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 Market164
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
Listed By:
Shimon A. Matsui · License #31MA1011482
(718) 883-1800
Source:
Elliman
Added: Apr 28
Changed: Sep 30
Last Checked: Oct 7 at 12:30PM
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 / Yr
$85,908
Cap Rate
8.60%
Suggested Prices Based on Cap Rates
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
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 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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
