Three-Family Income
For Sale
$1,549,999
404 East 21st Street, Brooklyn, NY 11226
Move-in ready three-family home with separate electric meters, recently installed boilers, and three distinct apartment layouts.
Property Size3,432 SF
Days on Market59
Property Features for 404 East 21st Street
General Information
Standard status
Active
Size
3,432 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Zoning
R6A/R7A
Additional Details
Multifamily Units
3
Building Details
Building Size
3,432 SF
Year Built
1999
Stories
3
Listing Agency:
Exit All Seasons Realty
Listed By:
Adebanjo Anthony Olatunji
(718) 345-4545
Source:
Kirinny
Added: Jul 13
Changed: Sep 8
Last Checked: Sep 8 at 8:50AM
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 Exit All Seasons Realty
Investment Insights
Based on property information with market context.
Move-in ready three-family home featuring three separate apartment units: a 3-bedroom unit, an over 3-bedroom unit, and an additional 2-bedroom unit. Each apartment includes a tiled kitchen with an open concept living and dining area, along with spacious bathrooms featuring a bathtub/shower combination. Units also offer closet and storage space and benefit from natural light through large-sized windows. The property has separate electric meters for each unit and includes a recently installed boiler for each apartment.
The home includes a spacious backyard and a built-in 1-car garage, with two additional parking spaces in front. Public transportation access is highlighted by a TransitScore of 95, with WalkScore of 93 and BikeScore of 81 indicating strong walkability and bikeability.
Arranged as a three-family structure in Ditmars Park, this property provides separate utilities and modern heating components for each unit while maintaining clear, independent apartment configurations.
The home includes a spacious backyard and a built-in 1-car garage, with two additional parking spaces in front. Public transportation access is highlighted by a TransitScore of 95, with WalkScore of 93 and BikeScore of 81 indicating strong walkability and bikeability.
Arranged as a three-family structure in Ditmars Park, this property provides separate utilities and modern heating components for each unit while maintaining clear, independent apartment configurations.
Key Highlights
- Three‑family home built in 1999 with three separate apartment units
- Each apartment has its own electric meter and a recently installed boiler
- Apartment layouts include a 3‑bedroom, a 3‑bedroom, and a 2‑bedroom unit
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
$86,997
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
5.61%
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%
$1,739,940
$1.7M
Cap Rate 7%
$1,242,814
$1.2M
Cap Rate 9%
$966,633
$966.6K
Market Conditions
NOI Build-Up for 3,432 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
$129.7K $37.80/SF
− Vacancy
−$5.4K −$1.59/SF
EGI
$124.3K $36.21/SF
− OpEx
−$37.3K −$10.86/SF
NOI
$87.0K $25.35/SF
Area
ZIP 11226
Vacancy
4.20%
Lease Rate
$37.80 /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%
$1,739,940
Cap Rate 7%
$1,242,814
Cap Rate 9%
$966,633
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.09M – $1.45M
NOI $86,997 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,457 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,742 @ 7.0% cap · market cap 7.66%
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
5,036
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
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 - Move-in ready three-family home with separate electric meters, recently installed boilers, and three distinct apartment layouts.
Where is this triplex located?
The property is located at 404 East 21st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,549,999.
What are key features of this property?
This property features: Three‑family home built in 1999 with three separate apartment units; Each apartment has its own electric meter and a recently installed boiler; Apartment layouts include a 3‑bedroom, a 3‑bedroom, and a 2‑bedroom unit
