Detached Three-Family Development
For Sale
$2,300,000
Pending
39 Bay 22nd Street, Brooklyn, NY 11214
Vacant, as-is three-family residence on an oversized lot in an R5 district with room for major expansion.
Property Size3,450 SF
Lot Size0.13 Acres
Days on Market81
Property Features for 39 Bay 22nd Street
General Information
Standard status
Pending
Size
3,450 SF
Lot size
0.13 Acres
Property subtype
Residential Income
Zoning
R5
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,113
Amenities
Wall/Window Unit(s)
Hot Water, Other
Full
Other
Detached, Driveway, Garage
Colonial
Building Details
Building Size
3,450 SF
Year Built
1935
Listing Agency:
Keller Williams Realty
(646) 247-3290
Listed By:
John J. Ricco · License #10301223525
(646) 247-3290
Source:
Evrealestate
Added: Jun 12
Changed: Aug 31
Last Checked: Aug 31 at 2:05PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Set on a 60 ft x 97 ft lot, this detached three-family residence was built in 1935 and is offered strictly “AS-IS.” The current building contains approximately 3,450 square feet and totals 5,800 square feet of lot area. Located in an R5 zoning district with a maximum 2.0 FAR, the site presents an estimated maximum buildable envelope of up to 8,700 square feet, with approximately 5,278 square feet of unused floor area for an expanded buildout. The property is being sold as a developer/investor blank canvas for new multi-family development, substantial value-add expansion, or condominium conversion.
The property is positioned in Bath Beach, within School District 20, and is described as close to local transit, public safety stations, shopping, and dining. At closing, the property will be delivered vacant and broom-swept.
For builders and experienced multifamily developers, the combination of an oversized lot and the stated R5 envelope supports planning flexibility for a larger redevelopment footprint. Given the “AS-IS” delivery and significant unused floor area, buyers are encouraged to bring their architect to evaluate the site and confirm all development assumptions independently.
The property is positioned in Bath Beach, within School District 20, and is described as close to local transit, public safety stations, shopping, and dining. At closing, the property will be delivered vacant and broom-swept.
For builders and experienced multifamily developers, the combination of an oversized lot and the stated R5 envelope supports planning flexibility for a larger redevelopment footprint. Given the “AS-IS” delivery and significant unused floor area, buyers are encouraged to bring their architect to evaluate the site and confirm all development assumptions independently.
Key Highlights
- 1935 detached property configured as a 3,450 SF three‑family residence (sold strictly AS‑IS)
- 60 ft x 97 ft lot totaling 5,800 SF with approximately 5,278 SF of unused floor area
- R5 zoning with maximum 2.0 FAR and maximum buildable envelope up to 8,700 SF
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
$94,098
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
4.09%
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%
$1,881,960
$1.9M
Cap Rate 7%
$1,344,257
$1.3M
Cap Rate 9%
$1,045,533
$1.0M
Market Conditions
NOI Build-Up for 3,450 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
$140.8K $40.80/SF
− Vacancy
−$6.3K −$1.84/SF
EGI
$134.4K $38.96/SF
− OpEx
−$40.3K −$11.69/SF
NOI
$94.1K $27.27/SF
Area
ZIP 11214
Vacancy
4.50%
Lease Rate
$40.80 /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%
$1,881,960
Cap Rate 7%
$1,344,257
Cap Rate 9%
$1,045,533
Alternative Uses
Best Use
Multifamily LT 5
$1.34M
$1.18M – $1.57M
NOI $94,098 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$1.20M
$1.05M – $1.41M
NOI $84,333 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,879 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,961
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
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?
Triplex - Vacant, as-is three-family residence on an oversized lot in an R5 district with room for major expansion.
Where is this triplex located?
The property is located at 39 Bay 22nd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 1935 detached property configured as a 3,450 SF three‑family residence (sold strictly AS‑IS); 60 ft x 97 ft lot totaling 5,800 SF with approximately 5,278 SF of unused floor area; R5 zoning with maximum 2.0 FAR and maximum buildable envelope up to 8,700 SF
