Legal Three-Family Brick
For Sale
$1,450,000
Pending
875A Greene Avenue, Brooklyn, NY 11221
Legal three-family brick home requiring total gut renovation, delivered vacant for investor or owner-occupant rehab plans.
Property Size2,364 SF
Days on Market75
Property Features for 875A Greene Avenue
General Information
Standard status
Pending
Size
2,364 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,914
Building Details
Building Size
2,364 SF
Year Built
1899
Listing Agency:
Century 21 Milestone Team Rlty
Listed By:
Blessing Daniel
(718) 291-7000
Source:
Cbwarburg
Added: Jun 25
Changed: Sep 2
Last Checked: Sep 6 at 11:25AM
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 Century 21 Milestone Team Rlty
Investment Insights
Based on property information with market context.
This legal three-family brick hi-ranch property is in need of total gut renovation. The home is configured as a three-unit setup with 5 bedrooms and 4 full bathrooms across the building, and it includes 3 kitchens. The asset will be delivered vacant, providing clear access for a full interior scope and unit-by-unit improvements.
The property is located at 875A Greene Ave, Brooklyn, NY 11221. The listing also notes very strong walk, bike, and transit scores (WalkScore 92, BikeScore 87, TransitScore 96), which may support tenant interest in a walkable, transit-accessible setting.
For investors or experienced owner-occupants, the vacancy and “need total gut renovation” condition can make this a straightforward candidate for a full redevelopment plan. With three kitchens and the stated bedroom and bathroom counts, the layout is suited to renovation work aimed at restoring each unit to rent-ready condition. The property’s multi-family structure offers an opportunity to modernize a brick hi-ranch into a cohesive three-unit residential asset, based on your renovation specifications and operating goals.
The property is located at 875A Greene Ave, Brooklyn, NY 11221. The listing also notes very strong walk, bike, and transit scores (WalkScore 92, BikeScore 87, TransitScore 96), which may support tenant interest in a walkable, transit-accessible setting.
For investors or experienced owner-occupants, the vacancy and “need total gut renovation” condition can make this a straightforward candidate for a full redevelopment plan. With three kitchens and the stated bedroom and bathroom counts, the layout is suited to renovation work aimed at restoring each unit to rent-ready condition. The property’s multi-family structure offers an opportunity to modernize a brick hi-ranch into a cohesive three-unit residential asset, based on your renovation specifications and operating goals.
Key Highlights
- Legal 3‑family brick home (Hi Ranch), built in 1899
- 5 bedrooms and 4 full baths
- 3 kitchens across the three units
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
$82,791
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
5.71%
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%
$1,655,820
$1.7M
Cap Rate 7%
$1,182,729
$1.2M
Cap Rate 9%
$919,900
$919.9K
Market Conditions
NOI Build-Up for 2,364 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
$120.6K $51.00/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$118.3K $50.03/SF
− OpEx
−$35.5K −$15.01/SF
NOI
$82.8K $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%
$1,655,820
Cap Rate 7%
$1,182,729
Cap Rate 9%
$919,900
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.38M
NOI $82,791 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$1.03M
$902.1K – $1.20M
NOI $72,170 @ 7.0% cap · market cap 4.98%
Theoretical Best
Specialty Retail
$1.96M
$1.71M – $2.28M
NOI $137,017 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,135
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 - Legal three-family brick home requiring total gut renovation, delivered vacant for investor or owner-occupant rehab plans.
Where is this triplex located?
The property is located at 875A Greene Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Legal 3‑family brick home (Hi Ranch), built in 1899; 5 bedrooms and 4 full baths; 3 kitchens across the three units
