Prospect Heights Three-Family
For Sale
$3,500,000
584 Sterling Pl, Brooklyn, NY 11238
Classic Brooklyn townhouse with income potential in prime location.
Property Size3,840 SF
Price / SF$911.46
Days on Market119
Property Features for 584 Sterling Pl
General Information
Standard status
Active
Size
3,840 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,800
Building Details
Building Size
3,840 SF
Year Built
1910
Units
3
Listing Agency:
Charles Rutenberg Realty, Inc.
(917) 346-2686
Listed By:
Anthony E. Dabreu · License #10301211356
(917) 346-2686
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 20 at 11:50AM
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 Charles Rutenberg Realty, Inc.
Investment Insights
Based on property information with market context.
Located in Prospect Heights, Brooklyn, 584 Sterling Place is a three-family townhouse on a tree-lined block. This expansive residence offers a blend of architectural charm with living and income potential. The property spans approximately 3,840 square feet and is configured with three residences. All units feature separate gas and electric meters and steam heat. The triplex features hardwood floors and high ceilings. The garden level offers a living and dining area that flows to a bedroom, with views of a backyard. The upper floors include a two-bedroom apartment along with two studio/office spaces. The separate-entrance basement provides storage. The property is located moments from Prospect Park, the Brooklyn Botanic Garden, Grand Army Plaza, and cultural institutions such as the Brooklyn Museum and Brooklyn Public Library. The location offers access to neighborhood restaurants and the dining and shopping corridors of Vanderbilt and Washington Avenues. Commuting is effortless with access to the 2, 3, 4, 5, B, D, N, Q, and R subway lines at Atlantic Terminal, as well as proximity to Barclays Center, Downtown Brooklyn, and Manhattan’s Financial District. The property has a bike score of 76, walk score of 95, and transit score of 100.
Key Highlights
- Prime Prospect Heights location: close to Prospect Park, Brooklyn Botanic Garden, Grand Army Plaza, cultural institutions, and vibrant dining/shopping.
- Excellent Transit: Rider's Paradise with a transit score of 100 and access to multiple subway lines.
- Three‑family townhouse: offers flexible living arrangements and income potential.
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Classic Brooklyn townhouse with income potential in prime location.
Where is this triplex located?
The property is located at 584 Sterling Pl 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: Prime Prospect Heights location: close to Prospect Park, Brooklyn Botanic Garden, Grand Army Plaza, cultural institutions, and vibrant dining/shopping.; Excellent Transit: Rider's Paradise with a transit score of 100 and access to multiple subway lines.; Three‑family townhouse: offers flexible living arrangements and income potential.
