Corner Three-Family
For Sale
$1,880,000
Pending
1 MONROE St, Brooklyn, NY 11238
Income-producing three-family residence with full-floor apartments and direct backyard access from the garden unit.
Property Size3,120 SF
Days on Market120
Property Features for 1 MONROE St
General Information
Standard status
Pending
Size
3,120 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,136
Building Details
Building Size
3,120 SF
Year Built
1998
Stories
3
Units
3
Listing Agency:
(212) 319-2316
Listed By:
Andrea Anzaldo · License #10401247369
(212) 319-2316
Source:
Elliman
Added: Apr 28
Changed: Aug 14
Last Checked: Aug 25 at 10:58AM
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 Andrea Anzaldo
Investment Insights
Based on property information with market context.
Located on a prominent corner, 1 Monroe Street is a townhouse-style three-family residence currently configured for income production. The building is approximately 20 feet wide and 52 feet deep on a lot that measures approximately 25 feet wide. Each of the three free-market apartments occupies a full-floor footprint and includes two full bathrooms per unit.
The garden apartment provides direct access to the expansive backyard, creating an indoor-outdoor connection from the unit.
This property is positioned at the intersection of Classon Avenue and Monroe Street, and it benefits from very strong walk and transit scores (Walk Score 95, Transit Score 100). Bike Score is 76, indicating it is very bikeable.
The garden apartment provides direct access to the expansive backyard, creating an indoor-outdoor connection from the unit.
This property is positioned at the intersection of Classon Avenue and Monroe Street, and it benefits from very strong walk and transit scores (Walk Score 95, Transit Score 100). Bike Score is 76, indicating it is very bikeable.
Key Highlights
- Three‑family townhouse, built in 1998, configured for income with three free‑market apartments
- Full‑floor apartments: each of the three units has two full bathrooms and occupies an entire floor
- Townhouse sits on an oversized 25‑ft‑wide lot; building is 20‑ft wide and 52‑ft deep
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
$109,268
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
5.81%
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%
$2,185,360
$2.2M
Cap Rate 7%
$1,560,971
$1.6M
Cap Rate 9%
$1,214,089
$1.2M
Market Conditions
NOI Build-Up for 3,120 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
$159.1K $51.00/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$156.1K $50.03/SF
− OpEx
−$46.8K −$15.01/SF
NOI
$109.3K $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%
$2,185,360
Cap Rate 7%
$1,560,971
Cap Rate 9%
$1,214,089
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.37M – $1.82M
NOI $109,268 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,250 @ 7.0% cap · market cap 5.07%
Theoretical Best
Specialty Retail
$2.58M
$2.26M – $3.01M
NOI $180,835 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6,013
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
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Frequently Asked Questions
What type of property is this?
Triplex - Income-producing three-family residence with full-floor apartments and direct backyard access from the garden unit.
Where is this triplex located?
The property is located at 1 MONROE St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,880,000.
What are key features of this property?
This property features: Three‑family townhouse, built in 1998, configured for income with three free‑market apartments; Full‑floor apartments: each of the three units has two full bathrooms and occupies an entire floor; Townhouse sits on an oversized 25‑ft‑wide lot; building is 20‑ft wide and 52‑ft deep
