Renovated Triplex with Private
For Sale
$1,788,000
315 89th Street, Brooklyn, NY 11209
Three-family property with separate heating and hot water systems, plus a rented detached garage.
Property Size3,020 SF
Days on Market197
Property Features for 315 89th Street
General Information
Standard status
Active
Size
3,020 SF
Property subtype
Multi Family Home
Zoning
R4-1
Building Details
Building Size
3,020 SF
Year Built
1925
Stories
3
Listing Agency:
Ben Bay Realty Co Of Bay Ridge
(718) 238-6080
Listed By:
Charles A. Fabbella
(718) 238-6080
Source:
Excellchoicerealty
Added: Feb 15
Changed: Aug 29
Last Checked: Aug 30 at 5:38PM
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 Ben Bay Realty Co Of Bay Ridge
Investment Insights
Based on property information with market context.
This semi-detached brick three-family property was built in 1925 on a 20 x 100 lot, with a 16 x 60 home and R4-1 zoning. The building has been renovated and includes separate heat and hot water units, along with individual thermostats. The upper residence is configured as a three-bedroom duplex with a private balcony, gas fireplace, walk-in closet, and private bathroom serving the large third bedroom. A private rooftop provides Bay Ridge views.
The property is in Bay Ridge, Brooklyn, near the neighborhood’s bars and restaurants. A detached garage is also rented, providing an additional income component. The residential units are fully rented, with no leases in place.
The property is in Bay Ridge, Brooklyn, near the neighborhood’s bars and restaurants. A detached garage is also rented, providing an additional income component. The residential units are fully rented, with no leases in place.
Key Highlights
- Three‑family semi‑detached brick property on a 20 x 100 lot
- Renovated 16 x 60 home with R4‑1 zoning
- Upper unit is a three‑bedroom duplex with private balcony
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
$105,766
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
5.92%
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%
$2,115,320
$2.1M
Cap Rate 7%
$1,510,943
$1.5M
Cap Rate 9%
$1,175,178
$1.2M
Market Conditions
NOI Build-Up for 3,020 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
$154.0K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$151.1K $50.03/SF
− OpEx
−$45.3K −$15.01/SF
NOI
$105.8K $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%
$2,115,320
Cap Rate 7%
$1,510,943
Cap Rate 9%
$1,175,178
Alternative Uses
Best Use
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,766 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,197 @ 7.0% cap · market cap 5.16%
Theoretical Best
Specialty Retail
$2.50M
$2.19M – $2.92M
NOI $175,039 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
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 - Three-family property with separate heating and hot water systems, plus a rented detached garage.
Where is this triplex located?
The property is located at 315 89th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,788,000.
What are key features of this property?
This property features: Three‑family semi‑detached brick property on a 20 x 100 lot; Renovated 16 x 60 home with R4‑1 zoning; Upper unit is a three‑bedroom duplex with private balcony
