Six-Unit Multifamily with
For Sale
$3,200,000
954 Manhattan Avenue, Brooklyn, NY 11222
Rent-stabilized six-family property with an attached store, delivered with one vacant apartment.
Property Size6,000 SF
Price / SF$533.33
Days on Market165
Property Features for 954 Manhattan Avenue
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$17,482
Building Details
Building Size
6,000 SF
Year Built
1928
Tenancy
Multi
Listing Agency:
Trademarko Realty Inc
Listed By:
Peter Nowik · License #10401329596
(347) 927-6829
Source:
Cbwarburg
Added: Mar 25
Changed: Aug 25
Last Checked: Sep 4 at 11:13AM
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 Trademarko Realty Inc
Investment Insights
Based on property information with market context.
This rent-stabilized six-family multifamily property includes a store on the premises. The building is delivered with one vacant apartment, and the accompanying commercial lease is set to end soon.
The property is located in Greenpoint with a subway nearby, and it is approximately two blocks to the waterfront and pier.
The combination of residential income and an on-site store provides a mixed-use setup within a single building, with near-term timing tied to the ending commercial lease.
The property is located in Greenpoint with a subway nearby, and it is approximately two blocks to the waterfront and pier.
The combination of residential income and an on-site store provides a mixed-use setup within a single building, with near-term timing tied to the ending commercial lease.
Key Highlights
- Rent‑stabilized six‑family building with an attached store
- Year built: 1928
- Delivered with one vacant apartment
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
$183,174
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
5.72%
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%
$3,663,480
$3.7M
Cap Rate 7%
$2,616,771
$2.6M
Cap Rate 9%
$2,035,267
$2.0M
Market Conditions
NOI Build-Up for 6,000 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
$339.8K $56.64/SF
− Vacancy
−$6.8K −$1.13/SF
EGI
$333.0K $55.51/SF
− OpEx
−$149.9K −$24.98/SF
NOI
$183.2K $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%
$3,663,480
Cap Rate 7%
$2,616,771
Cap Rate 9%
$2,035,267
Alternative Uses
Best Use
Apartment 5plus
$2.62M
$2.29M – $3.05M
NOI $183,174 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.97M
$4.35M – $5.80M
NOI $347,760 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,887
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 - Rent-stabilized six-family property with an attached store, delivered with one vacant apartment.
Where is this apartment building located?
The property is located at 954 Manhattan Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Rent‑stabilized six‑family building with an attached store; Year built: 1928; Delivered with one vacant apartment
