8-Unit Apartment
For Sale
$3,500,000
89 Luquer Street, Brooklyn, NY 11231
Business Opportunity, Brooklyn, NY
Property Size5,000 SF
Lot Size0.06 Acres
Price / SF$700
Days on Market97
Property Features for 89 Luquer Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 8, Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 6, Bathroom 7, Bathroom 4
Subdivision
Carroll Gardens
Standard status
Active
Size
5,000 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
15324
Building Details
Year built
1900
Floors in Building
4
Listing Agency:
FRANK GALEANO LICENSED REAL ESTATE BROKER INC
Listed By:
Francesco Galeano
(718) 596-9545
Added: Jun 6
Changed: Sep 6
Last Checked: Sep 10 at 5:06AM
MLS# 11874756
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8-family residential building contains approximately 5,000 square feet on a 25' x 100' lot. Constructed in 1900, the property has been maintained in good condition, with three rent-stabilized apartments and the balance positioned for long-term residential income. The building is located in an R6B zoning district with a FAR of 3 and approximately 2,500 square feet of additional buildable area, subject to buyer verification.
The property is at 89 Luquer Street in Carroll Gardens, with access to the F and G subway lines. Its Brooklyn location also provides convenient access to Red Hook and Park Slope. The unit configuration includes eight bathrooms, supporting the building's 8-family layout.
The property is at 89 Luquer Street in Carroll Gardens, with access to the F and G subway lines. Its Brooklyn location also provides convenient access to Red Hook and Park Slope. The unit configuration includes eight bathrooms, supporting the building's 8-family layout.
Key Highlights
- 8‑family residential building with approximately 5,000 square feet
- 25' x 100' lot in an R6B zoning district
- Approximately 2,500 square feet of additional buildable area; buyer to verify
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
$152,645
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
4.36%
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%
$3,052,900
$3.1M
Cap Rate 7%
$2,180,643
$2.2M
Cap Rate 9%
$1,696,056
$1.7M
Market Conditions
NOI Build-Up for 5,000 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
$283.2K $56.64/SF
− Vacancy
−$5.7K −$1.13/SF
EGI
$277.5K $55.51/SF
− OpEx
−$124.9K −$24.98/SF
NOI
$152.6K $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%
$3,052,900
Cap Rate 7%
$2,180,643
Cap Rate 9%
$1,696,056
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,645 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.14M
$3.62M – $4.83M
NOI $289,800 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
4,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property with rent-stabilized units and additional development capacity in Carroll Gardens.
Where is this apartment building located?
The property is located at 89 Luquer Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 8‑family residential building with approximately 5,000 square feet; 25' x 100' lot in an R6B zoning district; Approximately 2,500 square feet of additional buildable area; buyer to verify
