Renovated Brick Triplex with
For Sale
$1,799,000
2227 West Street, Brooklyn, NY 11223
Residential, Brooklyn, NY
Property Size2,550 SF
Lot Size0.05 Acres
Price / SF$705.49
Days on Market113
Property Features for 2227 West Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2
Parking features
Garage - Attached
Patio and Porch features
Porch
Interior features
A/C Unit, Dryer, Garage Door Opener(s), Laundry Area, Microwave, Porch, Refrigerator, Stove, Washer
Subdivision
Gravesend
Standard status
Active
Size
2,550 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
11830
Building Details
Year built
1960
Floors in Building
2
Flooring type
Ceramic, Parquet Wood, Carpet
Building materials
Brick
Roof type
Flat
Listing Agency:
Wolf Properties Inc
(718) 382-9653
Listed By:
Vincent E. Salino
(718) 382-9653
Added: May 11
Changed: Aug 27
Last Checked: Aug 31 at 9:06AM
MLS# 501324
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 renovated attached triplex is a brick residence built in 1960, offering 2,550 square feet across three family apartments. The layout includes one three-bedroom apartment and two two-bedroom apartments. Interior finishes include ceramic tile, parquet wood, and carpet flooring, with kitchens equipped with refrigerators, stoves, and microwaves. A breezeway shaft extends from the roof to the first floor, bringing natural light into the interior. The property also includes air-conditioning units, washers and dryers, a porch, and a flat roof.
Parking is provided by a private driveway and an attached one-car garage with a garage door opener. The property sits on a 0.0459-acre lot and is located in Brooklyn, NY. R4 zoning supports its multifamily classification.
Parking is provided by a private driveway and an attached one-car garage with a garage door opener. The property sits on a 0.0459-acre lot and is located in Brooklyn, NY. R4 zoning supports its multifamily classification.
Key Highlights
- Three‑family attached property with one three‑bedroom apartment and two two‑bedroom apartments
- 2,550 square feet on a 0.0459‑acre lot
- Renovated brick construction built in 1960
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
$89,305
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
4.96%
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%
$1,786,100
$1.8M
Cap Rate 7%
$1,275,786
$1.3M
Cap Rate 9%
$992,278
$992.3K
Market Conditions
NOI Build-Up for 2,550 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
$130.1K $51.00/SF
− Vacancy
−$2.5K −$0.97/SF
EGI
$127.6K $50.03/SF
− OpEx
−$38.3K −$15.01/SF
NOI
$89.3K $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%
$1,786,100
Cap Rate 7%
$1,275,786
Cap Rate 9%
$992,278
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,305 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$1.11M
$973.1K – $1.30M
NOI $77,849 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$2.11M
$1.85M – $2.46M
NOI $147,798 @ 7.0% cap · market cap 8.22%
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
3,467
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?
Triplex - Three-family attached home with a private driveway, attached garage, porch, and in-home laundry area.
Where is this triplex located?
The property is located at 2227 West Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Three‑family attached property with one three‑bedroom apartment and two two‑bedroom apartments; 2,550 square feet on a 0.0459‑acre lot; Renovated brick construction built in 1960
