New Construction Apartment
For Sale
Contact for pricing
234 Norwood Avenue, Brooklyn, NY 11208
New construction, six-unit apartment building near Norwood Avenue subway.
Property Size8,296 SF
Price / SF$313.28
Days on Market701
Property Features for 234 Norwood Avenue
General Information
Standard status
Active
Size
8,296 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Core+
Net Operating Income
$232,000
Building Details
Year Built
2024
Buildings
1
Stories
3
Units
6
Listing Agency:
Revived Commercial
(929) 379-3750
Listed By:
Elysa Berlin · License #10301219469
Source:
Crexi
Added: Sep 24, 2024
Changed: Aug 24
Last Checked: Aug 24 at 6:58AM
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 Revived Commercial
Investment Insights
Based on property information with market context.
This is a new construction, six-unit apartment building. It is a free market property situated on a tree-lined block, one block from the Norwood Avenue subway station. The building contains large two-bedroom units. All units are currently rented, presenting an immediate investment opportunity.
Key Highlights
- New Construction (2024)
- Fully Rented 6‑Unit Free Market Apartment Building
- Large 2‑Bedroom Units
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
$189,623
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
7.30%
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%
$3,792,460
$3.8M
Cap Rate 7%
$2,708,900
$2.7M
Cap Rate 9%
$2,106,922
$2.1M
Market Conditions
NOI Build-Up for 8,296 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
$358.4K $43.20/SF
− Vacancy
−$13.6K −$1.64/SF
EGI
$344.8K $41.56/SF
− OpEx
−$155.1K −$18.70/SF
NOI
$189.6K $22.86/SF
Area
ZIP 11208
Vacancy
3.80%
Lease Rate
$43.20 /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%
$3,792,460
Cap Rate 7%
$2,708,900
Cap Rate 9%
$2,106,922
Alternative Uses
Best Use
Apartment 5plus
$2.71M
$2.37M – $3.16M
NOI $189,623 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.08M
$4.44M – $5.92M
NOI $355,329 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,915
Businesses Nearby
Explore this area
Business Placement
Demographics for 11208, NY
101,958
Population
37,261
Households
2.7
Avg Household Size
35
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
37,762
Density / Sq Mi
$59,988
Median Household Income
$40,156
Median Earnings
$1,563
Median Rent
$638,200
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 - New construction, six-unit apartment building near Norwood Avenue subway.
Where is this apartment building located?
The property is located at 234 Norwood Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: New Construction (2024); Fully Rented 6‑Unit Free Market Apartment Building; Large 2‑Bedroom Units
