Three-Unit
For Sale
$1,699,000
262 Ovington Avenue, Brooklyn, NY 11209
Residential, Brooklyn, NY
Property Size2,988 SF
Lot Size0.05 Acres
Price / SF$568.61
Days on Market20
Property Features for 262 Ovington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5B
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 5
Basement
Unfinished, Full
Subdivision
Bay Ridge
Standard status
Active
Size
2,988 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
10574
Amenities
high ceilings
high hat lighting
hardwood floors
modern kitchen and bath
private yard
large windows
closet space
fire escape
Building Details
Year built
1899
Number of units
3
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Ben Bay Realty Co of Bay Ridge
(718) 238-6080
Listed By:
Anthony Mussolino · License #AM4485
(917) 439-8909
Added: Sep 12
Changed: Sep 24
Last Checked: Oct 1 at 4:06PM
MLS# 504250
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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.
Built in 1899, this brick brownstone in Brooklyn contains three residential units and 2,988 square feet of living space, plus a full, unfinished basement. The parlor-floor apartment has four rooms and can be arranged as a two-bedroom unit; the top-floor apartment has four rooms and two bedrooms. Both have high ceilings and updated kitchens and baths. Some original details remain, and the building also features hardwood and tile flooring. A private entrance provides access to an oversized yard from one apartment.
The property sits on a 0.0533-acre lot. Building dimensions are 20 by 48 feet, and the lot measures 20 by 116 feet. Improvements noted include replacement windows, updated electrical service, and a roof installed in 2024. The gas boiler is 10 years old, and the gas water heater is 2 years old. Zoning is R5B.
The property sits on a 0.0533-acre lot. Building dimensions are 20 by 48 feet, and the lot measures 20 by 116 feet. Improvements noted include replacement windows, updated electrical service, and a roof installed in 2024. The gas boiler is 10 years old, and the gas water heater is 2 years old. Zoning is R5B.
Key Highlights
- Three‑family brownstone with 2,988 square feet of living space
- Built in 1899; some original details remain
- 0.0533‑acre lot; building measures 20'x48' and lot measures 20'x116'
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
$104,645
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
6.16%
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%
$2,092,900
$2.1M
Cap Rate 7%
$1,494,929
$1.5M
Cap Rate 9%
$1,162,722
$1.2M
Market Conditions
NOI Build-Up for 2,988 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
$152.4K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$149.5K $50.03/SF
− OpEx
−$44.8K −$15.01/SF
NOI
$104.6K $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%
$2,092,900
Cap Rate 7%
$1,494,929
Cap Rate 9%
$1,162,722
Alternative Uses
Best Use
Multifamily LT 5
$1.49M
$1.31M – $1.74M
NOI $104,645 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,221 @ 7.0% cap · market cap 5.37%
Theoretical Best
Specialty Retail
$2.47M
$2.16M – $2.89M
NOI $173,184 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,584
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - The upper two apartments each have four rooms and two bedrooms, with updated kitchens and baths.
Where is this triplex located?
The property is located at 262 Ovington Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Three‑family brownstone with 2,988 square feet of living space; Built in 1899; some original details remain; 0.0533‑acre lot; building measures 20'x48' and lot measures 20'x116'
