Brick 3-Family Residential
For Sale
$1,499,000
933 Cleveland St, Brooklyn, NY 11208
Two legal three-family brick buildings were built in 2000 and include three-bedroom, two-bath units with separate boilers.
Property Size3,756 SF
Days on Market68
Property Features for 933 Cleveland St
General Information
Standard status
Active
Size
3,756 SF
Property subtype
Investment
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$4,685
Building Details
Building Size
3,756 SF
Year Built
2000
Units
3
Construction
brick
Tenancy
Multi
Listing Agency:
(516) 787-3292
Listed By:
Lucien Saintfort
Source:
Elliman
Added: Jun 15
Changed: Aug 21
Last Checked: Aug 21 at 8:57AM
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 Lucien Saintfort
Investment Insights
Based on property information with market context.
Comprising two legal three-family buildings, this residential income property was built in 2000 and constructed of solid brick from the foundation to the roof. Each building features three three-bedroom, two-bath apartments, with each unit served by its own boiler, hot water heater, and thermostat.
In addition to the three-bedroom units, each building includes a two-bedroom basement with both front and back entrances. The buildings also have driveways that lead to a large backyard.
According to the seller, the property is being sold with no access and currently has no paying tenants, with eviction notices already served to the non-paying tenants by the owner’s landlord-tenant attorney. The seller indicates interest in a package deal and is accepting all offers, including cash offers.
In addition to the three-bedroom units, each building includes a two-bedroom basement with both front and back entrances. The buildings also have driveways that lead to a large backyard.
According to the seller, the property is being sold with no access and currently has no paying tenants, with eviction notices already served to the non-paying tenants by the owner’s landlord-tenant attorney. The seller indicates interest in a package deal and is accepting all offers, including cash offers.
Key Highlights
- Two legal 3‑family brick buildings built in 2000: 929 and 933 Cleveland Street, Brooklyn, NY 11208
- Each building has 3 three‑bedroom, 2‑bath apartments with separate boilers, hot water heaters, and thermostats
- Each building includes a 2‑bedroom basement with front and back entrances
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
$96,418
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
6.43%
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%
$1,928,360
$1.9M
Cap Rate 7%
$1,377,400
$1.4M
Cap Rate 9%
$1,071,311
$1.1M
Market Conditions
NOI Build-Up for 3,756 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
$144.2K $38.40/SF
− Vacancy
−$6.5K −$1.73/SF
EGI
$137.7K $36.67/SF
− OpEx
−$41.3K −$11.00/SF
NOI
$96.4K $25.67/SF
Area
ZIP 11208
Vacancy
4.50%
Lease Rate
$38.40 /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%
$1,928,360
Cap Rate 7%
$1,377,400
Cap Rate 9%
$1,071,311
Alternative Uses
Best Use
Multifamily LT 5
$1.38M
$1.21M – $1.61M
NOI $96,418 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$1.23M
$1.07M – $1.43M
NOI $85,851 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,875 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,893
Businesses Nearby
Explore this area
Business Placement
Demographics for 11208, NY
101,958
Population
37,261
Households
2.7
Avg Household Size
35
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
37,762
Density / Sq Mi
$59,988
Median Household Income
$40,156
Median Earnings
$1,563
Median Rent
$638,200
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 - Two legal three-family brick buildings were built in 2000 and include three-bedroom, two-bath units with separate boilers.
Where is this triplex located?
The property is located at 933 Cleveland St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Two legal 3‑family brick buildings built in 2000: 929 and 933 Cleveland Street, Brooklyn, NY 11208; Each building has 3 three‑bedroom, 2‑bath apartments with separate boilers, hot water heaters, and thermostats; Each building includes a 2‑bedroom basement with front and back entrances
