20-Unit Apartment Building with Renovated
For Sale
Contact for pricing
93-95 India Street, Brooklyn, NY 11222
Well-improved 20-unit building with multiple duplex and roof-deck layouts and 12 fully gut-renovated apartments.
Property Size17,600 SF
Price / SF$380.68
Days on Market59
Property Features for 93-95 India Street
General Information
Standard status
Active
Size
17,600 SF
Property subtype
Multifamily
Zoning
R6B
Net Operating Income
$404,325
Additional Details
Multifamily Units
20
Building Details
Units
20
Tenancy
Multi
Listing Agency:
IPRG Investment Property Realty Group
Listed By:
Derek Bestreich · License #10991237362
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 13 at 12:34PM
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
Investment Insights
Based on property information with market context.
93–95 India Street is a 20-unit apartment building measuring approximately 50 ft. by 88 ft. on a 50 ft. by 100 ft. lot. The property has undergone significant capital improvements, including upgrades to common areas and the full gut renovation of 12 of the 20 apartments. Several homes offer distinctive layouts and outdoor space, including two ground-floor duplex apartments, a ground-floor unit with exclusive backyard access via a private internal door and deck, and three top-floor units with internal stair bulkheads leading to private, fenced roof decks.
The building is positioned in the heart of Greenpoint, located between Franklin Street and Manhattan Avenue. This mid-sized multifamily property is presented as an income-focused asset with a material portion already operating on free-market rents, reaching 60% free market by unit count and 85% free market by revenue.
For buyers seeking a largely repositioned apartment building with continued leasing flexibility, the mix of renovated interiors and varied unit designs can support tenant appeal across different household needs. The offering also notes a predictable expense profile, with real estate taxes fully allocated at approximately 29% of gross revenue, which may help streamline operating budgeting. Remaining non-renovated units provide additional scope for an operator’s ongoing property management and unit-by-unit approach.
The building is positioned in the heart of Greenpoint, located between Franklin Street and Manhattan Avenue. This mid-sized multifamily property is presented as an income-focused asset with a material portion already operating on free-market rents, reaching 60% free market by unit count and 85% free market by revenue.
For buyers seeking a largely repositioned apartment building with continued leasing flexibility, the mix of renovated interiors and varied unit designs can support tenant appeal across different household needs. The offering also notes a predictable expense profile, with real estate taxes fully allocated at approximately 29% of gross revenue, which may help streamline operating budgeting. Remaining non-renovated units provide additional scope for an operator’s ongoing property management and unit-by-unit approach.
Key Highlights
- 20‑unit apartment building located in Greenpoint between Franklin Street and Manhattan Avenue
- Building size 50 ft. x 88 ft. on a 50 ft. x 100 ft. lot
- Common areas plus 12 of 20 apartments fully gut renovated
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
$537,310
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
8.02%
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%
$10,746,200
$10.7M
Cap Rate 7%
$7,675,857
$7.7M
Cap Rate 9%
$5,970,111
$6.0M
Market Conditions
NOI Build-Up for 17,600 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
$996.9K $56.64/SF
− Vacancy
−$19.9K −$1.13/SF
EGI
$976.9K $55.51/SF
− OpEx
−$439.6K −$24.98/SF
NOI
$537.3K $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%
$10,746,200
Cap Rate 7%
$7,675,857
Cap Rate 9%
$5,970,111
Alternative Uses
Best Use
Apartment 5plus
$7.68M
$6.72M – $8.96M
NOI $537,310 @ 7.0% cap · market cap 8.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.57M
$12.75M – $17.00M
NOI $1,020,096 @ 7.0% cap · market cap 15.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
5,216
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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 - Well-improved 20-unit building with multiple duplex and roof-deck layouts and 12 fully gut-renovated apartments.
Where is this apartment building located?
The property is located at 93-95 India Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $6,700,000.
What are key features of this property?
This property features: 20‑unit apartment building located in Greenpoint between Franklin Street and Manhattan Avenue; Building size 50 ft. x 88 ft. on a 50 ft. x 100 ft. lot; Common areas plus 12 of 20 apartments fully gut renovated
