Three-Family Triplex with
New
For Sale
$1,798,000
78 Cornelia Street, Brooklyn, NY 11221
Residential, Brooklyn, NY
Property Size3,000 SF
Lot Size0.05 Acres
Price / SF$599.33
Days on Market3
Property Features for 78 Cornelia Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
8
Bathrooms
7
Full bathrooms
6
Half bathrooms
1
Rooms
Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 8, Bedroom 2, Bathroom 4, Bathroom 1, Bathroom 7, Bedroom 5, Bedroom 7, Bathroom 5, Bedroom 6, Bathroom 6, Bedroom 1
Interior features
A/C Unit - Wall, Central Air - Split, Microwave, Refrigerator, Stove
Basement
Finished, Full
Subdivision
Bushwick
Standard status
Active
Size
3,000 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
3929
Building Details
Year built
1905
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Tile
Building materials
Wood Frame
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Daniel Gamil · License #10301211175
(718) 612-3088
Added: Aug 24
Changed: Aug 25
Last Checked: Aug 26 at 8:06AM
MLS# 503999
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 1905 wood-frame triplex contains approximately 3,000 square feet on a 20-by-100-foot lot. The three-family layout includes a first-floor residence with two bedrooms, two full bathrooms, and backyard access, while the upper apartments each provide three bedrooms and two full bathrooms. Primary suites include walk-in closets. An open basement with a half bathroom adds functional supplementary space. Interior features include split-system air conditioning, wall-mounted A/C, hardwood and tile flooring, and standard kitchen appliances.
The property is zoned R6 and has an actual FAR of 1.50. Based on the supplied figures, maximum residential floor area is approximately 4,860 square feet, leaving an estimated 1,860 square feet of additional buildable area subject to zoning requirements, DOB approval, and independent verification. Four electric meters and four gas meters separately serve the apartments and common areas. A gas boiler and hot water tank were installed in 2021. J, Z, L, and M train access is available at several nearby stations.
The property is zoned R6 and has an actual FAR of 1.50. Based on the supplied figures, maximum residential floor area is approximately 4,860 square feet, leaving an estimated 1,860 square feet of additional buildable area subject to zoning requirements, DOB approval, and independent verification. Four electric meters and four gas meters separately serve the apartments and common areas. A gas boiler and hot water tank were installed in 2021. J, Z, L, and M train access is available at several nearby stations.
Key Highlights
- Three‑family configuration with approximately 3,000 square feet
- 20' x 100' lot with R6 zoning
- Estimated 1,860 additional buildable square feet, subject to zoning and DOB approval
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
$105,065
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
5.84%
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%
$2,101,300
$2.1M
Cap Rate 7%
$1,500,929
$1.5M
Cap Rate 9%
$1,167,389
$1.2M
Market Conditions
NOI Build-Up for 3,000 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
$153.0K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$150.1K $50.03/SF
− OpEx
−$45.0K −$15.01/SF
NOI
$105.1K $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%
$2,101,300
Cap Rate 7%
$1,500,929
Cap Rate 9%
$1,167,389
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,065 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$1.31M
$1.14M – $1.53M
NOI $91,587 @ 7.0% cap · market cap 5.09%
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,737
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
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 - R6-zoned Brooklyn property with separately metered utilities and multiple transit options.
Where is this triplex located?
The property is located at 78 Cornelia Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,798,000.
What are key features of this property?
This property features: Three‑family configuration with approximately 3,000 square feet; 20' x 100' lot with R6 zoning; Estimated 1,860 additional buildable square feet, subject to zoning and DOB approval
