3-Unit Brownstone with Private
For Sale
$2,888,000
498 Classon Avenue Brooklyn, Ny, NY 11238
Three-unit brownstone for sale with a private driveway and free-market occupancy.
Property Size6,800 SF
Price / SF$424.71
Days on Market48
Property Features for 498 Classon Avenue Brooklyn
General Information
Standard status
Active
Size
6,800 SF
Zoning
R6B
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$16,355
Amenities
No
Public
Driveway
6800
Building Details
Building Size
6,800 SF
Year Built
2002
Construction
brownstone
Listing Agency:
All Island Estates Realty Corporation
(845) 765-6128
Listed By:
Michael Dunstan · License #10311207810
(845) 765-6128
Source:
Town-and-country-fishkill-ny.remax
Added: Jul 8
Changed: Aug 23
Last Checked: Aug 22 at 10:19AM
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 All Island Estates Realty Corporation
Investment Insights
Based on property information with market context.
This offering is a 3-unit brownstone presented for sale. The property is described as a private-driveway configuration and is noted as free market.
For additional details, please refer to MLS #10216671 (Residential Listing). The address is 498 Classon Avenue, Brooklyn, NY 11238.
For additional details, please refer to MLS #10216671 (Residential Listing). The address is 498 Classon Avenue, Brooklyn, NY 11238.
Key Highlights
- 3‑unit brownstone built in 2002
- Includes a private driveway
- Free‑market occupancy is noted in the listing
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
$230,136
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
7.97%
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%
$4,602,720
$4.6M
Cap Rate 7%
$3,287,657
$3.3M
Cap Rate 9%
$2,557,067
$2.6M
Market Conditions
NOI Build-Up for 6,800 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
$346.8K $51.00/SF
− Vacancy
−$18.0K −$2.65/SF
EGI
$328.8K $48.35/SF
− OpEx
−$98.6K −$14.50/SF
NOI
$230.1K $33.84/SF
Area
New York, NY
Vacancy
5.20%
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%
$4,602,720
Cap Rate 7%
$3,287,657
Cap Rate 9%
$2,557,067
Alternative Uses
Best Use
Multifamily LT 5
$3.29M
$2.88M – $3.84M
NOI $230,136 @ 7.0% cap · market cap 7.97%
Second Best
Apartment 5plus
$3.04M
$2.66M – $3.55M
NOI $212,754 @ 7.0% cap · market cap 7.37%
Theoretical Best
Specialty Retail
$16.93M
$14.81M – $19.75M
NOI $1,184,832 @ 7.0% cap · market cap 41.03%
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
6,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 11238, NY
60,090
Population
29,588
Households
2
Avg Household Size
35
Median Age
71%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
33,383
Density / Sq Mi
$132,957
Median Household Income
$85,179
Median Earnings
$2,511
Median Rent
$1,146,000
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 - Three-unit brownstone for sale with a private driveway and free-market occupancy.
Where is this triplex located?
The property is located at 498 Classon Avenue Brooklyn Ny, NY.
What is the asking price?
The asking price for this property is $2,888,000.
What are key features of this property?
This property features: 3‑unit brownstone built in 2002; Includes a private driveway; Free‑market occupancy is noted in the listing
