Brick Triplex with
New
For Sale
$2,100,000
2 Micieli Place, Brooklyn, NY 11218
Three residential units include a one-bedroom layout and two two-bedroom apartments.
Property Size3,322 SF
Price / SF$632.15
Days on Market7
Property Features for 2 Micieli Place
General Information
Standard status
Active
Size
3,322 SF
Total Parking Spaces
3
Property subtype
Multi Family
Units
Unit Mix
1 x 1BR, 2 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,721
Amenities
hardwood floors
backyard
side yard
private porch
sliding glass doors
wood cabinets
kitchen island
Building Details
Building Size
3,322 SF
Year Built
1940
Buildings
1
Construction
brick
Listing Agency:
Neuhaus Realty Inc.
Listed By:
Catherine Cino
(718) 979-3400
Source:
Penrealty
Added: Aug 28
Changed: Sep 3
Last Checked: Sep 2 at 9:15PM
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 Neuhaus Realty Inc.
Investment Insights
Based on property information with market context.
This 3,322-square-foot semi-attached, all-brick triplex was built in 1940 and contains three residential units. The unit mix includes one one-bedroom apartment and two two-bedroom apartments. Interior features include hardwood flooring throughout, updated kitchens, wood cabinetry, an island, and dining areas. One apartment opens to the backyard, while another connects to a private porch through sliding glass doors.
The property includes an attached one-car garage, a carport accommodating two cars, and sizable rear and side yards. Situated in Borough Park, the home is close to transportation. The property is being sold as is.
The property includes an attached one-car garage, a carport accommodating two cars, and sizable rear and side yards. Situated in Borough Park, the home is close to transportation. The property is being sold as is.
Key Highlights
- 3,322 SF semi‑attached, all‑brick triplex built in 1940
- Three‑unit layout with one 1‑bedroom apartment and two 2‑bedroom apartments
- Attached 1‑car garage plus carport space for 2 cars
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
$116,342
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
5.54%
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%
$2,326,840
$2.3M
Cap Rate 7%
$1,662,029
$1.7M
Cap Rate 9%
$1,292,689
$1.3M
Market Conditions
NOI Build-Up for 3,322 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
$169.4K $51.00/SF
− Vacancy
−$3.2K −$0.97/SF
EGI
$166.2K $50.03/SF
− OpEx
−$49.9K −$15.01/SF
NOI
$116.3K $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%
$2,326,840
Cap Rate 7%
$1,662,029
Cap Rate 9%
$1,292,689
Alternative Uses
Best Use
Multifamily LT 5
$1.66M
$1.45M – $1.94M
NOI $116,342 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,417 @ 7.0% cap · market cap 4.83%
Theoretical Best
Specialty Retail
$2.75M
$2.41M – $3.21M
NOI $192,543 @ 7.0% cap · market cap 9.17%
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
3,390
Businesses Nearby
Explore this area
Business Placement
Demographics for 11218, NY
78,642
Population
27,403
Households
2.9
Avg Household Size
35
Median Age
51%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
56,173
Density / Sq Mi
$95,916
Median Household Income
$55,190
Median Earnings
$1,966
Median Rent
$914,300
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 residential units include a one-bedroom layout and two two-bedroom apartments.
Where is this triplex located?
The property is located at 2 Micieli Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 3,322 SF semi‑attached, all‑brick triplex built in 1940; Three‑unit layout with one 1‑bedroom apartment and two 2‑bedroom apartments; Attached 1‑car garage plus carport space for 2 cars
