Quadplex with Two
For Sale
$1,888,888
378 Central Avenue, Brooklyn, NY 11221
MULTI_FAMILY - Brooklyn, NY
Property Size4,125 SF
Price / SF$457.91
Days on Market16
Property Features for 378 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 7, Basement, Bathroom 2, Bathroom 1, Bedroom 8, Bedroom 6, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 5
Parking features
On Street
Basement
Finished, Full
Elementary school
Ps 377 Alejandrina B De Gautier
Middle school
Jhs 291 Roland Hayes
High school
Contact Agent
Elementary school district
Brooklyn 32
Middle school district
Brooklyn 32
High school district
Contact Agent
Standard status
Active
APN
03332-0035
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11668
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1931
Number of units
4
Building materials
Frame
Listing Agency:
Prospes Real Estate Corp
(718) 321-2800
Listed By:
Huanyan Li
(347) 885-8668
Added: Jul 29
Changed: Aug 5
Last Checked: Aug 13 at 1:06AM
MLS# 1031849
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Brooklyn property combines four residential units with two ground-floor storefronts in a frame building constructed in 1931. The approximately 4,125-square-foot interior includes a fully finished basement arranged with four separate storage rooms. The building measures 25 feet by 55 feet on a 25-foot by 100-foot lot and includes natural-gas heating, window or wall/window cooling units, and public water and sewer service.
The property is located near both the L and M subway lines, providing transit connections within Brooklyn and to Manhattan. On-street parking is available. The zoning designation is R6, and the property can be delivered vacant as a four-family configuration.
The property is located near both the L and M subway lines, providing transit connections within Brooklyn and to Manhattan. On-street parking is available. The zoning designation is R6, and the property can be delivered vacant as a four-family configuration.
Key Highlights
- Four residential units paired with 2 storefronts
- Approximately 4,125 sq ft of total interior space
- 25 ft x 100 ft lot with a 25 ft x 55 ft building
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
$149,738
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
7.93%
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%
$2,994,760
$3.0M
Cap Rate 7%
$2,139,114
$2.1M
Cap Rate 9%
$1,663,756
$1.7M
Market Conditions
NOI Build-Up for 4,125 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
$272.3K $66.00/SF
− Vacancy
−$32.7K −$7.92/SF
EGI
$239.6K $58.08/SF
− OpEx
−$89.8K −$21.78/SF
NOI
$149.7K $36.30/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,994,760
Cap Rate 7%
$2,139,114
Cap Rate 9%
$1,663,756
Alternative Uses
Best Use
Specialty Retail
$3.42M
$2.99M – $3.98M
NOI $239,085 @ 7.0% cap · market cap 12.66%
Second Best
Retail
$2.83M
$2.47M – $3.30M
NOI $197,813 @ 7.0% cap · market cap 10.47%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,577
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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 - R6-zoned building includes finished basement storage and public utilities.
Where is this quadplex located?
The property is located at 378 Central Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,888,888.
What are key features of this property?
This property features: Four residential units paired with 2 storefronts; Approximately 4,125 sq ft of total interior space; 25 ft x 100 ft lot with a 25 ft x 55 ft building
