Renovated Bushwick Triplex Near
For Sale
$1,999,000
Pending
253 Cornelia St, Brooklyn, NY 11221
Newly renovated triplex in prime Bushwick with tax abatement.
Property Size5,432 SF
Days on Market151
Property Features for 253 Cornelia St
General Information
Standard status
Pending
Size
5,432 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$156
Building Details
Building Size
5,432 SF
Year Built
2009
Units
3
Listing Agency:
Daniel Gale Sotheby's International Realty
Listed By:
Kenny Chan
(917) 951-3090
Source:
Elliman
Added: Apr 11
Changed: Aug 31
Last Checked: Sep 8 at 5:27AM
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 Daniel Gale Sotheby's International Realty
Investment Insights
Based on property information with market context.
This newly renovated three-family home is located in prime Bushwick, near the L-Train (Canarsie Line), providing convenient access to Williamsburg and Manhattan. The property includes spacious units and a finished basement with a separate entrance, offering additional space and flexibility. The layout features a 2-bedroom, 1-full bath unit on the first floor, a 3-bedroom, 2-full bath unit on the second floor, and a top-floor duplex with 18-foot cathedral ceilings, 4 bedrooms, and 2 full baths, including an ensuite. The property benefits from excellent natural light throughout. Each unit has separate zones and meters for gas and electricity. A paved 20x20 backyard provides an area for entertaining and relaxing. Approximately 7 years remain on a tax abatement, offering significant savings and long-term value. The location is very bikeable (bike score: 70), very walkable (walk score: 82) and has excellent transit (transit score: 84).
Key Highlights
- Prime Bushwick location near the L‑Train for easy access to Williamsburg and Manhattan.
- Newly renovated, turn‑key three‑family home.
- Approximately 7 years remaining on a tax abatement.
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
$165,833
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
8.30%
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%
$3,316,660
$3.3M
Cap Rate 7%
$2,369,043
$2.4M
Cap Rate 9%
$1,842,589
$1.8M
Market Conditions
NOI Build-Up for 5,432 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
$307.7K $56.64/SF
− Vacancy
−$6.2K −$1.13/SF
EGI
$301.5K $55.51/SF
− OpEx
−$135.7K −$24.98/SF
NOI
$165.8K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$3,316,660
Cap Rate 7%
$2,369,043
Cap Rate 9%
$1,842,589
Alternative Uses
Best Use
Multifamily LT 5
$2.72M
$2.38M – $3.17M
NOI $190,238 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$2.37M
$2.07M – $2.76M
NOI $165,833 @ 7.0% cap · market cap 8.30%
Theoretical Best
Specialty Retail
$4.50M
$3.94M – $5.25M
NOI $314,839 @ 7.0% cap · market cap 15.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,459
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 - Newly renovated triplex in prime Bushwick with tax abatement.
Where is this triplex located?
The property is located at 253 Cornelia St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Prime Bushwick location near the L‑Train for easy access to Williamsburg and Manhattan.; Newly renovated, turn‑key three‑family home.; Approximately 7 years remaining on a tax abatement.
