Multifamily Property for Sale in Brooklyn, NY

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Brooklyn, NY 11231

Description

Marcus & Millichap is pleased to offer 84 1st Place, a fully renovated, income-producing multifamily property in the heart of Carroll Gardens. All five units are historically free market, meticulously renovated, and leased at strong market rents, eliminating regulatory risk and immediate capital expenditure requirements. The property generates stable in-place cash flow with a current cap rate of 5.6% and average monthly rents approaching $7,800 per unit. Included in the renovation was a conversion to fully electric with independent hot water and electric meters, new roofing and windows, and waterproofing throughout. Investment Highlights: • 84 1st Place, built in 1910, is a 5-unit multifamily asset, approx. 6,480 SF. • 100% Free Market | Tax Class: 2A | Zoning: R6A

Market Context

This multifamily in Brooklyn, NY is listed for sale. It is offered at an approximate 5.6% 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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