Turn-Key Three-Family
For Sale
Contact for pricing
405 Miller Avenue, Brooklyn, NY 11207
Renovated multi-family home configured as three units, including a ground-level basement with private backyard access.
Property Size1,900 SF
Price / SF$631.58
Days on Market135
Property Features for 405 Miller Avenue
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
3
Building Details
Year Built
2026
Listing Agency:
5 Boro Realty Corp
Listed By:
Nina Sabag · License #10311207532
(855) 305-3325
Source:
Crexi
Added: Apr 30
Changed: Sep 10
Last Checked: Sep 10 at 6:30AM
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 5 Boro Realty Corp
Investment Insights
Based on property information with market context.
Welcome to 405 Miller Avenue, built in 2026 and offered as a renovated, turn-key multi-family residence configured as a three-family home. The first floor features a 2-bedroom, 1-bath unit with a bright, open layout. The second floor offers a 3-bedroom, 1-bath residence. The ground-level basement includes a 1-bedroom, 1-bath unit with direct access to a private backyard.
Set on a quiet residential block in Brooklyn, the property is described as having convenient access to transportation, shopping, and local amenities.
The basement’s expansive footprint provides flexibility, including potential to add an additional bedroom within the unit layout.
Set on a quiet residential block in Brooklyn, the property is described as having convenient access to transportation, shopping, and local amenities.
The basement’s expansive footprint provides flexibility, including potential to add an additional bedroom within the unit layout.
Key Highlights
- Built in 2026 and fully renovated multi‑family home at 405 Miller Avenue
- Currently configured as a three‑family residence: 2BD/1BA first‑floor unit
- Second‑floor unit offers 3BD/1BA
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
$66,541
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
5.55%
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%
$1,330,820
$1.3M
Cap Rate 7%
$950,586
$950.6K
Cap Rate 9%
$739,344
$739.3K
Market Conditions
NOI Build-Up for 1,900 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
$96.9K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$95.1K $50.03/SF
− OpEx
−$28.5K −$15.01/SF
NOI
$66.5K $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%
$1,330,820
Cap Rate 7%
$950,586
Cap Rate 9%
$739,344
Alternative Uses
Best Use
Multifamily LT 5
$950.6K
$831.8K – $1.11M
NOI $66,541 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$828.6K
$725.1K – $966.8K
NOI $58,005 @ 7.0% cap · market cap 4.83%
Theoretical Best
Specialty Retail
$1.57M
$1.38M – $1.84M
NOI $110,124 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,243
Businesses Nearby
Explore this area
Business Placement
Demographics for 11207, NY
100,330
Population
38,030
Households
2.6
Avg Household Size
35
Median Age
19%
College-Educated
81%
High-School Grad
2.7 sq mi
ZIP Area
37,159
Density / Sq Mi
$55,419
Median Household Income
$41,008
Median Earnings
$1,443
Median Rent
$657,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Renovated multi-family home configured as three units, including a ground-level basement with private backyard access.
Where is this triplex located?
The property is located at 405 Miller Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,199,999.
What are key features of this property?
This property features: Built in 2026 and fully renovated multi‑family home at 405 Miller Avenue; Currently configured as a three‑family residence: 2BD/1BA first‑floor unit; Second‑floor unit offers 3BD/1BA
