Detached Triplex Development
For Sale
$2,300,000
Pending
39 Bay 22nd Street, Brooklyn, NY 11214
Residential Income, Brooklyn, NY
Property Size3,450 SF
Lot Size0.13 Acres
Days on Market88
Property Features for 39 Bay 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
Driveway, Garage
Basement
Full
Lot features
Back Yard
Elementary school
Ps 200 Benson School
Middle school
Jhs 227 Edward B Shallow
High school
New Utrecht High School
Elementary school district
Brooklyn 20
Middle school district
Brooklyn 20
High school district
Brooklyn 20
Directions
GPS / WAZE
Standard status
Pending
APN
06373-0031
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10113
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1935
Number of units
3
Building materials
Frame
Architectural style
Colonial
Listing Agency:
Keller Williams Realty
(845) 928-8000
Listed By:
John J. Ricco · License #10301223525
(646) 247-3290
Added: Jun 12
Changed: Sep 6
Last Checked: Sep 7 at 12:06PM
MLS# 1013002
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 detached triplex is configured as a 3,450-square-foot, three-family residence built in 1935. The frame structure features Colonial styling, a basement, hot-water heating, wall/window and window-unit cooling, plus garage and driveway parking. The property will be delivered vacant and broom-swept, and is offered strictly as-is.
The 60 ft x 97 ft parcel contains 5,800 total lot square feet within an R5 zoning district with a maximum 2.0 FAR. Stated development parameters include a maximum buildable envelope of up to 8,700 square feet and approximately 5,278 square feet of unused floor area. Public water and public sewer serve the property. The site is in School District 20 and is near local transit, public safety stations, shopping, and dining.
The 60 ft x 97 ft parcel contains 5,800 total lot square feet within an R5 zoning district with a maximum 2.0 FAR. Stated development parameters include a maximum buildable envelope of up to 8,700 square feet and approximately 5,278 square feet of unused floor area. Public water and public sewer serve the property. The site is in School District 20 and is near local transit, public safety stations, shopping, and dining.
Key Highlights
- 60 ft x 97 ft lot with 5,800 total lot square feet
- 3,450 square foot detached three‑family residence built in 1935
- R5 zoning district with a maximum 2.0 FAR
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 - Detached three-family property with R5 zoning, public utilities, garage parking, and vacant delivery.
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: 60 ft x 97 ft lot with 5,800 total lot square feet; 3,450 square foot detached three‑family residence built in 1935; R5 zoning district with a maximum 2.0 FAR
