Vacant Three-Unit Brick
For Sale
$1,750,000
24 Bay 47th St, Brooklyn, NY 11214
Three-level brick property with separate basement access, private parking, and delivery without occupants.
Property Size2,442 SF
Lot Size0.04 Acres
Days on Market12
Property Features for 24 Bay 47th St
General Information
Standard status
Active
Size
2,442 SF
Total Parking Spaces
2
Lot size
0.04 Acres
Property subtype
Multi Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,704
Building Details
Building Size
2,442 SF
Year Built
1997
Buildings
1
Stories
3
Construction
brick
Listing Agency:
ProBase Real Estate
(718) 210-2727
Listed By:
Juan (Angela) Liu
(718) 210-2727
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 29 at 2:44PM
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 ProBase Real Estate
Investment Insights
Based on property information with market context.
This brick triplex, completed in 1997, contains three residential levels with a consistent two-bedroom, one-bath arrangement on each floor. A basement with its own entrance adds another full bathroom, while the property also includes a private driveway with two parking spaces. The entire building will be delivered vacant.
The property is located in Gravesend near parks, schools, and multiple public transportation options. Bus service includes the B1, B4, and B64 routes, with access to the N and D trains. The building measures 37 × 22 feet on a 45 × 40-foot lot, providing a clearly defined residential income property with flexible occupancy options.
The property is located in Gravesend near parks, schools, and multiple public transportation options. Bus service includes the B1, B4, and B64 routes, with access to the N and D trains. The building measures 37 × 22 feet on a 45 × 40-foot lot, providing a clearly defined residential income property with flexible occupancy options.
Key Highlights
- Three‑unit brick property built in 1997
- Each of the three floors has a two‑bedroom, one‑bath layout
- Basement includes a separate entrance and an additional full bathroom
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
$66,605
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
3.81%
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%
$1,332,100
$1.3M
Cap Rate 7%
$951,500
$951.5K
Cap Rate 9%
$740,056
$740.1K
Market Conditions
NOI Build-Up for 2,442 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
$99.6K $40.80/SF
− Vacancy
−$4.5K −$1.84/SF
EGI
$95.2K $38.96/SF
− OpEx
−$28.5K −$11.69/SF
NOI
$66.6K $27.27/SF
Area
ZIP 11214
Vacancy
4.50%
Lease Rate
$40.80 /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%
$1,332,100
Cap Rate 7%
$951,500
Cap Rate 9%
$740,056
Alternative Uses
Best Use
Multifamily LT 5
$951.5K
$832.6K – $1.11M
NOI $66,605 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$852.8K
$746.2K – $994.9K
NOI $59,693 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$1.42M
$1.25M – $1.66M
NOI $99,718 @ 7.0% cap · market cap 5.70%
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
1,896
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
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 - Three-level brick property with separate basement access, private parking, and delivery without occupants.
Where is this triplex located?
The property is located at 24 Bay 47th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Three‑unit brick property built in 1997; Each of the three floors has a two‑bedroom, one‑bath layout; Basement includes a separate entrance and an additional full bathroom
