.8M
Cap Rate 7%
$1,295,300
$1.3M
Cap Rate 9%
$1,007,456
$1.0M
Market Conditions
NOI Build-Up for 2,970 SF
Gross rent
$168.2K $56.64/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$164.9K $55.51/SF
− OpEx
−$74.2K −$24.98/SF
NOI
$90.7K $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 Rate 5%
$1,813,420
Cap Rate 7%
$1,295,300
Cap Rate 9%
$1,007,456
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.13M – $1.51M
NOI $90,671 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.46M
$2.15M – $2.87M
NOI $172,141 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
3,662
Businesses Nearby
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Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated brownstone with a ground-floor three-bedroom residence and four one-bedroom apartments.
Where is this apartment building located?
The property is located at 870 Hancock Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Five‑unit renovated brownstone apartment building; 2,970 square feet in a building measuring 18 x 55 feet; Unit mix includes one 3‑bedroom and four 1‑bedroom apartments
