Brick Triplex
New
For Sale
$1,650,000
223 22nd Street, Brooklyn, NY 11232
Vacant three-unit residence with two-bedroom, one-bath apartments and an unfinished basement.
Property Size3,080 SF
Price / SF$389.79
Days on Market7
Property Features for 223 22nd Street
General Information
Standard status
Active
Size
3,080 SF
Property subtype
Multi Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,688
Building Details
Building Size
3,080 SF
Year Built
1910
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Compass
Listed By:
Tyson Lewis
(917) 716-7361
Source:
Miradorrealestate
Added: Sep 21
Changed: Sep 25
Last Checked: Sep 26 at 3:32PM
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 Compass
Investment Insights
Based on property information with market context.
This 1910 brick townhouse contains three residential units across three stories, with a total of 4233 SF and an unfinished basement. Each apartment is configured with two bedrooms and one bathroom, providing a defined three-family layout. The property is 17 feet wide and sits on a 100-foot lot, with delivery planned in vacant condition.
The building is located on 22nd Street in Brooklyn’s Green-Wood Heights, near the R train, Green-Wood Cemetery, Industry City, and the restaurants and services along 5th Avenue. The existing configuration offers a clear framework for an owner-user, rental operator, or renovation project, subject to the buyer’s plans and applicable requirements.
The building is located on 22nd Street in Brooklyn’s Green-Wood Heights, near the R train, Green-Wood Cemetery, Industry City, and the restaurants and services along 5th Avenue. The existing configuration offers a clear framework for an owner-user, rental operator, or renovation project, subject to the buyer’s plans and applicable requirements.
Key Highlights
- Three‑family brick townhouse with three 2‑bedroom/1‑bathroom units
- 4233 SF across three stories plus an unfinished basement
- 17' wide building on a 100' lot
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
$148,247
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
8.98%
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%
$2,964,940
$3.0M
Cap Rate 7%
$2,117,814
$2.1M
Cap Rate 9%
$1,647,189
$1.6M
Market Conditions
NOI Build-Up for 4,233 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
$215.9K $51.00/SF
− Vacancy
−$4.1K −$0.97/SF
EGI
$211.8K $50.03/SF
− OpEx
−$63.5K −$15.01/SF
NOI
$148.2K $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%
$2,964,940
Cap Rate 7%
$2,117,814
Cap Rate 9%
$1,647,189
Alternative Uses
Best Use
Multifamily LT 5
$2.12M
$1.85M – $2.47M
NOI $148,247 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$1.85M
$1.62M – $2.15M
NOI $129,229 @ 7.0% cap · market cap 7.83%
Theoretical Best
Specialty Retail
$3.50M
$3.07M – $4.09M
NOI $245,345 @ 7.0% cap · market cap 14.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,296
Businesses Nearby
Explore this area
Business Placement
Demographics for 11232, NY
30,181
Population
10,004
Households
3
Avg Household Size
35
Median Age
36%
College-Educated
69%
High-School Grad
1.2 sq mi
ZIP Area
25,151
Density / Sq Mi
$87,517
Median Household Income
$45,983
Median Earnings
$1,972
Median Rent
$782,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Vacant three-unit residence with two-bedroom, one-bath apartments and an unfinished basement.
Where is this triplex located?
The property is located at 223 22nd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Three‑family brick townhouse with three 2‑bedroom/1‑bathroom units; 4233 SF across three stories plus an unfinished basement; 17' wide building on a 100' lot
