Brick Three-Family
New
For Sale
$2,100,000
2 Micieli Place, Brooklyn, NY 11218
Residential, Brooklyn, NY
Property Size3,322 SF
Lot Size0.05 Acres
Price / SF$632.15
Days on Market2
Property Features for 2 Micieli Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Garage, Carport
Patio and Porch features
Patio
Interior features
A/C Unit - Wall, Laundry Area, Patio Garden
Subdivision
Boro-Park
Standard status
Active
Size
3,322 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5721
Building Details
Year built
1940
Floors in Building
2
Number of units
3
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
Neuhaus Realty Inc.
(718) 979-3400
Listed By:
Catherine Cino
(718) 979-3400
Added: Aug 28
Last Checked: Aug 29 at 2:06AM
MLS# 504124
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.
This 3,322-square-foot, semi-attached brick residence contains three apartments within a three-family configuration. The first unit offers one bedroom and backyard access. The second includes two bedrooms, a full bath, and a large kitchen with dining space, wood cabinetry, and an island. The third has two bedrooms, a full bath, an updated kitchen and dining area, and sliding doors opening to a private porch. Hardwood flooring runs throughout the home, with wall-mounted A/C units and a laundry area also included.
The property occupies 0.0456 acres and includes a substantial side and rear yard. Parking consists of an attached one-car garage and a carport accommodating two cars. Built in 1940, the residence is designated R5 and is being offered as-is.
The property occupies 0.0456 acres and includes a substantial side and rear yard. Parking consists of an attached one-car garage and a carport accommodating two cars. Built in 1940, the residence is designated R5 and is being offered as-is.
Key Highlights
- Three‑family brick residence with 3,322 square feet
- Unit mix includes one 1‑bedroom apartment and two 2‑bedroom apartments
- R5 zoning on a 0.0456‑acre parcel
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 - R5-zoned Brooklyn residence with three distinct apartments, outdoor areas, and covered vehicle storage.
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: Three‑family brick residence with 3,322 square feet; Unit mix includes one 1‑bedroom apartment and two 2‑bedroom apartments; R5 zoning on a 0.0456‑acre parcel
