Three-Unit Multifamily
For Sale
$1,800,000
253 Newkirk Ave, Brooklyn, NY 11230
Residential income property with private parking and additional street parking near neighborhood retail and transit.
Property Size3,960 SF
Days on Market38
Property Features for 253 Newkirk Ave
General Information
Standard status
Active
Size
3,960 SF
Total Parking Spaces
2
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$9,941
Building Details
Building Size
3,960 SF
Year Built
1965
Units
18
Listing Agency:
5 Boro Realty Corp
(855) 305-3325
Listed By:
Nina Sabag · License #10311207532
(917) 705-0005
Source:
Cohenandcohenrealty
Added: Jul 30
Changed: Aug 30
Last Checked: Aug 31 at 5:09PM
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.
Built in 1965, this multifamily property contains three rentable residential units within approximately 3,960 square feet. The property includes private parking, with additional street parking available in the surrounding area.
The building is near Ocean Parkway and Cortelyou Road, where shops, cafes, and restaurants provide neighborhood conveniences. Newkirk Plaza subway station serves the B/Q trains and is within walking distance, while nearby Ocean Parkway and Prospect Park offer access to walking, biking, and recreational routes.
The building is near Ocean Parkway and Cortelyou Road, where shops, cafes, and restaurants provide neighborhood conveniences. Newkirk Plaza subway station serves the B/Q trains and is within walking distance, while nearby Ocean Parkway and Prospect Park offer access to walking, biking, and recreational routes.
Key Highlights
- Three rentable residential units
- Approximately 3,960 SF of building area
- Built in 1965
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
$138,686
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
7.70%
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%
$2,773,720
$2.8M
Cap Rate 7%
$1,981,229
$2.0M
Cap Rate 9%
$1,540,956
$1.5M
Market Conditions
NOI Build-Up for 3,960 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
$202.0K $51.00/SF
− Vacancy
−$3.8K −$0.97/SF
EGI
$198.1K $50.03/SF
− OpEx
−$59.4K −$15.01/SF
NOI
$138.7K $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%
$2,773,720
Cap Rate 7%
$1,981,229
Cap Rate 9%
$1,540,956
Alternative Uses
Best Use
Multifamily LT 5
$1.98M
$1.73M – $2.31M
NOI $138,686 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$1.73M
$1.51M – $2.01M
NOI $120,895 @ 7.0% cap · market cap 6.72%
Theoretical Best
Specialty Retail
$3.28M
$2.87M – $3.83M
NOI $229,522 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,656
Businesses Nearby
Explore this area
Business Placement
Demographics for 11230, NY
91,391
Population
34,269
Households
2.7
Avg Household Size
35
Median Age
44%
College-Educated
82%
High-School Grad
1.8 sq mi
ZIP Area
50,773
Density / Sq Mi
$69,522
Median Household Income
$43,135
Median Earnings
$1,734
Median Rent
$863,400
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 - Residential income property with private parking and additional street parking near neighborhood retail and transit.
Where is this triplex located?
The property is located at 253 Newkirk Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Three rentable residential units; Approximately 3,960 SF of building area; Built in 1965
