Third-Floor Residential Income
For Sale
$305,000
971 JEROME Street 3F, Brooklyn, NY 11207
One-bedroom condominium residence with balcony access, elevator service, and on-site laundry and recreational amenities.
Property Size644 SF
Price / SF$473.60
Days on Market145
Property Features for 971 JEROME Street 3F
General Information
Standard status
Active
Size
644 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
laundry area
playground
private security
parking
meeting/party room
on site super
secure intercom system
balcony
Building Details
Building Size
644 SF
Year Built
1990
Listing Agency:
Brooklyn Real Property Inc
Listed By:
Jean Paul Ho · License #JPH8888
(718) 875-8899
Source:
Howardhannanyc
Added: Apr 14
Changed: Sep 3
Last Checked: Sep 5 at 7:04AM
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 Brooklyn Real Property Inc
Investment Insights
Based on property information with market context.
This 644-square-foot condominium residence was built in 1990 and is positioned on the third floor. The one-bedroom layout includes a large living room, formal dining area, eat-in kitchen with granite counters and Armstrong wood cabinetry, and a bedroom with a French door. Wood flooring extends throughout, while the balcony overlooks the playground, landscaped grounds, and parking area.
The building provides elevator service, laundry facilities, a meeting and party room, playground, on-site superintendent, secure intercom, private security, and parking available at an extra cost. Common charges include cooking gas, hot water, heat, and master insurance. The property allows pets, has no renting restriction, and does not require board approval. Gateway shopping is nearby, with buses and train service in the surrounding area. JFK Airport is approximately 15 minutes away by car, and Resort Casino is approximately 10 minutes away by car.
The building provides elevator service, laundry facilities, a meeting and party room, playground, on-site superintendent, secure intercom, private security, and parking available at an extra cost. Common charges include cooking gas, hot water, heat, and master insurance. The property allows pets, has no renting restriction, and does not require board approval. Gateway shopping is nearby, with buses and train service in the surrounding area. JFK Airport is approximately 15 minutes away by car, and Resort Casino is approximately 10 minutes away by car.
Key Highlights
- 644 sq ft one‑bedroom condominium on the 3rd floor
- Balcony with views of the playground, landscaped grounds, and parking
- Eat‑in kitchen with granite countertop and Armstrong wood cabinetry
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
$19,661
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
6.45%
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%
$393,220
$393.2K
Cap Rate 7%
$280,871
$280.9K
Cap Rate 9%
$218,456
$218.5K
Market Conditions
NOI Build-Up for 644 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
$36.5K $56.64/SF
− Vacancy
−$730 −$1.13/SF
EGI
$35.7K $55.51/SF
− OpEx
−$16.1K −$24.98/SF
NOI
$19.7K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$393,220
Cap Rate 7%
$280,871
Cap Rate 9%
$218,456
Alternative Uses
Best Use
Apartment 5plus
$280.9K
$245.8K – $327.7K
NOI $19,661 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$533.2K
$466.6K – $622.1K
NOI $37,326 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,639
Businesses Nearby
Explore this area
Business Placement
Demographics for 11207, NY
100,330
Population
38,030
Households
2.6
Avg Household Size
35
Median Age
19%
College-Educated
81%
High-School Grad
2.7 sq mi
ZIP Area
37,159
Density / Sq Mi
$55,419
Median Household Income
$41,008
Median Earnings
$1,443
Median Rent
$657,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium residence with balcony access, elevator service, and on-site laundry and recreational amenities.
Where is this residential income property located?
The property is located at 971 JEROME Street 3F Brooklyn, NY.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: 644 sq ft one‑bedroom condominium on the 3rd floor; Balcony with views of the playground, landscaped grounds, and parking; Eat‑in kitchen with granite countertop and Armstrong wood cabinetry
