Vacant Multifamily
For Sale
$3,200,000
Pending
53 Franklin Street, Brooklyn, NY 11222
MULTI_FAMILY - Brooklyn, NY
Property Size6,500 SF
Lot Size0.05 Acres
Days on Market427
Property Features for 53 Franklin Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Basement
Full
Standard status
Pending
APN
02571-0025
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9688
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1930
Number of units
6
Building materials
Brick
Listing Agency:
Trademarko Realty Inc
(718) 502-5141
Listed By:
Marek Sobolewski · License #10311207231
(718) 710-8170
Added: Jun 15, 2025
Changed: Jul 30
Last Checked: Aug 15 at 8:06AM
MLS# 878184
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Delivered completely vacant, this brick multifamily building offers a flexible layout for an owner-user or multi-unit redevelopment concept. The building is 25' x 64' situated on a 25' x 80' lot, with a total of 6,500 SF including the basement. The structure includes three full floors plus a spacious basement, providing multiple interior levels to customize for a range of residential arrangements.
The property is located in Greenpoint, just steps from the East River and on the border of Williamsburg. It’s also positioned near NYC Ferry service and the L & G trains.
Core utilities include public water and public sewer. Heating is provided by natural gas, and cooling is via window and wall/window unit systems. Built in 1930, the property’s masonry construction and multi-level configuration support a variety of creative tenant or owner buildout plans.
The property is located in Greenpoint, just steps from the East River and on the border of Williamsburg. It’s also positioned near NYC Ferry service and the L & G trains.
Core utilities include public water and public sewer. Heating is provided by natural gas, and cooling is via window and wall/window unit systems. Built in 1930, the property’s masonry construction and multi-level configuration support a variety of creative tenant or owner buildout plans.
Key Highlights
- Delivered completely vacant multifamily building for customized interior planning
- 6,500 SF total including basement with three full floors plus basement
- 25' x 64' building on a 25' x 80' lot
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
$198,438
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
6.20%
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%
$3,968,760
$4.0M
Cap Rate 7%
$2,834,829
$2.8M
Cap Rate 9%
$2,204,867
$2.2M
Market Conditions
NOI Build-Up for 6,500 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
$368.2K $56.64/SF
− Vacancy
−$7.4K −$1.13/SF
EGI
$360.8K $55.51/SF
− OpEx
−$162.4K −$24.98/SF
NOI
$198.4K $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%
$3,968,760
Cap Rate 7%
$2,834,829
Cap Rate 9%
$2,204,867
Alternative Uses
Best Use
Apartment 5plus
$2.83M
$2.48M – $3.31M
NOI $198,438 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.38M
$4.71M – $6.28M
NOI $376,740 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,992
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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?
Apartment building - Delivered vacant multifamily building with brick construction, natural gas heating, and public water and sewer service.
Where is this apartment building located?
The property is located at 53 Franklin Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Delivered completely vacant multifamily building for customized interior planning; 6,500 SF total including basement with three full floors plus basement; 25' x 64' building on a 25' x 80' lot
