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579 Decatur St 3 Unit Apartment Building $2,100,000 ($700,000/Unit) 5.40% Cap Rate Brooklyn, NY 11233
Executive Summary
579 Decatur Street is a restored 19th-century brownstone townhouse offering three free-market, two-bedroom residences in Stuyvesant Heights, Brooklyn. The first-floor unit is a duplex with a private backyard, and all three homes pair historic character with modern, renovated interiors.
Operating Performance
Based on the current underwriting, the property is projected to generate $113,403 of Net Operating Income (NOI), increasing to $135,895 on a pro forma basis through market rent growth. At the $2.10 million listing price, the investment reflects a 5.4% current capitalization rate, improving to 6.5% pro forma, while cash-on-cash returns are projected to increase from 5.4% to 6.5%. The underwriting supports a compelling value-add opportunity with meaningful income growth and limited operational complexity.
For investors, 579 Decatur Street presents the opportunity to acquire a fully free-market multifamily asset in a high-demand Brooklyn submarket. The combination of stable residential income, limited operating complexity, and continued strength in the local rental market positions the property as an attractive long-term investment capable of delivering reliable income and future value appreciation.
Operating Performance
Based on the current underwriting, the property is projected to generate $113,403 of Net Operating Income (NOI), increasing to $135,895 on a pro forma basis through market rent growth. At the $2.10 million listing price, the investment reflects a 5.4% current capitalization rate, improving to 6.5% pro forma, while cash-on-cash returns are projected to increase from 5.4% to 6.5%. The underwriting supports a compelling value-add opportunity with meaningful income growth and limited operational complexity.
For investors, 579 Decatur Street presents the opportunity to acquire a fully free-market multifamily asset in a high-demand Brooklyn submarket. The combination of stable residential income, limited operating complexity, and continued strength in the local rental market positions the property as an attractive long-term investment capable of delivering reliable income and future value appreciation.
Property Facts
| Price | $2,100,000 | Property Subtype | Apartment |
| Price Per Unit | $700,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 5.40% | Building Size | 4,712 SF |
| Gross Rent Multiplier | 14.58 | No. Stories | 3 |
| No. Units | 3 | Year Built | 1899 |
| Property Type | Multifamily | ||
| Zoning | R6B - A contextual, moderate-density residential district in New York City mapped to preserve the scale of 19th-century row house neighborhoods (like Brooklyn's brownstone areas). | ||
| Price | $2,100,000 |
| Price Per Unit | $700,000 |
| Sale Type | Investment |
| Cap Rate | 5.40% |
| Gross Rent Multiplier | 14.58 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 4,712 SF |
| No. Stories | 3 |
| Year Built | 1899 |
| Zoning | R6B - A contextual, moderate-density residential district in New York City mapped to preserve the scale of 19th-century row house neighborhoods (like Brooklyn's brownstone areas). |
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Exceptionally walkable
100/100
Somewhat drivable
20/100
Exceptional public transit
100/100
Moderately bikeable
60/100
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579 Decatur St
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