Three-Family
New
For Sale
$4,700,000
448 Henry St, Brooklyn, NY 11231
Historic architectural details, flexible three-unit layout, basement, and backyard support a distinctive residential income property.
Property Size3,780 SF
Days on Market7
Property Features for 448 Henry St
General Information
Standard status
Active
Size
3,780 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$21,660
Building Details
Building Size
3,780 SF
Year Built
1901
Units
3
Listing Agency:
Brownstone Real Estate LLC
Listed By:
Janet C Guerra · License #30GU1060547
(718) 855-4111
Source:
Elliman
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 26 at 11:11AM
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 Brownstone Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1901, this brownstone is arranged as a three-family residence with a garden-parlor duplex and two one-bedroom-plus-den apartments. Original architectural details, a full basement, and an expansive backyard add usable space and character to the property. The home has remained with the same family for 80 years.
Located at 448 Henry St in Brooklyn’s Cobble Hill, the property is near neighborhood shops, restaurants, cafes, parks, and public transportation. Walk Score is 89, Bike Score is 79, and Transit Score is 100, placing daily services and transportation within a highly accessible urban setting.
Located at 448 Henry St in Brooklyn’s Cobble Hill, the property is near neighborhood shops, restaurants, cafes, parks, and public transportation. Walk Score is 89, Bike Score is 79, and Transit Score is 100, placing daily services and transportation within a highly accessible urban setting.
Key Highlights
- Three‑family layout with a garden‑parlor duplex and two one‑bedroom‑plus‑den units
- Built in 1901 with original architectural details
- Full basement and expansive backyard
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
$132,382
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
2.82%
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%
$2,647,640
$2.6M
Cap Rate 7%
$1,891,171
$1.9M
Cap Rate 9%
$1,470,911
$1.5M
Market Conditions
NOI Build-Up for 3,780 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
$192.8K $51.00/SF
− Vacancy
−$3.7K −$0.97/SF
EGI
$189.1K $50.03/SF
− OpEx
−$56.7K −$15.01/SF
NOI
$132.4K $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%
$2,647,640
Cap Rate 7%
$1,891,171
Cap Rate 9%
$1,470,911
Alternative Uses
Best Use
Multifamily LT 5
$1.89M
$1.65M – $2.21M
NOI $132,382 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,399 @ 7.0% cap · market cap 2.46%
Theoretical Best
Specialty Retail
$3.13M
$2.74M – $3.65M
NOI $219,089 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
7,239
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
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 - Historic architectural details, flexible three-unit layout, basement, and backyard support a distinctive residential income property.
Where is this triplex located?
The property is located at 448 Henry St Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: Three‑family layout with a garden‑parlor duplex and two one‑bedroom‑plus‑den units; Built in 1901 with original architectural details; Full basement and expansive backyard
