Vacant Three-Unit Brick
For Sale
$1,750,000
24 Bay 47th Street, Brooklyn, NY 11214
Residential, Brooklyn, NY
Property Size2,442 SF
Lot Size0.04 Acres
Price / SF$716.63
Days on Market11
Property Features for 24 Bay 47th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 6, Bathroom 1, Bedroom 3, Bathroom 4, Bedroom 1, Bedroom 4, Bedroom 5
Interior features
A/C Unit, Refrigerator, Stove
Basement
Unfinished, Full
Subdivision
Gravesend
Standard status
Active
Size
2,442 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
9704
Building Details
Year built
1997
Floors in Building
3
Number of units
3
Flooring type
Tile, Hardwood
Building materials
Brick
Listing Agency:
ProBase Real Estate
(718) 210-2727
Listed By:
Juan (Angela) Liu
(718) 210-2727
Added: Aug 18
Changed: Aug 27
Last Checked: Aug 28 at 11:06AM
MLS# 503879
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 2,442-square-foot brick triplex was built in 1997 and occupies a 0.0413-acre lot. Each of the three residential floors contains two bedrooms and one bathroom, creating a consistent unit configuration throughout the building. A basement with its own entrance adds another full bathroom. Interior features include individual A/C units, refrigerators, stoves, tile, and hardwood flooring. The property will be delivered vacant.
Located at 24 Bay 47th Street in Brooklyn, the property is near parks, schools, bus service including the B1, B4, and B64 routes, and the N and D subway lines. The site includes a private driveway with two parking spaces, while the building measures 37 × 22 feet on a 45 × 40-foot lot.
Located at 24 Bay 47th Street in Brooklyn, the property is near parks, schools, bus service including the B1, B4, and B64 routes, and the N and D subway lines. The site includes a private driveway with two parking spaces, while the building measures 37 × 22 feet on a 45 × 40-foot lot.
Key Highlights
- Three‑unit brick triplex built in 1997
- 2,442 square feet on a 0.0413‑acre lot
- Three floors, each with two bedrooms and one bathroom
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
$66,605
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
3.81%
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%
$1,332,100
$1.3M
Cap Rate 7%
$951,500
$951.5K
Cap Rate 9%
$740,056
$740.1K
Market Conditions
NOI Build-Up for 2,442 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
$99.6K $40.80/SF
− Vacancy
−$4.5K −$1.84/SF
EGI
$95.2K $38.96/SF
− OpEx
−$28.5K −$11.69/SF
NOI
$66.6K $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%
$1,332,100
Cap Rate 7%
$951,500
Cap Rate 9%
$740,056
Alternative Uses
Best Use
Multifamily LT 5
$951.5K
$832.6K – $1.11M
NOI $66,605 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$852.8K
$746.2K – $994.9K
NOI $59,693 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$1.42M
$1.25M – $1.66M
NOI $99,718 @ 7.0% cap · market cap 5.70%
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
1,896
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 - Delivered vacant with three residential levels, consistent two-bedroom layouts, and a private driveway with two parking spaces.
Where is this triplex located?
The property is located at 24 Bay 47th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Three‑unit brick triplex built in 1997; 2,442 square feet on a 0.0413‑acre lot; Three floors, each with two bedrooms and one bathroom
