Brick Corner
For Sale
$1,568,000
1983 W 7th St, Brooklyn, NY 11223
Semi-attached four-family features four separate heating units and spacious three-bedroom layouts.
Property Size1,800 SF
Lot Size0.05 Acres
Price / SF$871.11
Days on Market89
Property Features for 1983 W 7th St
General Information
Standard status
Active
Size
1,800 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1931
Tenancy
Multi
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Barbara Horan
(718) 612-3088
Source:
Elliman
Added: Jun 3
Changed: Jul 10
Last Checked: Aug 29 at 9:21AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This semi-attached brick corner four-family is situated on a 20 x 100 lot with a 20 x 90 building size. The property consists of four units, each with three bedrooms, one full bath, a dinette, a large living room, and a galley-style kitchen. The home is equipped with gas heat and four separate heating units, and the listing notes that the mechanics are in working order. The property is offered for sale “as is.” Two units can be delivered vacant, while two units are currently occupied, and no leases are in place.
The address is 1983 W 7th St in Brooklyn, NY 11223. The listing also references convenient access to nearby shopping, restaurants, and transportation, including the B3 bus and N and D train service.
For investors and owner-users, the unit mix provides consistent 3-bedroom, 1-bath layouts across all four apartments, with separate heating systems for each unit. With the flexibility of two vacant units at delivery and two currently occupied units without existing leases, the property may fit buyers looking for straightforward rent-ready repositioning following their own due diligence. Prequalification and proof of funds are required at the owner’s request.
The address is 1983 W 7th St in Brooklyn, NY 11223. The listing also references convenient access to nearby shopping, restaurants, and transportation, including the B3 bus and N and D train service.
For investors and owner-users, the unit mix provides consistent 3-bedroom, 1-bath layouts across all four apartments, with separate heating systems for each unit. With the flexibility of two vacant units at delivery and two currently occupied units without existing leases, the property may fit buyers looking for straightforward rent-ready repositioning following their own due diligence. Prequalification and proof of funds are required at the owner’s request.
Key Highlights
- Semi‑attached brick corner 4‑family built in 1931 on a 20 x 100 lot with a 20 x 90 building size
- Each unit has 3 bedrooms, 1 full bath, dinette, large living room, and a galley‑style kitchen
- Gas heat with 4 separate heating units
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
$63,039
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
4.02%
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%
$1,260,780
$1.3M
Cap Rate 7%
$900,557
$900.6K
Cap Rate 9%
$700,433
$700.4K
Market Conditions
NOI Build-Up for 1,800 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
$91.8K $51.00/SF
− Vacancy
−$1.7K −$0.97/SF
EGI
$90.1K $50.03/SF
− OpEx
−$27.0K −$15.01/SF
NOI
$63.0K $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%
$1,260,780
Cap Rate 7%
$900,557
Cap Rate 9%
$700,433
Alternative Uses
Best Use
Multifamily LT 5
$900.6K
$788.0K – $1.05M
NOI $63,039 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$785.0K
$686.9K – $915.9K
NOI $54,952 @ 7.0% cap · market cap 3.50%
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,328 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,328
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?
Quadplex - Semi-attached four-family features four separate heating units and spacious three-bedroom layouts.
Where is this quadplex located?
The property is located at 1983 W 7th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,568,000.
What are key features of this property?
This property features: Semi‑attached brick corner 4‑family built in 1931 on a 20 x 100 lot with a 20 x 90 building size; Each unit has 3 bedrooms, 1 full bath, dinette, large living room, and a galley‑style kitchen; Gas heat with 4 separate heating units
