Semi-Attached Brick Corner
For Sale
$1,568,000
1983 W 7th Street, Brooklyn, NY 11223
MULTI_FAMILY - Brooklyn, NY
Property Size3,600 SF
Lot Size0.05 Acres
Price / SF$435.56
Days on Market95
Property Features for 1983 W 7th Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
r5b
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bedroom 8, Bedroom 9, Bedroom 11, Bathroom 2, Bedroom 12, Bedroom 5, Bedroom 1, Bedroom 6, Bedroom 4, Bedroom 2, Bathroom 4, Bedroom 10, Bedroom 7, Bathroom 1
Interior features
Stove
Basement
Finished, Unfinished
Subdivision
Gravesend
Standard status
Active
Size
3,600 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
20799
Building Details
Year built
1931
Floors in Building
2
Number of units
4
Flooring type
Hardwood
Building materials
Brick
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Barbara Horan
(718) 612-3088
Added: May 28
Changed: Aug 4
Last Checked: Aug 30 at 6:06PM
MLS# 501799
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Semi-attached brick corner quadplex at 1983 W 7th Street, Brooklyn, NY 11223, built in 1931. The property sits on a 0.0459-acre lot and includes 3,600 square feet. It is configured as a four-family with each unit offering three bedrooms, one full bath, a dinette, a large living room, and a galley-style kitchen. The building has hardwood flooring and includes a stove among the interior features.
Two units can be delivered vacant, while two units are currently occupied with no leases. Heating is gas and supported by four separate heating units. Roof is asphalt, and the property is being sold “as is.”
Zoned R5B, this quadplex is positioned for investor and end-user interest in a residential-income building structure with working mechanicals, including gas heat systems in working order.
Two units can be delivered vacant, while two units are currently occupied with no leases. Heating is gas and supported by four separate heating units. Roof is asphalt, and the property is being sold “as is.”
Zoned R5B, this quadplex is positioned for investor and end-user interest in a residential-income building structure with working mechanicals, including gas heat systems in working order.
Key Highlights
- R5B zoning
- Four‑family semi‑attached brick corner quadplex layout
- 0.0459‑acre lot with 3,600 square feet
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
$126,078
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
8.04%
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%
$2,521,560
$2.5M
Cap Rate 7%
$1,801,114
$1.8M
Cap Rate 9%
$1,400,867
$1.4M
Market Conditions
NOI Build-Up for 3,600 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
$183.6K $51.00/SF
− Vacancy
−$3.5K −$0.97/SF
EGI
$180.1K $50.03/SF
− OpEx
−$54.0K −$15.01/SF
NOI
$126.1K $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%
$2,521,560
Cap Rate 7%
$1,801,114
Cap Rate 9%
$1,400,867
Alternative Uses
Best Use
Multifamily LT 5
$1.80M
$1.58M – $2.10M
NOI $126,078 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,904 @ 7.0% cap · market cap 7.01%
Theoretical Best
Specialty Retail
$2.98M
$2.61M – $3.48M
NOI $208,656 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,627
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
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 - R5B quadplex with four 3-bedroom units, gas heat with four separate heating units, and a semi-attached brick corner layout.
Where is this quadplex located?
The property is located at 1983 W 7th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,568,000.
What are key features of this property?
This property features: R5B zoning; Four‑family semi‑attached brick corner quadplex layout; 0.0459‑acre lot with 3,600 square feet
