Detached Brick Three-Family
For Sale
Contact for pricing
215 Bay 35th Street, Brooklyn, NY 11214
Detached three-family brick residence with built-in garage and shared laundry, offering distinct apartment configurations across three floors.
Property Size3,648 SF
Price / SF$616.78
Days on Market56
Property Features for 215 Bay 35th Street
General Information
Standard status
Active
Size
3,648 SF
Class
B
Property subtype
Multifamily
Zoning
R5
Additional Details
Multifamily Units
3
Building Details
Year Built
1955
Stories
3
Units
3
Listing Agency:
Ashford Homes LLC
(929) 364-1301
Listed By:
Kawing Chiu · License #10301208208
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 8 at 6:48AM
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 Ashford Homes LLC
Investment Insights
Based on property information with market context.
This detached brick three-family home at 215 Bay 35th Street includes three separate residences over multiple levels, providing a straightforward multi-unit layout for investors or end-users. The property features a built-in garage and a shared laundry room. Apartment mix includes a spacious 2-bedroom unit on the first floor, a large 4-bedroom unit on the second floor, and a 3-bedroom unit on the third floor.
Located in Bath Beach, Brooklyn, the home is described as being convenient to everyday needs, including shopping, restaurants, schools, parks, and public transportation. This established neighborhood setting can support a wide range of tenant profiles given the variety of unit sizes within the building.
From a practical perspective, the separate floor-by-floor apartment configurations may appeal to buyers looking for rental flexibility, while the detached structure and on-site parking via the built-in garage can be meaningful day-to-day amenities. The shared laundry room also supports routine household needs without relying on off-site facilities.
Located in Bath Beach, Brooklyn, the home is described as being convenient to everyday needs, including shopping, restaurants, schools, parks, and public transportation. This established neighborhood setting can support a wide range of tenant profiles given the variety of unit sizes within the building.
From a practical perspective, the separate floor-by-floor apartment configurations may appeal to buyers looking for rental flexibility, while the detached structure and on-site parking via the built-in garage can be meaningful day-to-day amenities. The shared laundry room also supports routine household needs without relying on off-site facilities.
Key Highlights
- Detached brick 3‑family home built in 1955
- Built‑in garage plus shared laundry room
- First floor includes a spacious 2‑bedroom apartment
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
$99,498
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
4.42%
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%
$1,989,960
$2.0M
Cap Rate 7%
$1,421,400
$1.4M
Cap Rate 9%
$1,105,533
$1.1M
Market Conditions
NOI Build-Up for 3,648 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
$148.8K $40.80/SF
− Vacancy
−$6.7K −$1.84/SF
EGI
$142.1K $38.96/SF
− OpEx
−$42.6K −$11.69/SF
NOI
$99.5K $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%
$1,989,960
Cap Rate 7%
$1,421,400
Cap Rate 9%
$1,105,533
Alternative Uses
Best Use
Multifamily LT 5
$1.42M
$1.24M – $1.66M
NOI $99,498 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$1.27M
$1.11M – $1.49M
NOI $89,173 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$2.13M
$1.86M – $2.48M
NOI $148,964 @ 7.0% cap · market cap 6.62%
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
2,267
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?
Triplex - Detached three-family brick residence with built-in garage and shared laundry, offering distinct apartment configurations across three floors.
Where is this triplex located?
The property is located at 215 Bay 35th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Detached brick 3‑family home built in 1955; Built‑in garage plus shared laundry room; First floor includes a spacious 2‑bedroom apartment
