Multifamily Property for Sale in Brooklyn, NY

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Brooklyn, NY 11211

Description

Marcus & Millichap are pleased to offer 340 Devoe Street, an opportunity to acquire a fully occupied, turn-key five-family asset in the heart of East Williamsburg — one of Brooklyn’s most sought-after and rapidly evolving rental neighborhoods. The property consists entirely of free-market units, offering immediate in-place cash flow with additional upside through the completion and stabilization of the unique standalone carriage house unit. Situated on a 25’ x 131’ lot and spanning approximately 5,750 square feet, the property includes four renovated two-bedroom apartments alongside a rare five-bedroom, three-bath triplex backhouse currently 90% renovated. The finished basement and standalone configuration create a highly differentiated residential offering that supports strong rental demand and long-term tenant retention. Investment Highlights: • 340 Devoe Street, built in 1920, is a 5-unit multifamily asset, spanning 2 stories, approx. 5,750 SF. • Tax Class: 2A |. Zoning: M1-1 | 100% Occupied Statutory Free Market • Situated in the heart of EastWilliamsburg, steps from Cooper Park, 320 Devoe is in close proximity to Graham Avenue's retail corridor & neighborhood staples such as The Meat Hook & Other Half Brewing.

Market Context

This multifamily in Brooklyn, NY is listed for sale. It is offered at an approximate 5.7% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 53 days. Compare it against other multifamily listings for sale in Brooklyn, NY — <a href="/search/sale/multifamily/new-york/brooklyn">view the full market</a>.

As of Q1 2025, the New York City Area multifamily market showed a 4.8% vacancy rate, and rents up 6.3% year over year. Source: CBRE Q1 2025 market report.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

Is the New York City Area multifamily market tightening or softening?
Vacancy is around 4.8%, with asking rents rising year over year (Q1 2025).

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