Renovated 3-Family with Private
1516 70th Street Brooklyn, NY 11228
1516 70th Street, Brooklyn, NY, 11228
$1,890,000
Pending
For Sale
$1,890,000
Pending
Renovated 3-family featuring separate boilers and a 10-foot private driveway plus a large backyard.
Property Size2,800 SF
Lot Size0.07 Acres
Days on Market1142
Property Features for 1516 70th Street
General Information
- Standard status
- Pending
- Size
- 2,800 SF
- Lot size
- 0.07 Acres
- Property subtype
- Multi Family
Building Details
- Year Built
- 1999
Listing agency
RE/MAX Edge
(718) 612-3088
Listed by
XiaoMei(May) He · License #10401313430
(718) 612-3088
Source
Exitrealty
Added: Jun 7, 2023 Updated: Jul 21 at 5:29AM Checked: Jul 21 at 5:29AM
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 RE/MAX Edge
Investment Insights
Based on property information with market context.
This supersized 3-family residence is configured as a large through four-bedroom apartment on the first floor, with three separate two-bedroom apartments on the second floor. The property has been renovated in recent years and is reported to be in good condition. Separate boilers and hot water heaters serve each apartment.
The building sits on a 30-by-100 lot with two stories and a generous private driveway described as approximately 10 feet, providing parking capacity for multiple cars. A large backyard is included.
The offering is for sale and will be delivered vacant at closing. Zoning is listed as R-5, C1-2.
The building sits on a 30-by-100 lot with two stories and a generous private driveway described as approximately 10 feet, providing parking capacity for multiple cars. A large backyard is included.
The offering is for sale and will be delivered vacant at closing. Zoning is listed as R-5, C1-2.
Key Highlights
- Renovated 3‑family built in 1999 in Bensonhurst
- Lot size 30x100 with building 20x75 (1,500 SF) x 2 stories (3,000 SF)
- Zoned R‑5, C1‑2
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $142.8k | $51.00 |
| − Vacancy | −$2.7k | −$0.97 |
| EGI | $140.1k | $50.03 |
| − OpEx | −$42.0k | −$15.01 |
| NOI | $98.1k | $35.02 |
2,800 SF · lease $51.00/SF/yr · vacancy 1.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.23M – $1.63M
NOI $98,061 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,481 @ 7.0% cap · market cap 4.52%
Theoretical Best
Specialty Retail
$2.32M
$2.03M – $2.70M
NOI $162,288 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Renovated 3-family featuring separate boilers and a 10-foot private driveway plus a large backyard.
Where is this triplex located?
The property is located at 1516 70th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: Renovated 3‑family built in 1999 in Bensonhurst; Lot size 30x100 with building 20x75 (1,500 SF) x 2 stories (3,000 SF); Zoned R‑5, C1‑2
