Brick Triplex with
For Sale
$1,450,000
3515 Newkirk Avenue, Brooklyn, NY 11203
Residential, Brooklyn, NY
Property Size3,420 SF
Lot Size0.03 Acres
Price / SF$423.98
Days on Market168
Property Features for 3515 Newkirk Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
7
Bathrooms
6
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 5, Bathroom 5, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Bathroom 3, Bathroom 4, Bathroom 6, Bedroom 1, Bedroom 7, Bedroom 2, Bedroom 6
Parking features
Garage
Interior features
Stove
Basement
Finished
Subdivision
East Flatbush
Standard status
Active
Size
3,420 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
9227
Building Details
Year built
2006
Floors in Building
3
Number of units
3
Flooring type
Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
BHHS Fillmore R.E.
(718) 377-6161
Listed By:
Douglas E. Beaton
(718) 368-2500
Added: Mar 23
Changed: Sep 5
Last Checked: Sep 6 at 9:06PM
MLS# 499892
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.
This 2006 brick triplex at 3515 Newkirk Avenue contains 3,420 square feet on a 0.0317-acre lot. The configuration includes two 3-bedroom, 2-bathroom apartments on the upper floors and a 1-bedroom, 1-bathroom unit at street level. Hardwood flooring, a flat roof, stove equipment, and a built-in garage are among the property features. The finished basement has its own entrance, while three boilers and three hot water heaters support the building’s residential layout. The property is zoned R6.
The Brooklyn, NY property is near transportation, shopping, restaurants, Brooklyn College, and Kings Theater. Its three-unit arrangement accommodates separate residential spaces within one brick building, with the garage and basement adding functional utility.
The Brooklyn, NY property is near transportation, shopping, restaurants, Brooklyn College, and Kings Theater. Its three-unit arrangement accommodates separate residential spaces within one brick building, with the garage and basement adding functional utility.
Key Highlights
- Three‑unit configuration with two 3BR/2BA apartments and one 1BR/1BA apartment
- 3,420 square feet on a 0.0317‑acre lot
- 2006 brick construction with hardwood flooring
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
$119,774
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
8.26%
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%
$2,395,480
$2.4M
Cap Rate 7%
$1,711,057
$1.7M
Cap Rate 9%
$1,330,822
$1.3M
Market Conditions
NOI Build-Up for 3,420 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
$174.4K $51.00/SF
− Vacancy
−$3.3K −$0.97/SF
EGI
$171.1K $50.03/SF
− OpEx
−$51.3K −$15.01/SF
NOI
$119.8K $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%
$2,395,480
Cap Rate 7%
$1,711,057
Cap Rate 9%
$1,330,822
Alternative Uses
Best Use
Multifamily LT 5
$1.71M
$1.50M – $2.00M
NOI $119,774 @ 7.0% cap · market cap 8.26%
Second Best
Apartment 5plus
$1.49M
$1.31M – $1.74M
NOI $104,409 @ 7.0% cap · market cap 7.20%
Theoretical Best
Specialty Retail
$2.83M
$2.48M – $3.30M
NOI $198,223 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,274
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
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 - Three residential units offer varied layouts, hardwood interiors, a finished basement, and separate building systems.
Where is this triplex located?
The property is located at 3515 Newkirk Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Three‑unit configuration with two 3BR/2BA apartments and one 1BR/1BA apartment; 3,420 square feet on a 0.0317‑acre lot; 2006 brick construction with hardwood flooring
