Three-Unit Residential
For Sale
$1,450,000
229 Macdougal St, Brooklyn, NY 11233
Three residential units include a separate-entry studio, a two-bedroom layout, and a top-floor three-bedroom apartment.
Property Size1,500 SF
Days on Market8
Property Features for 229 Macdougal St
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Investment
Units
Unit Mix
1 x studio, 1 x 2BR, 1 x 3BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,809
Amenities
private backyard/patio
Building Details
Building Size
1,500 SF
Year Built
1910
Buildings
1
Units
3
Listing Agency:
Exit Realty All City
Listed By:
Czion D. Earle · License #10401282997
(917) 940-1554
Source:
Elliman
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 9:32AM
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 Exit Realty All City
Investment Insights
Based on property information with market context.
This three-unit residential property at 229 Macdougal St includes a basement studio with its own ground-level entrance, a first-floor two-bedroom unit with additional basement flex space, and a private backyard or patio. The upper level contains a three-bedroom, one-bath apartment. Built in 1910, the property is classified as NYC Tax Class 1.
Located in Ocean Hill, the property is near the A/C trains at Rockaway Ave, with an approximately 30-minute trip to Midtown. Walk Score is 83, Transit Score is 95, and Bike Score is 67. The projected gross rent is approximately $93,600 annually, with a projected 4.9% cap rate and 15.5 gross rent multiplier at current market rents.
Located in Ocean Hill, the property is near the A/C trains at Rockaway Ave, with an approximately 30-minute trip to Midtown. Walk Score is 83, Transit Score is 95, and Bike Score is 67. The projected gross rent is approximately $93,600 annually, with a projected 4.9% cap rate and 15.5 gross rent multiplier at current market rents.
Key Highlights
- Three‑unit configuration with a basement studio, first‑floor two‑bedroom unit, and top‑floor three‑bedroom apartment
- Basement studio has a separate ground‑level front entrance
- First‑floor unit includes separate basement flex space and access to a private backyard or patio
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
$52,533
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
3.62%
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%
$1,050,660
$1.1M
Cap Rate 7%
$750,471
$750.5K
Cap Rate 9%
$583,700
$583.7K
Market Conditions
NOI Build-Up for 1,500 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
$76.5K $51.00/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$75.0K $50.03/SF
− OpEx
−$22.5K −$15.01/SF
NOI
$52.5K $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%
$1,050,660
Cap Rate 7%
$750,471
Cap Rate 9%
$583,700
Alternative Uses
Best Use
Multifamily LT 5
$750.5K
$656.7K – $875.6K
NOI $52,533 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$654.2K
$572.4K – $763.2K
NOI $45,793 @ 7.0% cap · market cap 3.16%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,940 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,963
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include a separate-entry studio, a two-bedroom layout, and a top-floor three-bedroom apartment.
Where is this triplex located?
The property is located at 229 Macdougal St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Three‑unit configuration with a basement studio, first‑floor two‑bedroom unit, and top‑floor three‑bedroom apartment; Basement studio has a separate ground‑level front entrance; First‑floor unit includes separate basement flex space and access to a private backyard or patio
