Renovated Four-Family
For Sale
$2,999,000
124 Grove Street, Brooklyn, NY 11221
Vacant delivery offers flexibility for owner occupancy, rental use, or a combination of both.
Property Size4,125 SF
Price / SF$727.03
Days on Market31
Property Features for 124 Grove Street
General Information
Standard status
Active
Size
4,125 SF
Property subtype
Residential Income
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 5BR/4BA, 2 x 3BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,817
Building Details
Building Size
4,125 SF
Year Built
1931
Buildings
1
Units
4
Listing Agency:
Keller Williams Realty Greater
(917) 415-1060
Listed By:
Davidson Joseph
(917) 415-1060
Source:
Cohenandcohenrealty
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 28 at 11:28AM
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 Keller Williams Realty Greater
Investment Insights
Based on property information with market context.
Located at 124 Grove Street in Bushwick, this semi-attached quadplex was built in 1931 and comprehensively renovated. The property contains approximately 4,125 square feet across four residences, including two five-bedroom, four-bathroom homes and two three-bedroom, one-bathroom homes. In total, the building provides 16 bedrooms and 10 full bathrooms.
Each residence has a separately metered gas and electric service, updated kitchen with quartz countertops, custom cabinetry, stainless steel appliances, gas range, dishwasher, refrigerator, and in-unit washer and dryer. Renovated bathrooms, split-system heating and cooling, baseboard heat, approximately 9- to 10-foot ceilings, and large windows are also provided. The building includes a full basement, front yard, and private backyard.
The property is delivered fully vacant and is near the J, Z, M, and L subway lines, with access to Williamsburg, Downtown Brooklyn, and Manhattan. Restaurants, cafés, grocery stores, neighborhood retail, parks, fitness centers, and other local services are nearby.
Each residence has a separately metered gas and electric service, updated kitchen with quartz countertops, custom cabinetry, stainless steel appliances, gas range, dishwasher, refrigerator, and in-unit washer and dryer. Renovated bathrooms, split-system heating and cooling, baseboard heat, approximately 9- to 10-foot ceilings, and large windows are also provided. The building includes a full basement, front yard, and private backyard.
The property is delivered fully vacant and is near the J, Z, M, and L subway lines, with access to Williamsburg, Downtown Brooklyn, and Manhattan. Restaurants, cafés, grocery stores, neighborhood retail, parks, fitness centers, and other local services are nearby.
Key Highlights
- Four‑family property delivered fully vacant
- Approximately 4,125 square feet with 16 bedrooms and 10 full bathrooms
- Unit mix includes two 5‑bedroom, 4‑bathroom residences and two 3‑bedroom, 1‑bathroom residences
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
$144,465
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
4.82%
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%
$2,889,300
$2.9M
Cap Rate 7%
$2,063,786
$2.1M
Cap Rate 9%
$1,605,167
$1.6M
Market Conditions
NOI Build-Up for 4,125 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
$210.4K $51.00/SF
− Vacancy
−$4.0K −$0.97/SF
EGI
$206.4K $50.03/SF
− OpEx
−$61.9K −$15.01/SF
NOI
$144.5K $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%
$2,889,300
Cap Rate 7%
$2,063,786
Cap Rate 9%
$1,605,167
Alternative Uses
Best Use
Multifamily LT 5
$2.06M
$1.81M – $2.41M
NOI $144,465 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,932 @ 7.0% cap · market cap 4.20%
Theoretical Best
Specialty Retail
$3.42M
$2.99M – $3.98M
NOI $239,085 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,613
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?
Quadplex - Vacant delivery offers flexibility for owner occupancy, rental use, or a combination of both.
Where is this quadplex located?
The property is located at 124 Grove Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Four‑family property delivered fully vacant; Approximately 4,125 square feet with 16 bedrooms and 10 full bathrooms; Unit mix includes two 5‑bedroom, 4‑bathroom residences and two 3‑bedroom, 1‑bathroom residences
