Vacant Triplex
For Sale
$1,300,000
Pending
298 Schenectady Ave, Brooklyn, NY 11213
Legal three-family property delivered vacant with renovation and repositioning flexibility.
Property Size3,375 SF
Days on Market26
Property Features for 298 Schenectady Ave
General Information
Standard status
Pending
Size
3,375 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,784
Building Details
Building Size
3,375 SF
Year Built
1945
Stories
3
Units
3
Listed By:
Jeffrey M Montana
(917) 309-4602
Source:
Elliman
Added: Aug 13
Changed: Sep 3
Last Checked: Sep 6 at 1:15PM
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 Jeffrey M Montana
Investment Insights
Based on property information with market context.
This legal three-family residence offers approximately 3,375 square feet across a multifamily configuration and will be delivered fully vacant. The clear occupancy status allows the next owner to evaluate renovation, repositioning, or end-user plans without existing tenancy in place.
Located at 298 Schenectady Ave in Brooklyn, NY 11213, the property scores 88 for walkability, rated Very Walkable. Its BikeScore is 74, rated Very Bikeable, while the transit score is 98, identified as Rider's Paradise. These transportation ratings provide useful context for evaluating the property’s urban accessibility.
Located at 298 Schenectady Ave in Brooklyn, NY 11213, the property scores 88 for walkability, rated Very Walkable. Its BikeScore is 74, rated Very Bikeable, while the transit score is 98, identified as Rider's Paradise. These transportation ratings provide useful context for evaluating the property’s urban accessibility.
Key Highlights
- Legal three‑family residence
- Approximately 3,375 square feet
- Delivered fully vacant
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
$118,198
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
9.09%
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%
$2,363,960
$2.4M
Cap Rate 7%
$1,688,543
$1.7M
Cap Rate 9%
$1,313,311
$1.3M
Market Conditions
NOI Build-Up for 3,375 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
$172.1K $51.00/SF
− Vacancy
−$3.3K −$0.97/SF
EGI
$168.9K $50.03/SF
− OpEx
−$50.7K −$15.01/SF
NOI
$118.2K $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%
$2,363,960
Cap Rate 7%
$1,688,543
Cap Rate 9%
$1,313,311
Alternative Uses
Best Use
Multifamily LT 5
$1.69M
$1.48M – $1.97M
NOI $118,198 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,035 @ 7.0% cap · market cap 7.93%
Theoretical Best
Specialty Retail
$2.79M
$2.45M – $3.26M
NOI $195,615 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,627
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 - Legal three-family property delivered vacant with renovation and repositioning flexibility.
Where is this triplex located?
The property is located at 298 Schenectady Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Legal three‑family residence; Approximately 3,375 square feet; Delivered fully vacant
