Two-Unit Multifamily
For Sale
$2,750,000
699 Sterling Place, Brooklyn, NY 11216
Flexible two-unit layout suited to multigenerational living or rental use.
Property Size2,711 SF
Lot Size0.06 Acres
Price / SF$1,014
Days on Market199
Property Features for 699 Sterling Place
General Information
Standard status
Active
Size
2,711 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,804
Building Details
Building Size
2,711 SF
Year Built
1900
Tenancy
Multi
Listing Agency:
Hauseit LLC
(888) 494-8258
Listed By:
Nick Oliver
(888) 494-8258
Source:
Carlinwright
Added: Jan 24
Changed: Aug 10
Last Checked: Aug 10 at 10:06AM
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 Hauseit LLC
Investment Insights
Based on property information with market context.
This two-unit multifamily property at 699 Sterling Place provides 2,711 square feet of living space on a 2,555-square-foot lot. The configuration offers separate residential spaces with flexibility for multigenerational occupancy or rental use.
The property is positioned near Prospect Park, Brooklyn Museum, and Berg'n Food Hall, with grocery and retail options along Franklin Avenue. Its Brooklyn location combines a residential setting with access to nearby cultural, recreational, dining, and shopping destinations.
The property is positioned near Prospect Park, Brooklyn Museum, and Berg'n Food Hall, with grocery and retail options along Franklin Avenue. Its Brooklyn location combines a residential setting with access to nearby cultural, recreational, dining, and shopping destinations.
Key Highlights
- Two‑unit multifamily property at 699 Sterling Place, Brooklyn, NY 11216
- 2,711 sq ft of living space
- 2,555 sq ft 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
$94,944
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
3.45%
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%
$1,898,880
$1.9M
Cap Rate 7%
$1,356,343
$1.4M
Cap Rate 9%
$1,054,933
$1.1M
Market Conditions
NOI Build-Up for 2,711 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
$138.3K $51.00/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$135.6K $50.03/SF
− OpEx
−$40.7K −$15.01/SF
NOI
$94.9K $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%
$1,898,880
Cap Rate 7%
$1,356,343
Cap Rate 9%
$1,054,933
Alternative Uses
Best Use
Multifamily LT 5
$1.36M
$1.19M – $1.58M
NOI $94,944 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,764 @ 7.0% cap · market cap 3.01%
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.62M
NOI $157,130 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,197
Businesses Nearby
Explore this area
Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
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?
Duplex - Flexible two-unit layout suited to multigenerational living or rental use.
Where is this duplex located?
The property is located at 699 Sterling Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Two‑unit multifamily property at 699 Sterling Place, Brooklyn, NY 11216; 2,711 sq ft of living space; 2,555 sq ft lot
