Two Legal Three-Family
For Sale
$1,499,000
929 Cleveland St 00000000000000, Brooklyn, NY 11208
Two built-in-2000 legal three-family properties offer three-bedroom, two-bath units plus basement two-bedroom space in each building.
Property Size3,723 SF
Days on Market79
Property Features for 929 Cleveland St 00000000000000
General Information
Standard status
Active
Size
3,723 SF
Property subtype
Investment
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$4,685
Building Details
Building Size
3,723 SF
Year Built
2000
Units
3
Construction
brick
Listing Agency:
(516) 787-3292
Listed By:
Lucien Saintfort
Source:
Elliman
Added: Jun 4
Changed: Aug 20
Last Checked: Aug 21 at 10:51AM
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.
For sale are two legal three-family residential income buildings located at 929 and 933 Cleveland Street. Built in 2000, the properties are described as solid brick construction from the foundations to the roofs. Each building contains three three-bedroom, two-bath apartments, with each unit equipped with its own boiler, hot water heater, and thermostat. In addition, each building includes a two-bedroom basement with front and back entrances, and driveway access to a large backyard.
The seller notes that the properties are currently being sold with no access and no paying tenants. The listing further states that eviction notices have already been served to the non-paying tenants by the owner’s attorney.
Each building’s layout supports a straightforward configuration with separate mechanicals at the apartment level and dedicated basement space, creating a consistent residential income offering across both addresses.
The seller notes that the properties are currently being sold with no access and no paying tenants. The listing further states that eviction notices have already been served to the non-paying tenants by the owner’s attorney.
Each building’s layout supports a straightforward configuration with separate mechanicals at the apartment level and dedicated basement space, creating a consistent residential income offering across both addresses.
Key Highlights
- Two built‑in‑2000 legal three‑family properties at 929 and 933 Cleveland Street, Brooklyn, NY 11208
- Each building has three 3‑bedroom, 2‑bath apartments (9 total apartments across both properties)
- Each apartment has its own boiler, hot water heater, and thermostat
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
$95,571
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
6.38%
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%
$1,911,420
$1.9M
Cap Rate 7%
$1,365,300
$1.4M
Cap Rate 9%
$1,061,900
$1.1M
Market Conditions
NOI Build-Up for 3,723 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
$143.0K $38.40/SF
− Vacancy
−$6.4K −$1.73/SF
EGI
$136.5K $36.67/SF
− OpEx
−$41.0K −$11.00/SF
NOI
$95.6K $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%
$1,911,420
Cap Rate 7%
$1,365,300
Cap Rate 9%
$1,061,900
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.19M – $1.59M
NOI $95,571 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,097 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,461 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
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 built-in-2000 legal three-family properties offer three-bedroom, two-bath units plus basement two-bedroom space in each building.
Where is this triplex located?
The property is located at 929 Cleveland St 00000000000000 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 built‑in‑2000 legal three‑family properties at 929 and 933 Cleveland Street, Brooklyn, NY 11208; Each building has three 3‑bedroom, 2‑bath apartments (9 total apartments across both properties); Each apartment has its own boiler, hot water heater, and thermostat
