Renovated Four-Story Three-Family
For Sale
$1,450,000
Pending
1644 Atlantic Ave, Brooklyn, NY 11213
Fully renovated three-family townhouse with deeded parking, legal driveway, split-system HVAC, and on-site washer/dryer; delivered vacant.
Property Size3,040 SF
Lot Size0.05 Acres
Days on Market131
Property Features for 1644 Atlantic Ave
General Information
Standard status
Pending
Size
3,040 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,976
Building Details
Building Size
3,040 SF
Year Built
1901
Stories
4
Units
3
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Erion Ahmetaj · License #10301219187
(917) 597-5736
Source:
Elliman
Added: Apr 28
Changed: Aug 31
Last Checked: Sep 4 at 12:48PM
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 Compass
Investment Insights
Based on property information with market context.
This fully renovated four-story, three-family townhouse includes a basement and is designed as three separate, well-laid-out apartments. Improvements include high ceilings, modern split-system heating and cooling, and a washer/dryer in the building, with updated interiors throughout. The property will be delivered vacant, providing flexibility for an investor or an owner-occupant.
The building measures 20 feet by 38 feet on a 2,000-square-foot lot (20 ft x 100 ft). Deeded off-street parking and a legal driveway are included, along with a large rear shed for additional storage or potential conversion to supplemental space, subject to applicable approvals.
Located in Crown Heights, the property is supported by very bikeable/walkable transit-oriented accessibility indicators, including a Bike Score of 86, a Walk Score of 93, and a Transit Score of 100.
The building measures 20 feet by 38 feet on a 2,000-square-foot lot (20 ft x 100 ft). Deeded off-street parking and a legal driveway are included, along with a large rear shed for additional storage or potential conversion to supplemental space, subject to applicable approvals.
Located in Crown Heights, the property is supported by very bikeable/walkable transit-oriented accessibility indicators, including a Bike Score of 86, a Walk Score of 93, and a Transit Score of 100.
Key Highlights
- Fully renovated 20‑foot‑wide, four‑story three‑family townhouse (20 ft x 38 ft) built in 1901
- 2,000 SF lot (20 ft x 100 ft) with legal driveway and deeded parking
- Modern split‑system heating and cooling plus washer/dryer in the building
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
$106,466
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
7.34%
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%
$2,129,320
$2.1M
Cap Rate 7%
$1,520,943
$1.5M
Cap Rate 9%
$1,182,956
$1.2M
Market Conditions
NOI Build-Up for 3,040 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
$155.0K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$152.1K $50.03/SF
− OpEx
−$45.6K −$15.01/SF
NOI
$106.5K $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%
$2,129,320
Cap Rate 7%
$1,520,943
Cap Rate 9%
$1,182,956
Alternative Uses
Best Use
Multifamily LT 5
$1.52M
$1.33M – $1.77M
NOI $106,466 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,808 @ 7.0% cap · market cap 6.40%
Theoretical Best
Specialty Retail
$2.52M
$2.20M – $2.94M
NOI $176,198 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,753
Businesses Nearby
Explore this area
Business Placement
Demographics for 11213, NY
67,217
Population
29,186
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
61,106
Density / Sq Mi
$62,040
Median Household Income
$43,736
Median Earnings
$1,607
Median Rent
$1,184,400
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 renovated three-family townhouse with deeded parking, legal driveway, split-system HVAC, and on-site washer/dryer; delivered vacant.
Where is this triplex located?
The property is located at 1644 Atlantic Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Fully renovated 20‑foot‑wide, four‑story three‑family townhouse (20 ft x 38 ft) built in 1901; 2,000 SF lot (20 ft x 100 ft) with legal driveway and deeded parking; Modern split‑system heating and cooling plus washer/dryer in the building
