Four-Family Residential
For Sale
$1,950,000
136 Bay 38th St, Brooklyn, NY 11214
Completely vacant, move-in ready 4-unit property with three 2-bedroom units and one 3-bedroom unit plus unfinished basement space.
Property Size3,588 SF
Days on Market73
Property Features for 136 Bay 38th St
General Information
Standard status
Active
Size
3,588 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$13,724
Building Details
Building Size
3,588 SF
Year Built
1927
Stories
2
Listing Agency:
(718) 382-0001
Listed By:
XiaoBing (Icy) Zhang
(718) 382-0001
Source:
Elliman
Added: Jun 21
Changed: Aug 27
Last Checked: Aug 31 at 4:48PM
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 XiaoBing (Icy) Zhang
Investment Insights
Based on property information with market context.
Offered for sale as a completely vacant, move-in ready four-family home. The building is in excellent condition and configured with three apartments featuring 2 bedrooms and 1 full bathroom each, along with a fourth unit featuring 3 bedrooms and 1 full bathroom. A full unfinished basement adds usable storage and potential for future customization.
Located in the Bath Beach neighborhood of Brooklyn, the property is described as close to transportation, shopping, restaurants, schools, and other everyday conveniences. Mobility indicators provided for the area include a Walk Score of 83 (very walkable), a Transit Score of 88 (excellent transit), and a Bike Score of 67 (bikeable).
This layout can fit a range of residential income strategies or owner-occupancy plans where additional rental income may be desired, while the remaining basement area supports practical long-term use. With the property being delivered fully vacant, buyers can plan for immediate occupancy, updates, or leasing without needing to coordinate move-outs. The combination of unit mix and an unfinished full basement makes it a versatile multi-family asset for buyers evaluating both current setup and future flexibility.
Located in the Bath Beach neighborhood of Brooklyn, the property is described as close to transportation, shopping, restaurants, schools, and other everyday conveniences. Mobility indicators provided for the area include a Walk Score of 83 (very walkable), a Transit Score of 88 (excellent transit), and a Bike Score of 67 (bikeable).
This layout can fit a range of residential income strategies or owner-occupancy plans where additional rental income may be desired, while the remaining basement area supports practical long-term use. With the property being delivered fully vacant, buyers can plan for immediate occupancy, updates, or leasing without needing to coordinate move-outs. The combination of unit mix and an unfinished full basement makes it a versatile multi-family asset for buyers evaluating both current setup and future flexibility.
Key Highlights
- Completely vacant 4‑unit property delivered move‑in ready
- 3 units feature 2 bedrooms and 1 full bathroom each
- 1 unit features 3 bedrooms and 1 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
$97,862
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
5.02%
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%
$1,957,240
$2.0M
Cap Rate 7%
$1,398,029
$1.4M
Cap Rate 9%
$1,087,356
$1.1M
Market Conditions
NOI Build-Up for 3,588 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
$146.4K $40.80/SF
− Vacancy
−$6.6K −$1.84/SF
EGI
$139.8K $38.96/SF
− OpEx
−$41.9K −$11.69/SF
NOI
$97.9K $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%
$1,957,240
Cap Rate 7%
$1,398,029
Cap Rate 9%
$1,087,356
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.22M – $1.63M
NOI $97,862 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,707 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,514 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,954
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?
Quadplex - Completely vacant, move-in ready 4-unit property with three 2-bedroom units and one 3-bedroom unit plus unfinished basement space.
Where is this quadplex located?
The property is located at 136 Bay 38th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Completely vacant 4‑unit property delivered move‑in ready; 3 units feature 2 bedrooms and 1 full bathroom each; 1 unit features 3 bedrooms and 1 full bathroom
