Waterfront District Investment
For Sale
$3,200,000
Pending
60 Summit St TH, Brooklyn, NY 11231
Three-family investment property in Columbia Street Waterfront District.
Property Size3,375 SF
Lot Size0.03 Acres
Days on Market186
Property Features for 60 Summit St TH
General Information
Standard status
Pending
Size
3,375 SF
Lot size
0.03 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,292
Building Details
Building Size
3,375 SF
Year Built
1931
Units
3
Listed By:
Gail Donnarumma
(718) 290-7548
Source:
Elliman
Added: Mar 11
Changed: Sep 9
Last Checked: Sep 11 at 10:34AM
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 Gail Donnarumma
Investment Insights
Based on property information with market context.
This semi-attached three-family investment property is located in the Columbia Street Waterfront District, positioned between Carroll Gardens and Red Hook. The building contains three free market rental units. Each unit features 2 bedrooms, updated kitchens with quartz breakfast bars, hardwood flooring, washer and dryer, high ceilings, and oversized windows. Tenants are responsible for all utilities. The property includes stairs to a bulkhead that offers views of the waterfront and the Manhattan skyline. The building is fully sprinklered. The location provides proximity to shopping, coffee shops, and dining options such as Cafe Spaghetti and Lucali's Pizzeria.
Key Highlights
- Three free‑market rental units, providing immediate income potential.
- Prime location in the Columbia Street Waterfront District, between Carroll Gardens and Red Hook.
- Each unit features 2 bedrooms, updated kitchens with quartz breakfast bars, hardwood floors, and a washer/dryer.
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
$118,198
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
3.69%
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%
$2,363,960
$2.4M
Cap Rate 7%
$1,688,543
$1.7M
Cap Rate 9%
$1,313,311
$1.3M
Market Conditions
NOI Build-Up for 3,375 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
$172.1K $51.00/SF
− Vacancy
−$3.3K −$0.97/SF
EGI
$168.9K $50.03/SF
− OpEx
−$50.7K −$15.01/SF
NOI
$118.2K $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%
$2,363,960
Cap Rate 7%
$1,688,543
Cap Rate 9%
$1,313,311
Alternative Uses
Best Use
Multifamily LT 5
$1.69M
$1.48M – $1.97M
NOI $118,198 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,035 @ 7.0% cap · market cap 3.22%
Theoretical Best
Specialty Retail
$2.79M
$2.45M – $3.26M
NOI $195,615 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
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 investment property in Columbia Street Waterfront District.
Where is this triplex located?
The property is located at 60 Summit St TH 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: Three free‑market rental units, providing immediate income potential.; Prime location in the Columbia Street Waterfront District, between Carroll Gardens and Red Hook.; Each unit features 2 bedrooms, updated kitchens with quartz breakfast bars, hardwood floors, and a washer/dryer.
