Income Property in
For Sale
$2,050,000
Pending
28 LEFFERTS Ave, Brooklyn, NY 11225
Four-unit income-producing property near Prospect Park and transportation.
Property Size3,400 SF
Lot Size0.06 Acres
Days on Market166
Property Features for 28 LEFFERTS Ave
General Information
Standard status
Pending
Size
3,400 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,004
Building Details
Building Size
3,400 SF
Year Built
1925
Units
2
Listing Agency:
Corcoran Group
(347) 262-8852
Listed By:
Carolyn Romberg · License #10301208055 (NY)
(347) 262-8852
Source:
Elliman
Added: Mar 11
Changed: Aug 12
Last Checked: Aug 23 at 7:10AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
The property at 28 Lefferts Ave is a four-unit, income-producing property located in Prospect-Lefferts. This turn-key property presents an opportunity for investors, especially those seeking a 1031 exchange, and for end users looking for added income. The property has undergone comprehensive renovations from top to bottom, including the roof and mechanical systems. Two of the three spacious 2-bedroom apartments, as well as one oversized 1-bedroom apartment, have been completely updated and are move-in ready, allowing for immediate rental income. The property includes a side yard that serves as a shared driveway. Additionally, there is a backyard that could be incorporated into the back apartment, offering potential for increased rental income. Situated one block from the express Q & B trains, residents enjoy access to Manhattan. The home is also one block away from the Botanic Garden and Prospect Park. Lefferts-Gardens is known for its grand, leafy blocks and lively atmosphere. Residents can enjoy restaurants and nightlife along Flatbush Avenue.
Key Highlights
- Income‑producing 4‑unit property in Prospect‑Lefferts, ideal for investors or owner‑occupiers seeking rental income.
- Completely renovated, including roof and mechanical systems, with move‑in ready apartments for immediate rental income.
- Prime location: one block from express Q & B trains (4 stops to Manhattan) and close to Botanic Garden and Prospect Park.**
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
$119,074
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
5.81%
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%
$2,381,480
$2.4M
Cap Rate 7%
$1,701,057
$1.7M
Cap Rate 9%
$1,323,044
$1.3M
Market Conditions
NOI Build-Up for 3,400 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
$173.4K $51.00/SF
− Vacancy
−$3.3K −$0.97/SF
EGI
$170.1K $50.03/SF
− OpEx
−$51.0K −$15.01/SF
NOI
$119.1K $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%
$2,381,480
Cap Rate 7%
$1,701,057
Cap Rate 9%
$1,323,044
Alternative Uses
Best Use
Multifamily LT 5
$1.70M
$1.49M – $1.98M
NOI $119,074 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,798 @ 7.0% cap · market cap 5.06%
Theoretical Best
Specialty Retail
$2.82M
$2.46M – $3.28M
NOI $197,064 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 11225, NY
58,786
Population
26,703
Households
2.2
Avg Household Size
36
Median Age
48%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
65,318
Density / Sq Mi
$85,201
Median Household Income
$54,639
Median Earnings
$1,733
Median Rent
$1,218,300
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?
Quadplex - Four-unit income-producing property near Prospect Park and transportation.
Where is this quadplex located?
The property is located at 28 LEFFERTS Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Income‑producing 4‑unit property in Prospect‑Lefferts, ideal for investors or owner‑occupiers seeking rental income.; Completely renovated, including roof and mechanical systems, with move‑in ready apartments for immediate rental income.; Prime location: one block from express Q & B trains (4 stops to Manhattan) and close to Botanic Garden and Prospect Park.**
