Three-Bedroom Residential Income
For Sale
$700,000
647 MIDWOOD Street 3A, Brooklyn, NY 11203
Three-bedroom, two-bath condo with very high ceilings, two private balconies, in-unit washer and dryer, and private storage room.
Property Size1,100 SF
Price / SF$636.36
Days on Market302
Property Features for 647 MIDWOOD Street 3A
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
HOA Fee
$250
Amenities
in-unit washer/dryer
private storage
private balconies
Building Details
Building Size
1,100 SF
Year Built
2008
Listing Agency:
Corcoran Group
Listed By:
Dvora Liberow
(917) 361-8899
Source:
Howardhannanyc
Added: Nov 11, 2025
Changed: Sep 3
Last Checked: Sep 8 at 12:45PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Conveniently located at 647 Midwood Street, Unit 3A in Brooklyn, this three-bedroom, two-bath condo offers abundant natural light, very high ceilings, and a practical layout. The unit is just two flights up, and features a large front window plus two private balconies for outdoor space. Interior conveniences include an in-unit washer and dryer and a private storage room.
Built in 2008, the condo is situated on Midwood Street between Kingston and Albany Avenues, near neighborhood dining and shopping conveniences.
Tax abatement is in place, and private showings are available by appointment.
Built in 2008, the condo is situated on Midwood Street between Kingston and Albany Avenues, near neighborhood dining and shopping conveniences.
Tax abatement is in place, and private showings are available by appointment.
Key Highlights
- Two private balconies plus very high ceilings and abundant natural light
- In‑unit washer and dryer
- Private storage room
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
$33,582
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
4.80%
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%
$671,640
$671.6K
Cap Rate 7%
$479,743
$479.7K
Cap Rate 9%
$373,133
$373.1K
Market Conditions
NOI Build-Up for 1,100 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
$62.3K $56.64/SF
− Vacancy
−$1.2K −$1.13/SF
EGI
$61.1K $55.51/SF
− OpEx
−$27.5K −$24.98/SF
NOI
$33.6K $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%
$671,640
Cap Rate 7%
$479,743
Cap Rate 9%
$373,133
Alternative Uses
Best Use
Apartment 5plus
$479.7K
$419.8K – $559.7K
NOI $33,582 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$910.8K
$797.0K – $1.06M
NOI $63,756 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,531
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom, two-bath condo with very high ceilings, two private balconies, in-unit washer and dryer, and private storage room.
Where is this residential income property located?
The property is located at 647 MIDWOOD Street 3A Brooklyn, NY.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Two private balconies plus very high ceilings and abundant natural light; In‑unit washer and dryer; Private storage room
