Duplex Property with
For Sale
$825,000
2016 Gerritsen Avenue, Brooklyn, NY 11229
Residential, Duplex, Brooklyn, NY
Property Size1,584 SF
Lot Size0.03 Acres
Price / SF$520.83
Days on Market10
Property Features for 2016 Gerritsen Avenue
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R4
Bedrooms
3
Bathrooms
3
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 2
Parking features
Garage
Interior features
Central Air - Split
Basement
Finished, Full
Subdivision
Gerritsen Beach
Standard status
Active
Size
1,584 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
7258
Amenities
new kitchen
modern baths
ductless air conditioning units
finished basement
front porch
lovely yard
new windows
new doors
new heating unit
Building Details
Year built
1950
Floors in Building
2
Flooring type
Hardwood
Roof type
Flat
Architectural style
Other
Listing Agency:
Elite Home Sales, Inc.
(718) 375-6200
Listed By:
Edward M Weigert
(347) 267-1005
Added: Sep 22
Last Checked: Oct 1 at 5:06PM
MLS# 504789
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 R4-zoned duplex property offers 1,584 square feet on a 0.0284-acre lot. The residence includes three bedrooms, three bathrooms, a formal living room, dining area, hardwood flooring, and a kitchen with quartz countertops. A finished basement adds a three-quarter bath, while split-system air conditioning, a newer heating unit, updated windows, and newer doors contribute to the property’s current improvements.
Exterior features include a front porch, yard, one-car garage, and private driveway. The property was built in 1950 and has a flat roof. Marine Park, shopping, and transportation are located nearby in Brooklyn.
Exterior features include a front porch, yard, one-car garage, and private driveway. The property was built in 1950 and has a flat roof. Marine Park, shopping, and transportation are located nearby in Brooklyn.
Key Highlights
- 1,584‑square‑foot duplex on a 0.0284‑acre lot
- R4 zoning in Brooklyn, NY
- Three bedrooms and three bathrooms
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
$55,474
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
6.72%
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%
$1,109,480
$1.1M
Cap Rate 7%
$792,486
$792.5K
Cap Rate 9%
$616,378
$616.4K
Market Conditions
NOI Build-Up for 1,584 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
$80.8K $51.00/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$79.2K $50.03/SF
− OpEx
−$23.8K −$15.01/SF
NOI
$55.5K $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%
$1,109,480
Cap Rate 7%
$792,486
Cap Rate 9%
$616,378
Alternative Uses
Best Use
Multifamily LT 5
$792.5K
$693.4K – $924.6K
NOI $55,474 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$690.8K
$604.5K – $806.0K
NOI $48,358 @ 7.0% cap · market cap 5.86%
Theoretical Best
Specialty Retail
$1.31M
$1.15M – $1.53M
NOI $91,809 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - R4-zoned duplex with updated interior features, a finished basement, private drive, and yard.
Where is this duplex located?
The property is located at 2016 Gerritsen Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 1,584‑square‑foot duplex on a 0.0284‑acre lot; R4 zoning in Brooklyn, NY; Three bedrooms and three bathrooms
