Fort Greene Loft
For Sale
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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 Market1224
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: Oct 26
Last Checked: Nov 3 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 FIND Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$1,160,100
Cap Rate
7.73%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
7,725
Businesses Nearby
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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
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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 - 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.
