Versatile Multi-Family Brooklyn
For Sale
$1,500,000
33 Avenue V, Brooklyn, NY 11223
Two-family home with potential for conversion, ideal for various uses.
Property Size3,015 SF
Lot Size0.06 Acres
Price / SF$497.51
Days on Market157
Property Features for 33 Avenue V
General Information
Standard status
Active
Size
3,015 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Building Details
Building Size
3,015 SF
Year Built
1960
Listing Agency:
SI Premiere Properties
(718) 667-6400
Listed By:
Carmela Hagan
(718) 667-6400
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 5:35AM
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 SI Premiere Properties
Investment Insights
Based on property information with market context.
This property presents an opportunity to own a versatile two-family residence with a ground-level walk-in space, potentially convertible into a three-family dwelling with an accessory dwelling unit (ADU), pending architectural consultation. The property is also suitable for use as a medical or home office, benefiting from excellent visibility. The ground level features a high ceiling and offers access from the front, back, and interior. The home provides 3015 square feet of living space, encompassing a total of 8 bedrooms and 3 bathrooms, configured as 4 bedrooms over 3 bedrooms over 1 bedroom. It includes a one-car garage and an additional off-street parking space. This property is suitable for a large extended family, medical office, investor, or end-user seeking high net rental income. The location provides convenient access to trains, buses, shops, and schools. The property will be delivered vacant.
Key Highlights
- Versatile 2‑family with potential for 3‑family ADU conversion or use as a medical/home office.
- Delivered Vacant, offering immediate occupancy or rental potential.
- Spacious 3015 sq ft of living space with 8 bedrooms and 3 baths.
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
$92,045
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
6.14%
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%
$1,840,900
$1.8M
Cap Rate 7%
$1,314,929
$1.3M
Cap Rate 9%
$1,022,722
$1.0M
Market Conditions
NOI Build-Up for 3,015 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
$170.8K $56.64/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$167.4K $55.51/SF
− OpEx
−$75.3K −$24.98/SF
NOI
$92.0K $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%
$1,840,900
Cap Rate 7%
$1,314,929
Cap Rate 9%
$1,022,722
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $92,045 @ 7.0% cap · market cap 6.14%
Second Best
Office B
$1.07M
$940.2K – $1.25M
NOI $75,218 @ 7.0% cap · market cap 5.01%
Theoretical Best
Specialty Retail
$2.50M
$2.18M – $2.91M
NOI $174,749 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,878
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two-family home with potential for conversion, ideal for various uses.
Where is this multifamily property located?
The property is located at 33 Avenue V Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Versatile 2‑family with potential for 3‑family ADU conversion or use as a medical/home office.; Delivered Vacant, offering immediate occupancy or rental potential.; Spacious 3015 sq ft of living space with **8 bedrooms and 3 baths**.
