Triplex Residential Income
New
For Sale
$1,750,000
28 OLD FULTON Street TWE, Brooklyn, NY 11201
Historic townhouse-style residence with dramatic ceiling heights, three levels, custom finishes, and private building access points.
Property Size2,100 SF
Price / SF$833.33
Days on Market4
Property Features for 28 OLD FULTON Street TWE
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Triplex
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
doorman
fitness center
additional storage
bicycle parking
Building Details
Building Size
2,100 SF
Year Built
1893
Listing Agency:
Serhant
Listed By:
Jennifer Lee
(516) 740-1710
Source:
Serhant
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 11 at 2:36PM
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 Serhant
Investment Insights
Based on property information with market context.
This triplex residence occupies the historic Eagle Warehouse, completed in 1893, and measures approximately 2,100 square feet. The home combines exposed brick, steel beams, custom millwork, and hand-finished metal details with a three-level layout. The main floor includes an entry foyer, full bathroom, storage, a custom kitchen with integrated stainless steel appliances, and space for dining and everyday living. The lower level provides a large entertaining area, office space, storage, and a configuration that can serve as a third bedroom. Two bedroom suites are positioned on the upper level, including a primary suite with a soaking tub, separate shower, and double vanity. Building amenities include a full-time doorman, fitness center, additional storage, bicycle parking, and laundry access. Pets and subletting are permitted. The property is located at 28 Old Fulton Street in Brooklyn, near Brooklyn Bridge Park, DUMBO, neighborhood restaurants, ferry service, A/C trains, the 2/3 trains, PS8, playgrounds, and the Brooklyn Heights Promenade.
Key Highlights
- Approximately 2,100 SF triplex residence in the Eagle Warehouse, built in 1893
- Three‑level layout with two bedroom suites and a lower‑level space convertible to a third bedroom
- 23‑foot ceilings, exposed brick, steel beams, and custom metalwork
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
$64,111
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
3.66%
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%
$1,282,220
$1.3M
Cap Rate 7%
$915,871
$915.9K
Cap Rate 9%
$712,344
$712.3K
Market Conditions
NOI Build-Up for 2,100 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
$118.9K $56.64/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$116.6K $55.51/SF
− OpEx
−$52.5K −$24.98/SF
NOI
$64.1K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,282,220
Cap Rate 7%
$915,871
Cap Rate 9%
$712,344
Alternative Uses
Best Use
Apartment 5plus
$915.9K
$801.4K – $1.07M
NOI $64,111 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,716 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
7,256
Businesses Nearby
Explore this area
Business Placement
Demographics for 11201, NY
69,703
Population
36,155
Households
1.9
Avg Household Size
35
Median Age
79%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
49,788
Density / Sq Mi
$169,285
Median Household Income
$113,681
Median Earnings
$3,207
Median Rent
$1,131,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Historic townhouse-style residence with dramatic ceiling heights, three levels, custom finishes, and private building access points.
Where is this residential income property located?
The property is located at 28 OLD FULTON Street TWE Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Approximately 2,100 SF triplex residence in the Eagle Warehouse, built in 1893; Three‑level layout with two bedroom suites and a lower‑level space convertible to a third bedroom; 23‑foot ceilings, exposed brick, steel beams, and custom metalwork
