Three-Family Townhouse with Air
For Sale
$2,250,000
Pending
257 S 3rd St, Brooklyn, NY 11211
R6-zoned Brooklyn property offered as-is with additional residential development capacity.
Property Size3,200 SF
Lot Size0.06 Acres
Days on Market20
Property Features for 257 S 3rd St
General Information
Standard status
Pending
Size
3,200 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Zoning
R6
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,772
Building Details
Building Size
3,200 SF
Year Built
1899
Buildings
1
Stories
3
Units
3
Listing Agency:
Nest Seekers LLC
Listed By:
John A Carbone
(917) 267-8484
Source:
Elliman
Added: Aug 19
Changed: Aug 28
Last Checked: Sep 6 at 8:30AM
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 Nest Seekers LLC
Investment Insights
Based on property information with market context.
This three-family townhouse occupies a 20' x 120' lot and contains approximately 3,200 square feet. Built in 1899, the existing structure is offered in as-is condition. The property is classified within the R6 zoning district, with residential and community-facility development parameters identified through the applicable FAR allowances.
The residential envelope permits 5,280 buildable square feet as-of-right, while the community-facility allowance provides 11,520 buildable square feet. Based on the existing building area, 2,088 square feet of unused air rights remain within the residential envelope. The property is located at 257 South 3rd Street in Williamsburg’s Southside area of Brooklyn.
The residential envelope permits 5,280 buildable square feet as-of-right, while the community-facility allowance provides 11,520 buildable square feet. Based on the existing building area, 2,088 square feet of unused air rights remain within the residential envelope. The property is located at 257 South 3rd Street in Williamsburg’s Southside area of Brooklyn.
Key Highlights
- Three‑family townhouse on a 20' x 120' lot
- Approximately 3,200 square feet in the existing structure
- Built in 1899; delivered in as‑is condition
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
$112,069
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
4.98%
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%
$2,241,380
$2.2M
Cap Rate 7%
$1,600,986
$1.6M
Cap Rate 9%
$1,245,211
$1.2M
Market Conditions
NOI Build-Up for 3,200 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
$163.2K $51.00/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$160.1K $50.03/SF
− OpEx
−$48.0K −$15.01/SF
NOI
$112.1K $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%
$2,241,380
Cap Rate 7%
$1,600,986
Cap Rate 9%
$1,245,211
Alternative Uses
Best Use
Multifamily LT 5
$1.60M
$1.40M – $1.87M
NOI $112,069 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,693 @ 7.0% cap · market cap 4.34%
Theoretical Best
Specialty Retail
$2.65M
$2.32M – $3.09M
NOI $185,472 @ 7.0% cap · market cap 8.24%
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
8,409
Businesses Nearby
Explore this area
Business Placement
Demographics for 11211, NY
68,540
Population
29,068
Households
2.4
Avg Household Size
31
Median Age
55%
College-Educated
86%
High-School Grad
1.5 sq mi
ZIP Area
45,693
Density / Sq Mi
$105,183
Median Household Income
$67,533
Median Earnings
$2,357
Median Rent
$1,118,600
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 - R6-zoned Brooklyn property offered as-is with additional residential development capacity.
Where is this triplex located?
The property is located at 257 S 3rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Three‑family townhouse on a 20' x 120' lot; Approximately 3,200 square feet in the existing structure; Built in 1899; delivered in as‑is condition
