Renovated Three-Family House in
For Sale
$1,799,000
2227 West St, Brooklyn, NY 11223
Renovated three-family house with private driveway and garage.
Property Size2,550 SF
Days on Market113
Property Features for 2227 West St
General Information
Standard status
Active
Size
2,550 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$11,830
Building Details
Building Size
2,550 SF
Year Built
1960
Stories
2
Listing Agency:
Wolf Properties Inc
(718) 382-9653
Listed By:
Vincent E. Salino
(718) 382-9653
Source:
Elliman
Added: May 12
Changed: Aug 14
Last Checked: Aug 31 at 3:40PM
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 Wolf Properties Inc
Investment Insights
Based on property information with market context.
This is a renovated three-family attached house located in the prime Low East Gravesend neighborhood. The property features a renovated three-bedroom apartment over a two-bedroom apartment, plus one additional two-bedroom apartment. A breezeway shaft runs from the roof to the first floor, allowing sunlight to brighten the interior. The property includes a private driveway and an attached one-car garage. The bike score is 63, indicating it is bikeable. The walk score is 96, designating it as a walker's paradise. The transit score is 84, indicating excellent transit options.
Key Highlights
- Walker's Paradise (walkScore: 96)
- Renovated 3‑Family House
- All apartments renovated (3BR over two 2BR units, and one 2BR unit)
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
$89,305
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
4.96%
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%
$1,786,100
$1.8M
Cap Rate 7%
$1,275,786
$1.3M
Cap Rate 9%
$992,278
$992.3K
Market Conditions
NOI Build-Up for 2,550 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
$130.1K $51.00/SF
− Vacancy
−$2.5K −$0.97/SF
EGI
$127.6K $50.03/SF
− OpEx
−$38.3K −$15.01/SF
NOI
$89.3K $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%
$1,786,100
Cap Rate 7%
$1,275,786
Cap Rate 9%
$992,278
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,305 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$1.11M
$973.1K – $1.30M
NOI $77,849 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$2.11M
$1.85M – $2.46M
NOI $147,798 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
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?
Triplex - Renovated three-family house with private driveway and garage.
Where is this triplex located?
The property is located at 2227 West St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Walker's Paradise (walkScore: 96); Renovated 3‑Family House; All apartments renovated (3BR over two 2BR units, and one 2BR unit)
