Legal Three-Family
For Sale
$2,190,000
24 Seeley Street, Brooklyn, NY 11218
Three-family brownstone-style home delivered vacant, offering flexible living arrangements and a deep backyard lot.
Property Size3,264 SF
Lot Size150.00 Acres
Days on Market85
Property Features for 24 Seeley Street
General Information
Standard status
Active
Size
3,264 SF
Lot size
150.00 Acres
Property subtype
Residential Income
Zoning
R5
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,296
Building Details
Building Size
3,264 SF
Year Built
1901
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Thomas Gugliucci Real Estate
(347) 302-2420
Listed By:
Thomas Gugliucci
Source:
Joannecostarealty
Added: Jun 17
Changed: Sep 8
Last Checked: Sep 8 at 5:05AM
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 Thomas Gugliucci Real Estate
Investment Insights
Based on property information with market context.
This legal three-family brownstone-style home is being delivered completely vacant, giving an owner the flexibility to upgrade and customize the space. The first floor features two bedrooms, a formal living room and formal dining room, a full kitchen, and a full bathroom. The second floor includes three bedrooms, plus a living room, dining room, full kitchen, and full bathroom. The garden level provides one bedroom, a living room, a full bathroom, and access to backyard outdoor space.
The home sits on an exceptionally deep lot, with a backyard that extends approximately 150 feet. The property is described as located in Windsor Terrace, with easy access to public transportation and a quick commute to Manhattan and other parts of New York City. It is also noted as being within walking distance to local restaurants, cafés, bars, and shops, and near Prospect Park and schools.
For tenants, buyers, and owner-occupants, the legal three-family layout supports multiple rental or household scenarios, including multigenerational living. With vacant delivery and separate living spaces across the first, second, and garden levels, the property can be positioned to fit a range of residential income and occupancy strategies, while the extensive outdoor space adds practical value for everyday use.
The home sits on an exceptionally deep lot, with a backyard that extends approximately 150 feet. The property is described as located in Windsor Terrace, with easy access to public transportation and a quick commute to Manhattan and other parts of New York City. It is also noted as being within walking distance to local restaurants, cafés, bars, and shops, and near Prospect Park and schools.
For tenants, buyers, and owner-occupants, the legal three-family layout supports multiple rental or household scenarios, including multigenerational living. With vacant delivery and separate living spaces across the first, second, and garden levels, the property can be positioned to fit a range of residential income and occupancy strategies, while the extensive outdoor space adds practical value for everyday use.
Key Highlights
- Brownstone‑style legal three‑family home built in 1901
- Delivered completely vacant, offering flexible options for owner‑occupants or investors
- Layout includes 2BR on the first floor, 3BR on the second floor, and a garden‑level 1BR with living room and full bath
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
$114,311
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
5.22%
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%
$2,286,220
$2.3M
Cap Rate 7%
$1,633,014
$1.6M
Cap Rate 9%
$1,270,122
$1.3M
Market Conditions
NOI Build-Up for 3,264 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
$166.5K $51.00/SF
− Vacancy
−$3.2K −$0.97/SF
EGI
$163.3K $50.03/SF
− OpEx
−$49.0K −$15.01/SF
NOI
$114.3K $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%
$2,286,220
Cap Rate 7%
$1,633,014
Cap Rate 9%
$1,270,122
Alternative Uses
Best Use
Multifamily LT 5
$1.63M
$1.43M – $1.91M
NOI $114,311 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$1.42M
$1.25M – $1.66M
NOI $99,647 @ 7.0% cap · market cap 4.55%
Theoretical Best
Specialty Retail
$2.70M
$2.36M – $3.15M
NOI $189,181 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 11218, NY
78,642
Population
27,403
Households
2.9
Avg Household Size
35
Median Age
51%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
56,173
Density / Sq Mi
$95,916
Median Household Income
$55,190
Median Earnings
$1,966
Median Rent
$914,300
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 brownstone-style home delivered vacant, offering flexible living arrangements and a deep backyard lot.
Where is this triplex located?
The property is located at 24 Seeley Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,190,000.
What are key features of this property?
This property features: Brownstone‑style legal three‑family home built in 1901; Delivered completely vacant, offering flexible options for owner‑occupants or investors; Layout includes 2BR on the first floor, 3BR on the second floor, and a garden‑level 1BR with living room and full bath
