Vacant Three-Unit Multifamily
For Sale
$1,775,000
554 Central Avenue, Brooklyn, NY 11207
Residential Income, Brooklyn, NY
Property Size3,600 SF
Lot Size0.04 Acres
Price / SF$493.06
Days on Market50
Property Features for 554 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 4, Bedroom 8, Basement, Bedroom 7, Bathroom 1, Bedroom 3, Bedroom 6, Bedroom 9, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 5, Dining Room
Parking features
Open, On Street
Interior features
First Floor Bedroom, Entrance Foyer, Formal Dining, High Ceilings, Natural Woodwork, Storage, Washer/Dryer Hookup
Basement
Walk-Out Access, Full, Finished, Storage Space
Elementary school
Ps 151 Lyndon B Johnson
Middle school
Evergreen Ms-Urban Exploration
High school
Bushwick Community Hs
Elementary school district
Brooklyn 32
Middle school district
Brooklyn 32
High school district
Brooklyn 32
Directions
Please see Google Maps.
Standard status
Active
APN
03403-0034
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5260
Utilities
Sewer type
Public Sewer
Heating system
Radiant
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1910
Number of units
3
Building materials
Frame
Additional Structures
Storage
Listing Agency:
Real Broker NY LLC
(855) 450-0442
Listed By:
Eliseo Rivera
(347) 957-4588
Added: Jul 23
Changed: Sep 10
Last Checked: Sep 10 at 6:06PM
MLS# 1029842
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.
This three-unit multifamily property spans three full stories and approximately 3,600 SF. The building is delivered vacant, with spacious residential layouts, high ceilings, natural woodwork, storage, formal dining areas, and washer/dryer hookups. Additional features include a first-floor bedroom, frame construction, radiant heat, and wall/window unit cooling. Public water and public sewer serve the property, while parking is available on open and on-street areas.
The property occupies a 0.0367-acre lot at 554 Central Avenue in Brooklyn’s Bushwick neighborhood. R6 zoning is identified for the site. Restaurants, nightlife, shopping, and neighborhood businesses are located nearby, with access to the J and L train lines. Built in 1910, the property offers three residences that can be evaluated for renovation, rental occupancy, or owner use.
The property occupies a 0.0367-acre lot at 554 Central Avenue in Brooklyn’s Bushwick neighborhood. R6 zoning is identified for the site. Restaurants, nightlife, shopping, and neighborhood businesses are located nearby, with access to the J and L train lines. Built in 1910, the property offers three residences that can be evaluated for renovation, rental occupancy, or owner use.
Key Highlights
- Three‑unit multifamily property delivered fully vacant
- Approximately 3,600 SF across three full stories
- R6 zoning on a 0.0367‑acre 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
$126,078
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
7.10%
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%
$2,521,560
$2.5M
Cap Rate 7%
$1,801,114
$1.8M
Cap Rate 9%
$1,400,867
$1.4M
Market Conditions
NOI Build-Up for 3,600 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
$183.6K $51.00/SF
− Vacancy
−$3.5K −$0.97/SF
EGI
$180.1K $50.03/SF
− OpEx
−$54.0K −$15.01/SF
NOI
$126.1K $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%
$2,521,560
Cap Rate 7%
$1,801,114
Cap Rate 9%
$1,400,867
Alternative Uses
Best Use
Multifamily LT 5
$1.80M
$1.58M – $2.10M
NOI $126,078 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,904 @ 7.0% cap · market cap 6.19%
Theoretical Best
Specialty Retail
$2.98M
$2.61M – $3.48M
NOI $208,656 @ 7.0% cap · market cap 11.76%
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
3,398
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 - Full vacancy provides flexibility for renovation, occupancy planning, or multigenerational living.
Where is this triplex located?
The property is located at 554 Central Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Three‑unit multifamily property delivered fully vacant; Approximately 3,600 SF across three full stories; R6 zoning on a 0.0367‑acre lot
