Residential Income Property with Rooftop
For Sale
$2,495,000
524 Halsey Street TH1, Brooklyn, NY 11233
Four-level condominium home includes three bedrooms, three bathrooms, and a private terrace.
Property Size3,303 SF
Price / SF$755.37
Days on Market243
Property Features for 524 Halsey Street TH1
General Information
Standard status
Active
Size
3,303 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/3BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$20,544
Amenities
attended lobby
gym
storage
bike room
common roof deck
Building Details
Building Size
3,303 SF
Year Built
1899
Listing Agency:
Compass
Listed By:
LINDSAY A BARRETT · License #30BA1016625
(917) 363-5521
Source:
Penrealty
Added: Jan 8
Changed: Sep 3
Last Checked: Sep 7 at 9:14AM
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 Compass
Investment Insights
Based on property information with market context.
This four-level townhouse condominium offers 3,303 square feet with three bedrooms, three bathrooms, multiple living areas, and a private rooftop terrace measuring 753 square feet. The main level combines living and dining space with a gourmet kitchen equipped with Bertazzoni and Jenn-Air appliances, marble finishes, pantry storage, and a guest bathroom. A lower-level recreation room, powder room, laundry closet, and additional storage support flexible daily use. The full-floor primary suite includes a walk-in closet and spa-style bathroom, while the upper level adds two bedrooms, a family room, and another bathroom. The terrace includes porcelain pavers, water, and electricity.
The condominium enclave incorporates a restored and expanded historic brick framework dating to 1899 and provides an attended lobby, gym, storage, bike room, and common roof deck. The property is on Halsey Street in Bedford-Stuyvesant, near Bushwick, Clinton Hill, and Crown Heights. Nearby transportation includes A, C, and LIRR trains, bus service, and CitiBike stations.
The condominium enclave incorporates a restored and expanded historic brick framework dating to 1899 and provides an attended lobby, gym, storage, bike room, and common roof deck. The property is on Halsey Street in Bedford-Stuyvesant, near Bushwick, Clinton Hill, and Crown Heights. Nearby transportation includes A, C, and LIRR trains, bus service, and CitiBike stations.
Key Highlights
- 3,303‑square‑foot four‑level townhouse condominium
- 753‑square‑foot private rooftop terrace with water and electricity
- Three‑bedroom, three‑bathroom layout with multiple living areas
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
$100,837
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
4.04%
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%
$2,016,740
$2.0M
Cap Rate 7%
$1,440,529
$1.4M
Cap Rate 9%
$1,120,411
$1.1M
Market Conditions
NOI Build-Up for 3,303 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
$187.1K $56.64/SF
− Vacancy
−$3.7K −$1.13/SF
EGI
$183.3K $55.51/SF
− OpEx
−$82.5K −$24.98/SF
NOI
$100.8K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$2,016,740
Cap Rate 7%
$1,440,529
Cap Rate 9%
$1,120,411
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,837 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.73M
$2.39M – $3.19M
NOI $191,442 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,278
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Four-level condominium home includes three bedrooms, three bathrooms, and a private terrace.
Where is this residential income property located?
The property is located at 524 Halsey Street TH1 Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 3,303‑square‑foot four‑level townhouse condominium; 753‑square‑foot private rooftop terrace with water and electricity; Three‑bedroom, three‑bathroom layout with multiple living areas
