Pre-War Corner Triplex with Three-Car
For Sale
$3,195,000
Pending
977 Lorimer Street, Brooklyn, NY 11222
Pre-war corner triplex with three-car garage and three residential units, including duplex with street-level entry.
Property Size3,192 SF
Days on Market106
Property Features for 977 Lorimer Street
General Information
Standard status
Pending
Size
3,192 SF
Total Parking Spaces
3
Property subtype
Triplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,078
Building Details
Building Size
3,192 SF
Year Built
1899
Stories
3
Tenancy
Multi
Listing Agency:
EXP Realty
Listed By:
Magdalene A. Jacobson CBR
(888) 276-0630
Source:
Cbwarburg
Added: May 29
Changed: Sep 8
Last Checked: Sep 10 at 7:33AM
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 EXP Realty
Investment Insights
Based on property information with market context.
Built in 1899, this three-story pre-war corner triplex is currently configured as three residential units. The street-level entry serves a spacious three-bedroom duplex, and the interior retains original details such as marble fireplace mantels and high ceilings, along with a large entertaining area. The second floor features a sun-filled one-bedroom with a walk-in closet, living room, and dining room. The third floor includes a three-bedroom unit with a combined living and dining area. All three units include galley kitchens. The property spans approximately 1,330 square feet and includes a rare three-car garage.
Located in Greenpoint, Brooklyn, the building sits on a picturesque, tree-lined block and is only one block from McCarren Park. Transit access is described as a Rider’s Paradise, with very bikeable and walk-friendly scores noted for the immediate area.
For tenants and buyers, the current layout offers owner-occupancy flexibility alongside two additional residential units. The property’s approximately 3,192 buildable square feet also provides room for expansion or redevelopment, depending on an operator’s or buyer’s plans.
Located in Greenpoint, Brooklyn, the building sits on a picturesque, tree-lined block and is only one block from McCarren Park. Transit access is described as a Rider’s Paradise, with very bikeable and walk-friendly scores noted for the immediate area.
For tenants and buyers, the current layout offers owner-occupancy flexibility alongside two additional residential units. The property’s approximately 3,192 buildable square feet also provides room for expansion or redevelopment, depending on an operator’s or buyer’s plans.
Key Highlights
- Pre‑war corner triplex at 977 Lorimer St. built in 1899, spanning approx. 1,330 SF.
- Configured as 3 residential units: a spacious three‑bedroom duplex with street‑level entry, plus a 1‑bedroom and a 3‑bedroom unit.
- Historic interior details including marble fireplace mantels and high ceilings.
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
$111,789
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
3.50%
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%
$2,235,780
$2.2M
Cap Rate 7%
$1,596,986
$1.6M
Cap Rate 9%
$1,242,100
$1.2M
Market Conditions
NOI Build-Up for 3,192 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
$162.8K $51.00/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$159.7K $50.03/SF
− OpEx
−$47.9K −$15.01/SF
NOI
$111.8K $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%
$2,235,780
Cap Rate 7%
$1,596,986
Cap Rate 9%
$1,242,100
Alternative Uses
Best Use
Multifamily LT 5
$1.60M
$1.40M – $1.86M
NOI $111,789 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$1.39M
$1.22M – $1.62M
NOI $97,448 @ 7.0% cap · market cap 3.05%
Theoretical Best
Specialty Retail
$2.64M
$2.31M – $3.08M
NOI $185,008 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,411
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Pre-war corner triplex with three-car garage and three residential units, including duplex with street-level entry.
Where is this triplex located?
The property is located at 977 Lorimer Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: Pre‑war corner triplex at 977 Lorimer St. built in 1899, spanning approx. 1,330 SF.; Configured as 3 residential units: a spacious three‑bedroom duplex with street‑level entry, plus a 1‑bedroom and a 3‑bedroom unit.; Historic interior details including marble fireplace mantels and high ceilings.
