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76 Bay 23Rd St
Brooklyn, NY 11214
Multifamily Property For Sale
·
16 Units
Investment Highlights
- Excellent Location in Bath Beach 1 Block from 86th St
- Prime Location of Bath Beach on Bay 23rd St
- Long-Term Upside
- Exceptionally Large 16 Family Building Over 15k SF
- Mix of Three- and Two-Bedroom Apartments
- Low Basis of $136/SF
Executive Summary
Marcus & Millichap is pleased to present 76 Bay 23rd Street, an exceptionally large 16-unit multifamily investment opportunity located in the desirable Bath Beach neighborhood of Brooklyn. Spanning more than 15,000 square feet, the Property features a highly desirable unit mix of spacious two- and three-bedroom apartments, catering to the strong demand for larger residential units in the Brooklyn rental market. The building's substantial size and efficient layout provide investors with durable cash flow and meaningful long-term upside through continued rental growth and operational optimization. Offered at an attractive basis of approximately $136 per square foot, the Property presents a compelling value proposition that is rarely available for assets of this scale in Brooklyn. Situated on Bay 23rd Street in the heart of Bath Beach, the Property benefits from convenient access to neighborhood shopping, dining, public transportation, and nearby parks while maintaining a stable residential setting that supports consistent occupancy. 76 Bay
23rd Street represents a rare opportunity to acquire a large-scale multifamily asset with an attractive basis, strong fundamentals, and significant long-term upside in one of Brooklyn's most sought-after residential neighborhoods.
23rd Street represents a rare opportunity to acquire a large-scale multifamily asset with an attractive basis, strong fundamentals, and significant long-term upside in one of Brooklyn's most sought-after residential neighborhoods.
Property Facts
| Price Per Unit | $131,250 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.90% | Lot Size | 0.11 AC |
| Gross Rent Multiplier | 6.89 | Building Size | 17,200 SF |
| No. Units | 16 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1915 |
| Property Subtype | Apartment | ||
| Zoning | R5 - A low-density residential zoning district that permits attached townhouses, small multi-family apartment buildings, and detached or semi-detached houses. It allows a maximum Floor Area Ratio (FAR) of 1.25 and a general building height limit of 40 feet. | ||
| Price Per Unit | $131,250 |
| Sale Type | Investment |
| Cap Rate | 6.90% |
| Gross Rent Multiplier | 6.89 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 17,200 SF |
| No. Stories | 4 |
| Year Built | 1915 |
| Zoning | R5 - A low-density residential zoning district that permits attached townhouses, small multi-family apartment buildings, and detached or semi-detached houses. It allows a maximum Floor Area Ratio (FAR) of 1.25 and a general building height limit of 40 feet. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | - | 746 - 1,164 |
Property Taxes
| Parcel Number | 06373-0083 | Improvements Assessment | $465,750 |
| Land Assessment | $33,750 | Total Assessment | $499,500 |
Property Taxes
Parcel Number
06373-0083
Land Assessment
$33,750
Improvements Assessment
$465,750
Total Assessment
$499,500
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