Renovated Triplex
For Sale
$2,800,000
887 Lafayette Avenue, Brooklyn, NY 11221
Three distinct residences combine updated interiors, private outdoor areas, and separate utility metering.
Property Size3,496 SF
Lot Size0.04 Acres
Price / SF$800.92
Days on Market31
Property Features for 887 Lafayette Avenue
General Information
Standard status
Active
Size
3,496 SF
Lot size
0.04 Acres
Property subtype
Triplex
Units
Unit Mix
1 x 3BR/3BA, 1 x 2BR/2BA, 1 x 5BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,051
Amenities
hardwood floors
exposed brick
modern bathrooms
stainless-steel appliances
quartz countertops
in-unit washer/dryer
paved backyard
rooftop access
panoramic skyline views
marble bath
Building Details
Building Size
3,496 SF
Year Built
1899
Buildings
1
Construction
brownstone-style
Listing Agency:
Exit Realty First Choice
Listed By:
Steven S. Benshabat
(718) 380-2500
Source:
Cbwarburg
Added: Aug 6
Changed: Sep 4
Last Checked: Sep 5 at 7:37AM
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 Exit Realty First Choice
Investment Insights
Based on property information with market context.
This renovated three-family brownstone-style property at 887 Lafayette Avenue includes three separate residences: a three-bedroom, three-bath duplex with a paved backyard; a two-bedroom, two-bath parlor-level home; and a five-bedroom, two-bath upper duplex with rooftop access and skyline views. The building dates to 1899 and retains classic character alongside updated interiors.
Across the residences, features include hardwood flooring, exposed brick, modern bathrooms, stainless-steel appliances, quartz countertops, and in-unit washers and dryers. Each unit has its own boiler and separate gas and electric meters. Two residences are occupied and producing income, while the overall configuration also accommodates an owner-user or investor seeking multiple living spaces.
Across the residences, features include hardwood flooring, exposed brick, modern bathrooms, stainless-steel appliances, quartz countertops, and in-unit washers and dryers. Each unit has its own boiler and separate gas and electric meters. Two residences are occupied and producing income, while the overall configuration also accommodates an owner-user or investor seeking multiple living spaces.
Key Highlights
- Three‑family brownstone‑style property with three separate residences
- Three‑bedroom/three‑bath duplex includes a paved backyard
- Five‑bedroom/two‑bath upper duplex offers rooftop access and skyline views
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
$122,436
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
4.37%
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%
$2,448,720
$2.4M
Cap Rate 7%
$1,749,086
$1.7M
Cap Rate 9%
$1,360,400
$1.4M
Market Conditions
NOI Build-Up for 3,496 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
$178.3K $51.00/SF
− Vacancy
−$3.4K −$0.97/SF
EGI
$174.9K $50.03/SF
− OpEx
−$52.5K −$15.01/SF
NOI
$122.4K $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%
$2,448,720
Cap Rate 7%
$1,749,086
Cap Rate 9%
$1,360,400
Alternative Uses
Best Use
Multifamily LT 5
$1.75M
$1.53M – $2.04M
NOI $122,436 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$1.52M
$1.33M – $1.78M
NOI $106,729 @ 7.0% cap · market cap 3.81%
Theoretical Best
Specialty Retail
$2.89M
$2.53M – $3.38M
NOI $202,628 @ 7.0% cap · market cap 7.24%
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
4,896
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 distinct residences combine updated interiors, private outdoor areas, and separate utility metering.
Where is this triplex located?
The property is located at 887 Lafayette Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Three‑family brownstone‑style property with three separate residences; Three‑bedroom/three‑bath duplex includes a paved backyard; Five‑bedroom/two‑bath upper duplex offers rooftop access and skyline views
