Renovated Four-Unit
For Sale
$2,850,000
124 Grove Street, Brooklyn, NY 11221
Residential Income, Brooklyn, NY
Property Size4,125 SF
Lot Size0.06 Acres
Price / SF$690.91
Days on Market59
Property Features for 124 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
16
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 1, Bedroom 9, Bedroom 15, Bedroom 7, Basement, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 5, Bedroom 13, Bathroom 9, Bedroom 12, Bathroom 8, Bedroom 14, Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 6, Bedroom 2, Bedroom 11, Bedroom 8, Bedroom 10, Bathroom 7, Bathroom 1, Bathroom 4, Bedroom 16
Interior features
First Floor Bedroom, First Floor Full Bath, Open Floorplan, Quartz/Quartzite Counters
Basement
Full, Finished
Elementary school
Ps 106 Edward Everett Hale
Middle school
All City Leadership Secondary Sch
High school
Bushwick Community Hs
Elementary school district
Brooklyn 32
Middle school district
Brooklyn 32
High school district
Brooklyn 32
Standard status
Active
APN
03323-0021
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8818
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Multi Units
Water source
Public
Amenities
in-unit washers and dryers
private backyard
Building Details
Year built
1931
Number of units
4
Building materials
Block, Brick, Stucco
Listing Agency:
Keller Williams Realty Greater
(516) 873-7100
Listed By:
Davidson Joseph
(917) 415-1060
Added: Jul 30
Changed: Sep 14
Last Checked: Sep 26 at 7:06AM
MLS# 1032946
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This semi-attached quadplex at 124 Grove Street contains approximately 4,125 square feet and is being offered vacant following a comprehensive renovation. The layout includes two five-bedroom, four-bath residences and two three-bedroom, one-bath residences, totaling 16 bedrooms and 10 full bathrooms. Separate gas and electric meters serve each residence, supporting independent household operations.
Interior improvements include updated kitchens with quartz counters, custom cabinetry, stainless steel appliances, gas ranges, dishwashers, and in-unit laundry. Renovated bathrooms, split-system heating and cooling, baseboard heat, large windows, and approximately 9- to 10-foot ceilings add to the residential configuration. The property also includes a full basement, front yard, and private backyard.
The building was constructed in 1931 and is located in Bushwick, Brooklyn. Access to the J, Z, M, and L subway lines connects the property with Williamsburg, Downtown Brooklyn, and Manhattan. Restaurants, cafes, grocery stores, parks, fitness centers, and neighborhood retail are nearby.
Interior improvements include updated kitchens with quartz counters, custom cabinetry, stainless steel appliances, gas ranges, dishwashers, and in-unit laundry. Renovated bathrooms, split-system heating and cooling, baseboard heat, large windows, and approximately 9- to 10-foot ceilings add to the residential configuration. The property also includes a full basement, front yard, and private backyard.
The building was constructed in 1931 and is located in Bushwick, Brooklyn. Access to the J, Z, M, and L subway lines connects the property with Williamsburg, Downtown Brooklyn, and Manhattan. Restaurants, cafes, grocery stores, parks, fitness centers, and neighborhood retail are nearby.
Key Highlights
- Approximately 4,125 square feet with 16 bedrooms and 10 full bathrooms
- Four residences: two 5‑bedroom, 4‑bath units and two 3‑bedroom, 1‑bath units
- Vacant delivery with separate gas and electric meters for each residence
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
$144,465
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
5.07%
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%
$2,889,300
$2.9M
Cap Rate 7%
$2,063,786
$2.1M
Cap Rate 9%
$1,605,167
$1.6M
Market Conditions
NOI Build-Up for 4,125 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
$210.4K $51.00/SF
− Vacancy
−$4.0K −$0.97/SF
EGI
$206.4K $50.03/SF
− OpEx
−$61.9K −$15.01/SF
NOI
$144.5K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,889,300
Cap Rate 7%
$2,063,786
Cap Rate 9%
$1,605,167
Alternative Uses
Best Use
Multifamily LT 5
$2.06M
$1.81M – $2.41M
NOI $144,465 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,932 @ 7.0% cap · market cap 4.42%
Theoretical Best
Specialty Retail
$3.42M
$2.99M – $3.98M
NOI $239,085 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,613
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Vacant delivery supports owner occupancy, rental use, or a combination across four separately metered residences.
Where is this quadplex located?
The property is located at 124 Grove Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Approximately 4,125 square feet with 16 bedrooms and 10 full bathrooms; Four residences: two 5‑bedroom, 4‑bath units and two 3‑bedroom, 1‑bath units; Vacant delivery with separate gas and electric meters for each residence
