Brick Semi-Attached
For Sale
$1,550,000
321 MILFORD Street, Brooklyn, NY 11208
Solid brick fourplex with two vacant units and recent building-wide updates including plumbing, gas, electric, boiler, and roof.
Property Size1,872 SF
Lot Size0.08 Acres
Price / SF$827.99
Days on Market224
Property Features for 321 MILFORD Street
General Information
Standard status
Active
Size
1,872 SF
Lot size
0.08 Acres
Property subtype
Multi Family
Zoning
R5
Additional Details
Cap Rate
8.03%
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,204
Building Details
Building Size
1,872 SF
Year Built
1925
Construction
brick
Tenancy
Multi
Listing Agency:
Brooklyn Real Property Inc
Listed By:
Jean Paul Ho · License #JPH8888
(718) 875-8899
Source:
Carlinwright
Added: Jan 26
Changed: Sep 4
Last Checked: Sep 7 at 8:51AM
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 Brooklyn Real Property Inc
Investment Insights
Based on property information with market context.
Solid brick, semi-attached fourplex arranged with two three-bedroom and two two-bedroom apartments. Two units are currently vacant, including one 2-bedroom and one 3-bedroom, allowing for immediate leasing or occupancy planning. The building features high ceilings, lots of windows, and two entrances, along with a full basement with high ceiling and ceramic tile.
Recent major systems work is documented across the property, including all-new plumbing, gas line, and electric for the entire building, as well as a new gas boiler with a 75-gallon hot water tank and a new rubberized roof. The property is situated on a 36 x 100 lot with a private drive. R5 zoning is noted in the offering materials. The area is described as convenient to the A & C train and bus routes, with shopping nearby.
The configuration offers a straightforward four-unit rental structure with two-bedroom and three-bedroom layouts within the same building.
Recent major systems work is documented across the property, including all-new plumbing, gas line, and electric for the entire building, as well as a new gas boiler with a 75-gallon hot water tank and a new rubberized roof. The property is situated on a 36 x 100 lot with a private drive. R5 zoning is noted in the offering materials. The area is described as convenient to the A & C train and bus routes, with shopping nearby.
The configuration offers a straightforward four-unit rental structure with two-bedroom and three-bedroom layouts within the same building.
Key Highlights
- Solid brick 4‑family (semi‑attached) built in 1925, totaling 3,184 sq ft living space
- 2 vacant units: one 2‑bedroom and one 3‑bedroom; also includes two other 2‑bedroom and 3‑bedroom units
- Building‑wide updates: new plumbing, gas line, and electric; new gas boiler with 75‑gallon hot water tank; new rubberized roof
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
$48,055
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
3.10%
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%
$961,100
$961.1K
Cap Rate 7%
$686,500
$686.5K
Cap Rate 9%
$533,944
$533.9K
Market Conditions
NOI Build-Up for 1,872 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
$71.9K $38.40/SF
− Vacancy
−$3.2K −$1.73/SF
EGI
$68.6K $36.67/SF
− OpEx
−$20.6K −$11.00/SF
NOI
$48.1K $25.67/SF
Area
ZIP 11208
Vacancy
4.50%
Lease Rate
$38.40 /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%
$961,100
Cap Rate 7%
$686,500
Cap Rate 9%
$533,944
Alternative Uses
Best Use
Multifamily LT 5
$686.5K
$600.7K – $800.9K
NOI $48,055 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$611.3K
$534.9K – $713.2K
NOI $42,789 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,180 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,697
Businesses Nearby
Explore this area
Business Placement
Demographics for 11208, NY
101,958
Population
37,261
Households
2.7
Avg Household Size
35
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
37,762
Density / Sq Mi
$59,988
Median Household Income
$40,156
Median Earnings
$1,563
Median Rent
$638,200
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 - Solid brick fourplex with two vacant units and recent building-wide updates including plumbing, gas, electric, boiler, and roof.
Where is this quadplex located?
The property is located at 321 MILFORD Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Solid brick 4‑family (semi‑attached) built in 1925, totaling 3,184 sq ft living space; 2 vacant units: one 2‑bedroom and one 3‑bedroom; also includes two other 2‑bedroom and 3‑bedroom units; Building‑wide updates: new plumbing, gas line, and electric; new gas boiler with 75‑gallon hot water tank; new rubberized roof
