Renovated Three-Unit
For Sale
$2,975,000
502 PROSPECT Avenue, Brooklyn, NY 11215
Four-floor configuration includes a lower duplex and two floor-through two-bedroom apartments.
Property Size4,012 SF
Price / SF$741.53
Days on Market9
Property Features for 502 PROSPECT Avenue
General Information
Standard status
Active
Size
4,012 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,596
Building Details
Building Size
4,012 SF
Year Built
1920
Listing Agency:
Corcoran Group
Listed By:
Heather M McMaster · License #10301200032
(917) 803-4219
Source:
Penrealty
Added: Sep 10
Changed: Sep 15
Last Checked: Sep 16 at 11:27PM
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.
This 1920 townhouse spans 4,012 square feet across four floors and is arranged as three residences: a lower duplex plus two upper two-bedroom apartments. The duplex includes a private entrance, renovated kitchen and baths, home office area, built-in storage, hardwood flooring, ductless mini-split cooling, and access to a private garden. Each upper apartment offers a floor-through layout with split bedrooms, a renovated kitchen, renovated bath, high ceilings, hardwood floors, an oversized walk-in closet, and an in-unit washer/dryer.
Located at 502 Prospect Avenue in Brooklyn's Windsor Terrace, the property is one block from Prospect Park West, neighborhood shops, restaurants, and conveniences. The subway is also one block away, while Prospect Park is three blocks from the property. The lot measures approximately 20 x 58 feet, and the building dates to 1920.
Located at 502 Prospect Avenue in Brooklyn's Windsor Terrace, the property is one block from Prospect Park West, neighborhood shops, restaurants, and conveniences. The subway is also one block away, while Prospect Park is three blocks from the property. The lot measures approximately 20 x 58 feet, and the building dates to 1920.
Key Highlights
- Three‑unit townhouse with 4,012 square feet across four floors
- Lower duplex with private entrance, home office, built‑in storage, and private garden
- Two floor‑through apartments, each configured with two bedrooms
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
$140,507
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
4.72%
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%
$2,810,140
$2.8M
Cap Rate 7%
$2,007,243
$2.0M
Cap Rate 9%
$1,561,189
$1.6M
Market Conditions
NOI Build-Up for 4,012 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
$204.6K $51.00/SF
− Vacancy
−$3.9K −$0.97/SF
EGI
$200.7K $50.03/SF
− OpEx
−$60.2K −$15.01/SF
NOI
$140.5K $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%
$2,810,140
Cap Rate 7%
$2,007,243
Cap Rate 9%
$1,561,189
Alternative Uses
Best Use
Multifamily LT 5
$2.01M
$1.76M – $2.34M
NOI $140,507 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,482 @ 7.0% cap · market cap 4.12%
Theoretical Best
Specialty Retail
$3.32M
$2.91M – $3.88M
NOI $232,536 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
Median Home Value
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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 - Four-floor configuration includes a lower duplex and two floor-through two-bedroom apartments.
Where is this triplex located?
The property is located at 502 PROSPECT Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,975,000.
What are key features of this property?
This property features: Three‑unit townhouse with 4,012 square feet across four floors; Lower duplex with private entrance, home office, built‑in storage, and private garden; Two floor‑through apartments, each configured with two bedrooms
