Park Slope Four-Unit
For Sale
$2,200,000
223 15th St, Brooklyn, NY 11215
Four-unit building in prime Park Slope location near Prospect Park.
Property Size5,684 SF
Lot Size0.03 Acres
Days on Market277
Property Features for 223 15th St
General Information
Standard status
Active
Size
5,684 SF
Lot size
0.03 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$22,568
Building Details
Building Size
5,684 SF
Year Built
1931
Units
4
Listing Agency:
5 BORO REALTY CORP
(917) 705-0005
Listed By:
Nina Sabag · License #10311207532
(917) 705-0005
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 30 at 10:27PM
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 5 BORO REALTY CORP
Investment Insights
Based on property information with market context.
Located in the heart of Park Slope, Brooklyn, 223 15th Street offers a four-story building configured as 4 residential units. The property provides flexibility for repositioning, renovation, or redevelopment. The building spans approximately 5,700 sq. ft. on a 20 ft by 71 ft lot. It is located within an R6B zoning district. Situated just three blocks from Prospect Park and minutes from the F, G, and R subway lines, this location offers convenience and long-term rental demand. This property is suitable for investors or developers seeking a value-add opportunity.
Key Highlights
- Prime Park Slope location, just three blocks from Prospect Park and close to shops, dining, and transit (F, G, R subway lines).
- Four‑story building with four residential units, offering immediate flexibility for repositioning, renovation, or redevelopment.
- Significant interior space of approximately 5,700 sq. ft.
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
$199,063
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
9.05%
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%
$3,981,260
$4.0M
Cap Rate 7%
$2,843,757
$2.8M
Cap Rate 9%
$2,211,811
$2.2M
Market Conditions
NOI Build-Up for 5,684 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
$289.9K $51.00/SF
− Vacancy
−$5.5K −$0.97/SF
EGI
$284.4K $50.03/SF
− OpEx
−$85.3K −$15.01/SF
NOI
$199.1K $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%
$3,981,260
Cap Rate 7%
$2,843,757
Cap Rate 9%
$2,211,811
Alternative Uses
Best Use
Multifamily LT 5
$2.84M
$2.49M – $3.32M
NOI $199,063 @ 7.0% cap · market cap 9.05%
Second Best
Apartment 5plus
$2.48M
$2.17M – $2.89M
NOI $173,527 @ 7.0% cap · market cap 7.89%
Theoretical Best
Specialty Retail
$4.71M
$4.12M – $5.49M
NOI $329,445 @ 7.0% cap · market cap 14.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,490
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
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?
Quadplex - Four-unit building in prime Park Slope location near Prospect Park.
Where is this quadplex located?
The property is located at 223 15th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Prime Park Slope location, just three blocks from Prospect Park and close to shops, dining, and transit (F, G, R subway lines).; Four‑story building with four residential units, offering immediate flexibility for repositioning, renovation, or redevelopment.; Significant interior space of approximately 5,700 sq. ft.
