Three-Unit Multifamily
For Sale
$1,358,888
345 53rd St, Brooklyn, NY 11220
Approved renovation plans accompany a vacant property with an unfinished, front-access basement.
Property Size2,276 SF
Days on Market10
Property Features for 345 53rd St
General Information
Standard status
Active
Size
2,276 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,574
Building Details
Building Size
2,276 SF
Year Built
1920
Buildings
1
Stories
4
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Anthony Lopez · License #10401325496
(718) 612-3088
Source:
Elliman
Added: Aug 2
Changed: Aug 8
Last Checked: Aug 11 at 9:14AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This three-unit multifamily property includes a first-floor duplex and was built in 1920. The building will be delivered vacant at closing, giving the next owner control over its future occupancy and renovation program. Department of Buildings-approved plans for a full renovation are already in place and will transfer to the purchaser at closing. An unfinished basement with access from the front provides additional storage or future possibilities, subject to applicable approvals.
Major mechanical updates include a boiler replaced approximately six years ago and two hot water heaters replaced within the past four years. The property is located at 345 53rd St in Brooklyn's Sunset Park neighborhood, with access to the Brooklyn-Queens Expressway, public transportation, shopping, dining, and neighborhood amenities. WalkScore and TransitScore are each 95, while BikeScore is 76.
Major mechanical updates include a boiler replaced approximately six years ago and two hot water heaters replaced within the past four years. The property is located at 345 53rd St in Brooklyn's Sunset Park neighborhood, with access to the Brooklyn-Queens Expressway, public transportation, shopping, dining, and neighborhood amenities. WalkScore and TransitScore are each 95, while BikeScore is 76.
Key Highlights
- Three‑unit layout with a first‑floor duplex
- Department of Buildings‑approved renovation plans transfer at closing
- Built in 1920 and delivered completely vacant
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
$67,767
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
4.99%
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%
$1,355,340
$1.4M
Cap Rate 7%
$968,100
$968.1K
Cap Rate 9%
$752,967
$753.0K
Market Conditions
NOI Build-Up for 2,276 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
$101.1K $44.40/SF
− Vacancy
−$4.2K −$1.86/SF
EGI
$96.8K $42.54/SF
− OpEx
−$29.0K −$12.76/SF
NOI
$67.8K $29.77/SF
Area
ZIP 11220
Vacancy
4.20%
Lease Rate
$44.40 /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%
$1,355,340
Cap Rate 7%
$968,100
Cap Rate 9%
$752,967
Alternative Uses
Best Use
Multifamily LT 5
$968.1K
$847.1K – $1.13M
NOI $67,767 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$867.0K
$758.7K – $1.01M
NOI $60,693 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,283 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
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?
Triplex - Approved renovation plans accompany a vacant property with an unfinished, front-access basement.
Where is this triplex located?
The property is located at 345 53rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,358,888.
What are key features of this property?
This property features: Three‑unit layout with a first‑floor duplex; Department of Buildings‑approved renovation plans transfer at closing; Built in 1920 and delivered completely vacant
