Four-Story Triplex
For Sale
$2,895,000
578 Washington Avenue, Brooklyn, NY 11238
Residential, Brooklyn, NY
Property Size3,960 SF
Lot Size0.05 Acres
Price / SF$731.06
Days on Market2511
Property Features for 578 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bathrooms
4
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2, Bathroom 4
Interior features
Refrigerator, Stove
Basement
Finished, Full
Subdivision
Prospect Heights
Standard status
Active
Size
3,960 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
7287
Building Details
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Ceramic, Carpet
Building materials
Brick
Roof type
Asphalt
Listing Agency:
Bellmarc
Listed By:
Gamal Hasan
(718) 768-4500
Added: Oct 27, 2019
Changed: Sep 5
Last Checked: Sep 10 at 1:06AM
MLS# 434309
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 four-story brick brownstone contains 3,960 square feet and is configured for three families. The lower portion forms a duplex, with two additional four-room rental residences above. A full cellar provides supplementary interior space, while the property also includes a large yard.
The residence is located in Clinton Hill, Brooklyn, and will be delivered vacant at closing. Interior finishes include hardwood, ceramic, and carpet flooring, along with a refrigerator and stove. The property is situated on a 0.0465-acre lot and carries R6B zoning.
The residence is located in Clinton Hill, Brooklyn, and will be delivered vacant at closing. Interior finishes include hardwood, ceramic, and carpet flooring, along with a refrigerator and stove. The property is situated on a 0.0465-acre lot and carries R6B zoning.
Key Highlights
- 3,960 square feet across a four‑story brick brownstone
- Three‑family configuration with a lower duplex and two four‑room rentals
- Delivered vacant at closing
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
$138,686
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
4.79%
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%
$2,773,720
$2.8M
Cap Rate 7%
$1,981,229
$2.0M
Cap Rate 9%
$1,540,956
$1.5M
Market Conditions
NOI Build-Up for 3,960 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
$202.0K $51.00/SF
− Vacancy
−$3.8K −$0.97/SF
EGI
$198.1K $50.03/SF
− OpEx
−$59.4K −$15.01/SF
NOI
$138.7K $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%
$2,773,720
Cap Rate 7%
$1,981,229
Cap Rate 9%
$1,540,956
Alternative Uses
Best Use
Multifamily LT 5
$1.98M
$1.73M – $2.31M
NOI $138,686 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$1.73M
$1.51M – $2.01M
NOI $120,895 @ 7.0% cap · market cap 4.18%
Theoretical Best
Specialty Retail
$3.28M
$2.87M – $3.83M
NOI $229,522 @ 7.0% cap · market cap 7.93%
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
6,266
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
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 - Three-family property offered vacant at closing, with a full cellar and outdoor yard.
Where is this triplex located?
The property is located at 578 Washington Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: 3,960 square feet across a four‑story brick brownstone; Three‑family configuration with a lower duplex and two four‑room rentals; Delivered vacant at closing
