Brick Three-Unit Triplex with Steam
For Sale
$3,500,000
584 Sterling Place, Brooklyn, NY 11238
Residential Income, Brooklyn, NY
Property Size3,840 SF
Lot Size0.06 Acres
Price / SF$911.46
Days on Market183
Property Features for 584 Sterling Place
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement, Dining Room
Interior features
First Floor Bedroom, First Floor Full Bath, Formal Dining, Original Details
Basement
Full
Standard status
Active
APN
01175-0027
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5801
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas
Water source
Public
Amenities
hardwood floors
high ceilings
backyard
separate-entrance basement
steam heat
Building Details
Year built
1910
Number of units
3
Building materials
Brick
Listing Agency:
Charles Rutenberg Realty Inc
(516) 575-7500
Listed By:
Anthony E. Dabreu · License #10301211356
(917) 346-2686
Added: Feb 18
Changed: Aug 20
Last Checked: Aug 20 at 11:06PM
MLS# 960967
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 brick three-unit triplex at 584 Sterling Place is a classic Brooklyn townhouse with original details and a flexible three-family configuration. The home is approximately 3,840 square feet and set up for independent living with separate gas and electric meters for all units, along with steam heat (with natural gas). Interior features include hardwood floors, high ceilings, and original formal layout elements, plus a separate-entrance basement that can support everyday storage needs.
The garden level includes a large living and dining area that connects to a bedroom, with views of the backyard. The upper floors include a spacious two-bedroom apartment along with two studio/office spaces, supporting flexible use.
Construction is brick, and utilities include public water and public sewer. Heating is steam, and the home was built in 1910. The property is positioned in Prospect Heights with access to major transit lines at Atlantic Terminal and proximity to Prospect Park and Brooklyn cultural destinations.
The garden level includes a large living and dining area that connects to a bedroom, with views of the backyard. The upper floors include a spacious two-bedroom apartment along with two studio/office spaces, supporting flexible use.
Construction is brick, and utilities include public water and public sewer. Heating is steam, and the home was built in 1910. The property is positioned in Prospect Heights with access to major transit lines at Atlantic Terminal and proximity to Prospect Park and Brooklyn cultural destinations.
Key Highlights
- Three‑family configuration with separate gas and electric meters for all units
- Approx. 3,840 square feet brick triplex with original details
- Steam heat with natural gas
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
$134,483
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
3.84%
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%
$2,689,660
$2.7M
Cap Rate 7%
$1,921,186
$1.9M
Cap Rate 9%
$1,494,256
$1.5M
Market Conditions
NOI Build-Up for 3,840 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
$195.8K $51.00/SF
− Vacancy
−$3.7K −$0.97/SF
EGI
$192.1K $50.03/SF
− OpEx
−$57.6K −$15.01/SF
NOI
$134.5K $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%
$2,689,660
Cap Rate 7%
$1,921,186
Cap Rate 9%
$1,494,256
Alternative Uses
Best Use
Multifamily LT 5
$1.92M
$1.68M – $2.24M
NOI $134,483 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$1.67M
$1.47M – $1.95M
NOI $117,231 @ 7.0% cap · market cap 3.35%
Theoretical Best
Specialty Retail
$3.18M
$2.78M – $3.71M
NOI $222,566 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,642
Businesses Nearby
Explore this area
Business Placement
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family brick townhouse with separate gas and electric meters, steam heat, and a garden level with backyard views.
Where is this triplex located?
The property is located at 584 Sterling Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Three‑family configuration with separate gas and electric meters for all units; Approx. 3,840 square feet brick triplex with original details; Steam heat with natural gas
