Three-Family Income
For Sale
$999,000
988 Madison St, Brooklyn, NY 11221
Fully occupied three-story three-family building with eight bedrooms, three full bathrooms, and a full basement.
Property Size2,814 SF
Days on Market119
Property Features for 988 Madison St
General Information
Standard status
Active
Size
2,814 SF
Property subtype
Investment
Zoning
R-6
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,609
Building Details
Building Size
2,814 SF
Year Built
1901
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Great Success Realty Inc
(718) 883-1800
Listed By:
Shimon A. Matsui · License #31MA1011482
(718) 883-1800
Source:
Elliman
Added: Apr 28
Changed: Aug 13
Last Checked: Aug 24 at 9:13AM
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 Great Success Realty Inc
Investment Insights
Based on property information with market context.
This three-story three-family income property is fully occupied and available for sale. The building contains eight bedrooms and three full bathrooms, with a full basement. It is being sold as-is, with no representations made regarding condition. Buyer is responsible for transfer tax and a stated commission.
The property is located at 988 Madison St in Brooklyn, NY 11221. Public remarks indicate strong walk, bike, and transit accessibility.
The configuration is a 3-family, 3-story residential building measuring 18.75 feet by 50 feet, with a full basement included.
The property is located at 988 Madison St in Brooklyn, NY 11221. Public remarks indicate strong walk, bike, and transit accessibility.
The configuration is a 3-family, 3-story residential building measuring 18.75 feet by 50 feet, with a full basement included.
Key Highlights
- Fully occupied three‑story three‑family building (3‑family) built in 1901
- 8 bedrooms total with 3 full bathrooms
- Full basement included
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
$85,908
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
8.60%
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%
$1,718,160
$1.7M
Cap Rate 7%
$1,227,257
$1.2M
Cap Rate 9%
$954,533
$954.5K
Market Conditions
NOI Build-Up for 2,814 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
$159.4K $56.64/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$156.2K $55.51/SF
− OpEx
−$70.3K −$24.98/SF
NOI
$85.9K $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%
$1,718,160
Cap Rate 7%
$1,227,257
Cap Rate 9%
$954,533
Alternative Uses
Best Use
Multifamily LT 5
$1.41M
$1.23M – $1.64M
NOI $98,551 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$1.23M
$1.07M – $1.43M
NOI $85,908 @ 7.0% cap · market cap 8.60%
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $163,099 @ 7.0% cap · market cap 16.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,397
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 - Fully occupied three-story three-family building with eight bedrooms, three full bathrooms, and a full basement.
Where is this triplex located?
The property is located at 988 Madison St Brooklyn, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Fully occupied three‑story three‑family building (3‑family) built in 1901; 8 bedrooms total with 3 full bathrooms; Full basement included
