Updated Four-Family Brooklyn
For Sale
$1,200,000
Pending
928 Belmont Ave, Brooklyn, NY 11208
Recently updated four-family home with high rental income.
Property Size2,856 SF
Lot Size0.05 Acres
Days on Market140
Property Features for 928 Belmont Ave
General Information
Standard status
Pending
Size
2,856 SF
Lot size
0.05 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,407
Building Details
Building Size
2,856 SF
Year Built
1930
Units
4
Listing Agency:
Realty Trends Corp
(516) 312-3223
Listed By:
Cheryl Rosenthal · License #10311207324
(516) 312-3223
Source:
Elliman
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 10 at 5:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty Trends Corp
Investment Insights
Based on property information with market context.
This legal four-family home, located in Brooklyn, NY, has been recently updated and rented, generating a high rent roll. Three apartments are newly occupied, producing a total income of $8346.00 per month. The property comprises three two-bedroom apartments and one one-bedroom apartment. One of the units is currently vacant and awaiting a new owner. The low taxes and rental income contribute to the affordability of this home.
Key Highlights
- High Rental Income: Currently generating $8346.00 per month.
- Legal 4‑Family Home: Provides multiple income streams.
- Newly Updated and Rented: Three apartments are newly occupied.
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
$73,315
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
6.11%
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%
$1,466,300
$1.5M
Cap Rate 7%
$1,047,357
$1.0M
Cap Rate 9%
$814,611
$814.6K
Market Conditions
NOI Build-Up for 2,856 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
$109.7K $38.40/SF
− Vacancy
−$4.9K −$1.73/SF
EGI
$104.7K $36.67/SF
− OpEx
−$31.4K −$11.00/SF
NOI
$73.3K $25.67/SF
Area
ZIP 11208
Vacancy
4.50%
Lease Rate
$38.40 /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%
$1,466,300
Cap Rate 7%
$1,047,357
Cap Rate 9%
$814,611
Alternative Uses
Best Use
Multifamily LT 5
$1.05M
$916.4K – $1.22M
NOI $73,315 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$932.6K
$816.0K – $1.09M
NOI $65,280 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,326 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,900
Businesses Nearby
Explore this area
Business Placement
Demographics for 11208, NY
101,958
Population
37,261
Households
2.7
Avg Household Size
35
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
37,762
Density / Sq Mi
$59,988
Median Household Income
$40,156
Median Earnings
$1,563
Median Rent
$638,200
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?
Quadplex - Recently updated four-family home with high rental income.
Where is this quadplex located?
The property is located at 928 Belmont Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: High Rental Income: Currently generating $8346.00 per month.; Legal 4‑Family Home: Provides multiple income streams.; Newly Updated and Rented: Three apartments are newly occupied.
