Turnkey Three-Family Income
For Sale
$2,398,000
393 ROGERS Avenue, Brooklyn, NY 11225
Gut-renovated three-family townhouse in Crown Heights/Prospect Lefferts Gardens.
Property Size4,100 SF
Price / SF$584.88
Days on Market151
Property Features for 393 ROGERS Avenue
General Information
Standard status
Active
Size
4,100 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,928
Building Details
Building Size
4,100 SF
Year Built
1915
Listing Agency:
Corcoran Group
Listed By:
Samuel-Christoph H Tedjasukmana
(646) 462-0226
Source:
Miradorrealestate
Added: Apr 9
Changed: Sep 6
Last Checked: Sep 5 at 7:52AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Located at the crossroads of Crown Heights and Prospect Lefferts Gardens, 393 Rogers Avenue is a gut-renovated, turnkey three-family townhouse. The building, approximately 20 x 50 feet, is situated on a 20 x 90 foot lot. The property is suitable for investors seeking immediate, stable returns and also offers flexibility for an end-user to occupy the vacant unit while leveraging rental income. Each residence is configured as a spacious three-bedroom with at least two full baths. The garden unit includes a bonus recreation level with an additional half bath, nearly 8-foot ceilings, and direct access to a private backyard. The parlor level features ceiling heights reaching approximately 11 feet. All units have been thoughtfully finished with a cohesive, modern design, including central air conditioning and heating, natural oak hardwood flooring, Pella architectural series windows, black granite countertops and stainless steel appliances, in-unit gas washer/dryer and dishwasher, video intercom, recessed lighting, and contemporary, fully renovated bathrooms. A shared, finished roof deck offers open views and added outdoor space for residents. The property is located one block from the New York City Subway 2/5 Lines at Sterling Street and along the B49 bus route, surrounded by neighborhood amenities such as Bomberino, Bobbed Bandit, and Lidl. Prospect Park, the Prospect Park Zoo, and Brooklyn Public Library are also nearby.
Key Highlights
- Turnkey, gut‑renovated three‑family townhouse offering immediate, stable income with an approximate 6.5% cap rate and low taxes.
- Flexibility for end‑users to occupy the vacant unit and offset ownership costs with rental income.
- Each residence features three bedrooms and at least two full baths, with modern finishes including central air, hardwood floors, and in‑unit laundry.
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
$143,589
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
5.99%
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%
$2,871,780
$2.9M
Cap Rate 7%
$2,051,271
$2.1M
Cap Rate 9%
$1,595,433
$1.6M
Market Conditions
NOI Build-Up for 4,100 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
$209.1K $51.00/SF
− Vacancy
−$4.0K −$0.97/SF
EGI
$205.1K $50.03/SF
− OpEx
−$61.5K −$15.01/SF
NOI
$143.6K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /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%
$2,871,780
Cap Rate 7%
$2,051,271
Cap Rate 9%
$1,595,433
Alternative Uses
Best Use
Multifamily LT 5
$2.05M
$1.79M – $2.39M
NOI $143,589 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$1.79M
$1.56M – $2.09M
NOI $125,169 @ 7.0% cap · market cap 5.22%
Theoretical Best
Specialty Retail
$3.39M
$2.97M – $3.96M
NOI $237,636 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 11225, NY
58,786
Population
26,703
Households
2.2
Avg Household Size
36
Median Age
48%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
65,318
Density / Sq Mi
$85,201
Median Household Income
$54,639
Median Earnings
$1,733
Median Rent
$1,218,300
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 - Gut-renovated three-family townhouse in Crown Heights/Prospect Lefferts Gardens.
Where is this triplex located?
The property is located at 393 ROGERS Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,398,000.
What are key features of this property?
This property features: Turnkey, gut‑renovated three‑family townhouse offering immediate, stable income with an approximate 6.5% cap rate and low taxes.; Flexibility for end‑users to occupy the vacant unit and offset ownership costs with rental income.; Each residence features three bedrooms and at least two full baths, with modern finishes including central air, hardwood floors, and in‑unit laundry.
