Three-Family Split-Level
For Sale
$2,580,000
264 Bay 11th St, Brooklyn, NY 11228
Semi-detached three-family with rare jumbo brick and separate utilities for each unit, plus garage and driveway access.
Property Size2,719 SF
Days on Market68
Property Features for 264 Bay 11th St
General Information
Standard status
Active
Size
2,719 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$15,102
Building Details
Building Size
2,719 SF
Year Built
1989
Stories
3
Listing Agency:
RE/MAX Real Estate Professionals
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Source:
Elliman
Added: Jun 21
Changed: Aug 23
Last Checked: Aug 26 at 11:59AM
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 RE/MAX Real Estate Professionals
Investment Insights
Based on property information with market context.
This three-family semi-detached split-level home is built with rare jumbo brick and designed for independent living arrangements. The property includes three above-ground floors plus a semi-finished basement. The second floor features split unit AC. Each unit has separate gas, electric, heating, and water systems, which helps support tenant-by-tenant utility control. The home also includes a built-in garage and a beautifully finished backyard.
Set on a 30x96 lot with a building footprint of 22x50, the property offers practical day-to-day access with an additional 8-foot driveway for other cars. The address at 264 Bay 11th St is positioned near Dyker Beach Golf Course and Dyker Beach Park, with shopping and dining nearby. Transit access is provided by an X28 Express Bus that is described as about a half block away, along with Belt Parkway access.
For buyers looking for a multi-unit setup, the split-level configuration across three above-ground floors combined with separate utility services can be appealing for both owner-occupants and tenants. Off-street parking elements, including the built-in garage and extra driveway space, add convenience for residents. The semi-finished basement and finished outdoor area round out the functional improvements for day-to-day living.
Set on a 30x96 lot with a building footprint of 22x50, the property offers practical day-to-day access with an additional 8-foot driveway for other cars. The address at 264 Bay 11th St is positioned near Dyker Beach Golf Course and Dyker Beach Park, with shopping and dining nearby. Transit access is provided by an X28 Express Bus that is described as about a half block away, along with Belt Parkway access.
For buyers looking for a multi-unit setup, the split-level configuration across three above-ground floors combined with separate utility services can be appealing for both owner-occupants and tenants. Off-street parking elements, including the built-in garage and extra driveway space, add convenience for residents. The semi-finished basement and finished outdoor area round out the functional improvements for day-to-day living.
Key Highlights
- Built in 1989: 3‑family semi‑detached split‑level home with rare jumbo brick construction
- Three above‑ground floors plus a semi‑finished basement, with split unit AC on the second floor
- Each unit has separate gas, electric, heating, and water systems
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
$95,224
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
3.69%
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%
$1,904,480
$1.9M
Cap Rate 7%
$1,360,343
$1.4M
Cap Rate 9%
$1,058,044
$1.1M
Market Conditions
NOI Build-Up for 2,719 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
$138.7K $51.00/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$136.0K $50.03/SF
− OpEx
−$40.8K −$15.01/SF
NOI
$95.2K $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%
$1,904,480
Cap Rate 7%
$1,360,343
Cap Rate 9%
$1,058,044
Alternative Uses
Best Use
Multifamily LT 5
$1.36M
$1.19M – $1.59M
NOI $95,224 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.38M
NOI $83,008 @ 7.0% cap · market cap 3.22%
Theoretical Best
Specialty Retail
$2.25M
$1.97M – $2.63M
NOI $157,593 @ 7.0% cap · market cap 6.11%
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
1,781
Businesses Nearby
Explore this area
Business Placement
Demographics for 11228, NY
45,906
Population
16,336
Households
2.8
Avg Household Size
41
Median Age
37%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
30,604
Density / Sq Mi
$80,737
Median Household Income
$47,062
Median Earnings
$1,828
Median Rent
$1,131,700
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 - Semi-detached three-family with rare jumbo brick and separate utilities for each unit, plus garage and driveway access.
Where is this triplex located?
The property is located at 264 Bay 11th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,580,000.
What are key features of this property?
This property features: Built in 1989: 3‑family semi‑detached split‑level home with rare jumbo brick construction; Three above‑ground floors plus a semi‑finished basement, with split unit AC on the second floor; Each unit has separate gas, electric, heating, and water systems
