Renovated Triplex with Outdoor
New
For Sale
$2,575,000
887 Lafayette Avenue, Brooklyn, NY 11221
MULTI_FAMILY - Brooklyn, NY
Property Size3,496 SF
Lot Size0.04 Acres
Price / SF$736.56
Days on Market6
Property Features for 887 Lafayette Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
Open
Security features
Security System
Window features
ENERGY STAR Qualified WIndows, Aluminum Frames
Interior features
Beamed Ceilings, Ceiling Fan(s), Eat-in Kitchen, ENERGY STAR Qualified Door(s), Entrance Foyer, Marble Counters, Natural Woodwork, Open Floorplan, Open Kitchen, Pantry, Smart Thermostat, Stone Counters, Storage, Walk Through Kitchen, Walk-In Closet(s), Washer/Dryer Hookup
Basement
Full, Walk-Out Access, Finished
View
City
Elementary school
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Middle school
Call Listing Agent
High school
Contact Agent
Elementary school district
Contact Agent
Middle school district
Contact Agent
High school district
Contact Agent
Directions
Waze
Standard status
Active
APN
01605-0045
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4052
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Cooling system
Multi Units
Water source
Public
Amenities
hardwood floors
exposed brick
modern bathrooms
stainless-steel appliances
quartz countertops
in-unit washer/dryer
large paved backyard
rooftop access
panoramic skyline views
Living Room/Dining Room
Marble Bath
Building Details
Year built
1899
Number of units
3
Flooring type
Hardwood
Building materials
Brick
Additional Structures
Storage
Listing Agency:
Exit Realty First Choice
(718) 380-2500
Listed By:
Steven S. Benshabat
(718) 380-2500
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 11 at 7:06PM
MLS# 1035875
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated triplex is configured as three distinct residences within a brick, brownstone-style property built in 1899. The unit mix includes a 3-bedroom/3-bath duplex with a paved backyard, a 2-bedroom/2-bath parlor residence, and a 5-bedroom/2-bath upper duplex with rooftop access and skyline views. Interior finishes include hardwood flooring, exposed brick, modern bathrooms, stainless-steel appliances, quartz and stone counters, storage, and in-unit laundry equipment.
Each residence has its own boiler and separate gas and electric metering. Public water and public sewer serve the property, with natural-gas baseboard heating and multiple cooling units. Two residences are occupied and producing income. Located at 887 Lafayette Avenue in Brooklyn, the property also includes open parking and a range of practical interior features, including open kitchens, walk-in closets, and natural woodwork.
Each residence has its own boiler and separate gas and electric metering. Public water and public sewer serve the property, with natural-gas baseboard heating and multiple cooling units. Two residences are occupied and producing income. Located at 887 Lafayette Avenue in Brooklyn, the property also includes open parking and a range of practical interior features, including open kitchens, walk-in closets, and natural woodwork.
Key Highlights
- Three‑unit configuration with 3‑bedroom/3‑bath, 2‑bedroom/2‑bath, and 5‑bedroom/2‑bath residences
- 3‑bedroom/3‑bath duplex includes a large paved backyard
- 5‑bedroom/2‑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
4.75%
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 4.75%
Second Best
Apartment 5plus
$1.52M
$1.33M – $1.78M
NOI $106,729 @ 7.0% cap · market cap 4.14%
Theoretical Best
Specialty Retail
$2.89M
$2.53M – $3.38M
NOI $202,628 @ 7.0% cap · market cap 7.87%
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
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 renovated residences combine classic brick character with private outdoor features and independent utility systems.
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 $2,575,000.
What are key features of this property?
This property features: Three‑unit configuration with 3‑bedroom/3‑bath, 2‑bedroom/2‑bath, and 5‑bedroom/2‑bath residences; 3‑bedroom/3‑bath duplex includes a large paved backyard; 5‑bedroom/2‑bath upper duplex offers rooftop access and skyline views
