Fort Greene Loft
For Sale
Contact for pricing
163 Carlton Ave, Brooklyn, NY 11205
Four-story, 19-unit residential loft building in Fort Greene, Brooklyn.
Property Size38,000 SF
Price / SF$394.74
Days on Market1167
Property Features for 163 Carlton Ave
General Information
Standard status
Active
Size
38,000 SF
Property subtype
Multifamily
Zoning
r6
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$761,377
Building Details
Year Built
1925
Year Renovated
1998
Buildings
1
Stories
4
Units
19
Listing Agency:
FIND Real Estate
Listed By:
Jennifer Doscher · License #10301213923
Source:
Crexi
Added: Jun 29, 2023
Changed: Aug 24
Last Checked: Sep 7 at 6:07AM
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 FIND Real Estate
Investment Insights
Based on property information with market context.
The property at 163 Carlton Avenue is a 4-story, 38,000 square foot residential loft building located in Fort Greene, Brooklyn. Originally the W.W. Debevoise Candy Factory, the building was converted into 19 residential lofts in 1998. The lofts range in size from 1,239 to 2,934 square feet. The units retain original features such as exposed brick, beams, large windows, high ceilings, and hardwood floors. Modern upgrades include new kitchens, bathrooms, and recessed lighting, with some units featuring split AC units. Building amenities include a passenger elevator, virtual intercom system, garbage chutes, and a communal laundry room; some units also have in-unit washer dryers. The roof has potential for development as a recreational space, and the building presents an opportunity for future development as a condominium conversion. The property is near Fort Greene Park and has access to major train lines. The current net operating income is $764,593.
Key Highlights
- Prime Fort Greene location near Fort Greene Park and major train lines.
- Unique, spacious lofts ranging from 1,239‑2,934 sqft with original historic features like exposed brick, beams, high ceilings, and hardwood floors.
- High income producing property with a current NOI of $764,593.
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
$1,160,100
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
7.73%
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%
$23,202,000
$23.2M
Cap Rate 7%
$16,572,857
$16.6M
Cap Rate 9%
$12,890,000
$12.9M
Market Conditions
NOI Build-Up for 38,000 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
$2.15M $56.64/SF
− Vacancy
−$43.0K −$1.13/SF
EGI
$2.11M $55.51/SF
− OpEx
−$949.2K −$24.98/SF
NOI
$1.16M $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%
$23,202,000
Cap Rate 7%
$16,572,857
Cap Rate 9%
$12,890,000
Alternative Uses
Best Use
Apartment 5plus
$16.57M
$14.50M – $19.34M
NOI $1,160,100 @ 7.0% cap · market cap 7.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$31.46M
$27.53M – $36.71M
NOI $2,202,480 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,725
Businesses Nearby
Explore this area
Business Placement
Demographics for 11205, NY
50,474
Population
19,200
Households
2.6
Avg Household Size
30
Median Age
52%
College-Educated
86%
High-School Grad
1.2 sq mi
ZIP Area
42,062
Density / Sq Mi
$86,753
Median Household Income
$59,901
Median Earnings
$2,307
Median Rent
$892,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-story, 19-unit residential loft building in Fort Greene, Brooklyn.
Where is this apartment building located?
The property is located at 163 Carlton Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: Prime Fort Greene location near Fort Greene Park and major train lines.; Unique, spacious lofts ranging from 1,239‑2,934 sqft with original historic features like exposed brick, beams, high ceilings, and hardwood floors.; High income producing property with a current NOI of $764,593.
