Vacant 3-Unit
For Sale
$1,499,000
240 67th Street, Brooklyn, NY 11220
Residential, Brooklyn, NY
Property Size2,952 SF
Lot Size0.06 Acres
Price / SF$507.79
Days on Market67
Property Features for 240 67th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4-1
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 1
Interior features
A/C Unit - Window
Basement
Unfinished
Subdivision
Bay Ridge
Standard status
Active
Size
2,952 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
4799
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Carpet, Hardwood
Building materials
Brick, Masonry
Roof type
Flat, Asphalt
Listing Agency:
Jalen Real Estate Corp
Listed By:
Nina Atayants
(718) 439-6464
Added: Jul 27
Changed: Sep 17
Last Checked: Oct 1 at 3:06PM
MLS# 503327
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 vacant multifamily building contains three units arranged across three floors, with one-, two-, and three-bedroom configurations identified in the property details. The 2,952-square-foot structure was built in 1910 and features brick and masonry construction, hardwood and carpet flooring, window A/C units, and a flat asphalt roof. The property is currently vacant and has been used as two units.
Located at 240 67th Street in Brooklyn, the property occupies a 0.0574-acre lot within the 11220 postal area. The recorded room count includes six bedrooms and three bathrooms, providing a clear residential layout across the building’s three levels. R4-1 zoning is identified for the property.
Located at 240 67th Street in Brooklyn, the property occupies a 0.0574-acre lot within the 11220 postal area. The recorded room count includes six bedrooms and three bathrooms, providing a clear residential layout across the building’s three levels. R4-1 zoning is identified for the property.
Key Highlights
- Vacant 3‑unit multifamily building arranged across 3 floors
- 1‑bedroom, 2‑bedroom, and 3‑bedroom unit configurations
- 2,952 square feet on a 0.0574‑acre 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
$87,895
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
5.86%
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%
$1,757,900
$1.8M
Cap Rate 7%
$1,255,643
$1.3M
Cap Rate 9%
$976,611
$976.6K
Market Conditions
NOI Build-Up for 2,952 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
$131.1K $44.40/SF
− Vacancy
−$5.5K −$1.86/SF
EGI
$125.6K $42.54/SF
− OpEx
−$37.7K −$12.76/SF
NOI
$87.9K $29.77/SF
Area
ZIP 11220
Vacancy
4.20%
Lease Rate
$44.40 /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%
$1,757,900
Cap Rate 7%
$1,255,643
Cap Rate 9%
$976,611
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.10M – $1.46M
NOI $87,895 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$1.12M
$984.0K – $1.31M
NOI $78,720 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,959 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,031
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Vacant three-story multifamily property with R4-1 zoning and brick masonry construction.
Where is this triplex located?
The property is located at 240 67th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Vacant 3‑unit multifamily building arranged across 3 floors; 1‑bedroom, 2‑bedroom, and 3‑bedroom unit configurations; 2,952 square feet on a 0.0574‑acre lot
