Three-Family Property with Development
New
For Sale
$1,798,000
78 Cornelia Street, Brooklyn, NY 11221
Three residential units feature multi-bath layouts, separate utility metering, and a finished basement with additional usable space.
Property Size3,000 SF
Lot Size0.05 Acres
Price / SF$599.33
Days on Market6
Property Features for 78 Cornelia Street
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.05 Acres
Property subtype
Mixed Use
Zoning
R6
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/2BA, 2 x 3BR/2BA
Multifamily Units
3
Additional Details
Gross Income
$140,520
Amenities
direct backyard access
open-concept basement
Building Details
Building Size
3,000 SF
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
RE Max Edge Group
(718) 313-0214
Listed By:
Ruslan Mingazov · License #10301211175
(718) 313-0214
Source:
Nilelundgren
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 26 at 9:28AM
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 RE Max Edge Group
Investment Insights
Based on property information with market context.
This 1905 three-family property contains approximately 3,000 square feet on a 20' x 100' lot. The first-floor residence has 2 bedrooms, 2 full bathrooms, backyard access, split-zone heating and air conditioning, and baseboard heat. The upper two apartments each provide 3 bedrooms and 2 full bathrooms, with a primary bedroom and walk-in closet. An open-concept basement with a half bathroom adds flexible interior space.
The property is zoned R6 and has an actual FAR of 1.50 versus a maximum residential FAR of 2.43. Based on the stated figures, the site offers approximately 4,860 square feet of maximum residential floor area and an estimated 1,860 additional buildable square feet, subject to zoning, DOB approval, and independent verification. Utilities are separately metered through 4 electric meters and 4 gas meters, while the gas boiler and hot water tank were installed in 2021. Multiple J, Z, L, and M train stations are located nearby. The property is being sold as-is.
The property is zoned R6 and has an actual FAR of 1.50 versus a maximum residential FAR of 2.43. Based on the stated figures, the site offers approximately 4,860 square feet of maximum residential floor area and an estimated 1,860 additional buildable square feet, subject to zoning, DOB approval, and independent verification. Utilities are separately metered through 4 electric meters and 4 gas meters, while the gas boiler and hot water tank were installed in 2021. Multiple J, Z, L, and M train stations are located nearby. The property is being sold as-is.
Key Highlights
- Three‑family configuration with 2‑bedroom and 3‑bedroom apartment layouts
- Approximately 3,000 square feet on a 20' x 100' lot
- R6 zoning with approximately 1,860 estimated additional buildable square feet, subject to approvals
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
$105,065
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
5.84%
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%
$2,101,300
$2.1M
Cap Rate 7%
$1,500,929
$1.5M
Cap Rate 9%
$1,167,389
$1.2M
Market Conditions
NOI Build-Up for 3,000 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
$153.0K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$150.1K $50.03/SF
− OpEx
−$45.0K −$15.01/SF
NOI
$105.1K $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%
$2,101,300
Cap Rate 7%
$1,500,929
Cap Rate 9%
$1,167,389
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,065 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$1.31M
$1.14M – $1.53M
NOI $91,587 @ 7.0% cap · market cap 5.09%
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,267
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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?
Triplex - Three residential units feature multi-bath layouts, separate utility metering, and a finished basement with additional usable space.
Where is this triplex located?
The property is located at 78 Cornelia Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,798,000.
What are key features of this property?
This property features: Three‑family configuration with 2‑bedroom and 3‑bedroom apartment layouts; Approximately 3,000 square feet on a 20' x 100' lot; R6 zoning with approximately 1,860 estimated additional buildable square feet, subject to approvals
