Three-Family Residential Income
For Sale
$1,399,999
219 Cornelia St, Brooklyn, NY 11221
Spacious three-unit structure with outdoor space and multiple bedrooms, supporting flexible living and rental arrangements.
Property Size2,565 SF
Price / SF$559
Days on Market63
Property Features for 219 Cornelia St
General Information
Standard status
Active
Size
2,565 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,834
Building Details
Building Size
2,565 SF
Year Built
1910
Stories
2
Listing Agency:
Revived Residential
(929) 379-3750
Listed By:
Michael Chindemi
(929) 379-3750
Source:
Elliman
Added: Jun 12
Changed: Aug 12
Last Checked: Aug 12 at 7:09AM
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 Revived Residential
Investment Insights
Based on property information with market context.
Located at 219 Cornelia Street, this three-family residential building offers a substantial overall layout with over 2,500 square feet of living space. The property includes 5 bedrooms and 3 bathrooms, providing comfortable configurations across the units. An expansive outdoor area is included, offering residents a dedicated space for entertaining, gardening, or private outdoor use.
The building is positioned in Bushwick with access to major transit lines, including the L train at Jefferson Street and the M train at Central Avenue. This connectivity supports commutes into Manhattan and the surrounding Brooklyn area. WalkScore, bikeScore, and transitScore indicate the neighborhood is very walkable, very bikeable, and served by excellent transit.
This is a practical fit for buyers seeking a property that can support owner-occupancy alongside rental income, or for investors evaluating a multi-unit residential asset. With three separate residential units, the building offers operational flexibility compared to a single-family setup, while the outdoor area adds an amenity that can be meaningful to residents. Showings are by appointment, and some photos are virtual staged.
The building is positioned in Bushwick with access to major transit lines, including the L train at Jefferson Street and the M train at Central Avenue. This connectivity supports commutes into Manhattan and the surrounding Brooklyn area. WalkScore, bikeScore, and transitScore indicate the neighborhood is very walkable, very bikeable, and served by excellent transit.
This is a practical fit for buyers seeking a property that can support owner-occupancy alongside rental income, or for investors evaluating a multi-unit residential asset. With three separate residential units, the building offers operational flexibility compared to a single-family setup, while the outdoor area adds an amenity that can be meaningful to residents. Showings are by appointment, and some photos are virtual staged.
Key Highlights
- 1910‑built three‑family property with 2,500+ sq ft of living space
- 5 bedrooms and 3 bathrooms across the three units
- Expansive outdoor area for entertaining, gardening, or private use
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
$87,554
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
6.25%
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%
$1,751,080
$1.8M
Cap Rate 7%
$1,250,771
$1.3M
Cap Rate 9%
$972,822
$972.8K
Market Conditions
NOI Build-Up for 2,500 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
$127.5K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$125.1K $50.03/SF
− OpEx
−$37.5K −$15.01/SF
NOI
$87.6K $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%
$1,751,080
Cap Rate 7%
$1,250,771
Cap Rate 9%
$972,822
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.09M – $1.46M
NOI $87,554 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$1.09M
$954.0K – $1.27M
NOI $76,322 @ 7.0% cap · market cap 5.45%
Theoretical Best
Specialty Retail
$2.07M
$1.81M – $2.42M
NOI $144,900 @ 7.0% cap · market cap 10.35%
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
4,459
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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 - Spacious three-unit structure with outdoor space and multiple bedrooms, supporting flexible living and rental arrangements.
Where is this triplex located?
The property is located at 219 Cornelia St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: 1910‑built three‑family property with 2,500+ sq ft of living space; 5 bedrooms and 3 bathrooms across the three units; Expansive outdoor area for entertaining, gardening, or private use
