Renovated Two-Family
For Sale
$1,150,000
203 Gelston Avenue, Brooklyn, NY 11209
Residential, Brooklyn, NY
Property Size1,080 SF
Lot Size0.05 Acres
Price / SF$1,064
Days on Market41
Property Features for 203 Gelston Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 2
Interior features
Microwave, Refrigerator, Stove
Basement
Full, Finished
Subdivision
Bay Ridge
Standard status
Active
Size
1,080 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
6067
Building Details
Year built
1899
Number of units
2
Flooring type
Tile, Laminate
Building materials
Wood Frame
Roof type
Asphalt
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Allan H. Zhu · License #AHZ7089
(646) 318-2333
Added: Aug 5
Changed: Sep 13
Last Checked: Sep 14 at 7:06AM
MLS# 503539
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 two-family semi-detached duplex at 203 Gelston Avenue includes two residential levels with matching layouts. Each floor provides a living room, dining and kitchen area, two bedrooms, and a full bathroom. The finished basement has its own side entry leading toward the backyard. The first floor and basement are vacant, while the second floor is tenant occupied.
Renovation work completed four years ago included the kitchens, bathrooms, and flooring. Separate boilers and hot-water heaters serve the two units. The property occupies a 0.0533-acre lot measuring 20 feet by 116 feet and was built in 1899. Its Brooklyn location provides access to the R train, local and express bus service, highways, restaurants, cafes, stores, and shopping along 5th Ave. Parks, playgrounds, tennis courts, and basketball courts are also nearby.
Renovation work completed four years ago included the kitchens, bathrooms, and flooring. Separate boilers and hot-water heaters serve the two units. The property occupies a 0.0533-acre lot measuring 20 feet by 116 feet and was built in 1899. Its Brooklyn location provides access to the R train, local and express bus service, highways, restaurants, cafes, stores, and shopping along 5th Ave. Parks, playgrounds, tennis courts, and basketball courts are also nearby.
Key Highlights
- Two‑family semi‑detached duplex with two‑bedroom layouts on both residential floors
- 0.0533‑acre lot measuring 20' X 116'
- Renovated four years ago with updated kitchens, bathrooms, and flooring
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
$37,823
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
3.29%
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%
$756,460
$756.5K
Cap Rate 7%
$540,329
$540.3K
Cap Rate 9%
$420,256
$420.3K
Market Conditions
NOI Build-Up for 1,080 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
$55.1K $51.00/SF
− Vacancy
−$1.0K −$0.97/SF
EGI
$54.0K $50.03/SF
− OpEx
−$16.2K −$15.01/SF
NOI
$37.8K $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%
$756,460
Cap Rate 7%
$540,329
Cap Rate 9%
$420,256
Alternative Uses
Best Use
Multifamily LT 5
$540.3K
$472.8K – $630.4K
NOI $37,823 @ 7.0% cap · market cap 3.29%
Second Best
Apartment 5plus
$471.0K
$412.1K – $549.5K
NOI $32,971 @ 7.0% cap · market cap 2.87%
Theoretical Best
Specialty Retail
$894.2K
$782.5K – $1.04M
NOI $62,597 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,469
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Semi-detached income property with separate heating and hot-water systems, flexible occupancy, and a finished basement with side access.
Where is this duplex located?
The property is located at 203 Gelston Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two‑family semi‑detached duplex with two‑bedroom layouts on both residential floors; 0.0533‑acre lot measuring 20' X 116'; Renovated four years ago with updated kitchens, bathrooms, and flooring
