Renovated Residential Income
For Sale
$650,000
8701 SHORE Road 324, Brooklyn, NY 11209
Renovated apartment with pre-war details, dual exposures, waterfront views, and access to building storage and laundry amenities.
Property Size1,301 SF
Price / SF$499.62
Days on Market17
Property Features for 8701 SHORE Road 324
General Information
Standard status
Active
Size
1,301 SF
Elevators
Yes
Property subtype
Apartment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Amenities
virtual intercom system
keyless fob entry
package room
laundry
bike storage
air conditioner storage
pet friendly
resident superintendent
daily porters
Building Details
Building Size
1,301 SF
Year Built
1932
Construction
Art Deco
Listing Agency:
Brown Harris Stevens Brooklyn LLC
(718) 858-3641
Listed By:
Patricia A Cannon
(718) 858-3641
Source:
Miradorrealestate
Added: Aug 14
Changed: Aug 24
Last Checked: Aug 29 at 1:54PM
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 Brown Harris Stevens Brooklyn LLC
Investment Insights
Based on property information with market context.
This 1,301-square-foot apartment at 8701 Shore Road combines pre-war character with substantial interior updates. The residence includes one bedroom, high ceilings, curved archways, hardwood floors, and generous closet space. Renovations include new electrical and plumbing systems, a windowed kitchen with stainless steel appliances, custom cabinetry, quartz counters, a built-in breakfast nook, and a tiled bathroom with a glass-enclosed shower and twin vanities. Eastern and western exposures provide cross ventilation, while three bow windows in the living room offer seasonal harbor views and sunset outlooks.
The elevator building provides virtual intercom access, keyless entry, a package room, laundry storage, bicycle storage, and air-conditioner storage. A resident superintendent and two daily porters serve the property, which is also pet friendly. Street parking is available along Shore Road, with the R train nearby and express bus service outside the building. The waterfront promenade and parks are across the street, while restaurants, cafés, and shops are located along Third Avenue.
The elevator building provides virtual intercom access, keyless entry, a package room, laundry storage, bicycle storage, and air-conditioner storage. A resident superintendent and two daily porters serve the property, which is also pet friendly. Street parking is available along Shore Road, with the R train nearby and express bus service outside the building. The waterfront promenade and parks are across the street, while restaurants, cafés, and shops are located along Third Avenue.
Key Highlights
- 1,301‑square‑foot apartment at 8701 Shore Road
- Updated electrical and plumbing systems
- Windowed kitchen with stainless steel appliances, custom cabinetry, and quartz surfaces
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
$39,718
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
6.11%
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%
$794,360
$794.4K
Cap Rate 7%
$567,400
$567.4K
Cap Rate 9%
$441,311
$441.3K
Market Conditions
NOI Build-Up for 1,301 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
$73.7K $56.64/SF
− Vacancy
−$1.5K −$1.13/SF
EGI
$72.2K $55.51/SF
− OpEx
−$32.5K −$24.98/SF
NOI
$39.7K $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%
$794,360
Cap Rate 7%
$567,400
Cap Rate 9%
$441,311
Alternative Uses
Best Use
Apartment 5plus
$567.4K
$496.5K – $662.0K
NOI $39,718 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$942.6K – $1.26M
NOI $75,406 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,613
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated apartment with pre-war details, dual exposures, waterfront views, and access to building storage and laundry amenities.
Where is this residential income property located?
The property is located at 8701 SHORE Road 324 Brooklyn, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,301‑square‑foot apartment at 8701 Shore Road; Updated electrical and plumbing systems; Windowed kitchen with stainless steel appliances, custom cabinetry, and quartz surfaces
