Brick Two-Family
For Sale
$1,799,999
251 Avenue P, Brooklyn, NY 11204
Residential, Brooklyn, NY
Property Size3,785 SF
Lot Size0.05 Acres
Price / SF$475.56
Days on Market32
Property Features for 251 Avenue P
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5B
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Interior features
Refrigerator
Basement
Full, Finished
Subdivision
Bensonhurst
Standard status
Active
Size
3,785 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
11272
Building Details
Year built
1930
Floors in Building
2
Building materials
Brick
Listing Agency:
Momentum Real Estate LLC
Listed By:
Leo Chen
(718) 382-0001
Added: Aug 9
Changed: Sep 6
Last Checked: Sep 9 at 8:06PM
MLS# 503654
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 3,785-square-foot two-family duplex was built in 1930 and has a 20x75 footprint. Both apartments offer three-bedroom layouts, eat-in kitchens, distinct living and dining rooms, and hardwood and tile flooring, including parquet floors. The layouts can be adapted to four bedrooms per unit. A finished lower level adds a separate entrance, bathroom, and open flex space. A central interior light well brings daylight into the home.
The property includes a built-in rear garage with parking for up to 4 vehicles. Located at 251 Avenue P in Brooklyn, the property is zoned R5B and occupies 0.0505 acres. A refrigerator is included among the interior features, and the building has brick construction.
The property includes a built-in rear garage with parking for up to 4 vehicles. Located at 251 Avenue P in Brooklyn, the property is zoned R5B and occupies 0.0505 acres. A refrigerator is included among the interior features, and the building has brick construction.
Key Highlights
- Two‑family duplex with 3,785 square feet of property size
- 20x75 footprint with a central interior light well
- Two units, each with a full 3‑bedroom layout and potential 4‑bedroom conversion
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
$132,557
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
7.36%
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%
$2,651,140
$2.7M
Cap Rate 7%
$1,893,671
$1.9M
Cap Rate 9%
$1,472,856
$1.5M
Market Conditions
NOI Build-Up for 3,785 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
$193.0K $51.00/SF
− Vacancy
−$3.7K −$0.97/SF
EGI
$189.4K $50.03/SF
− OpEx
−$56.8K −$15.01/SF
NOI
$132.6K $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%
$2,651,140
Cap Rate 7%
$1,893,671
Cap Rate 9%
$1,472,856
Alternative Uses
Best Use
Multifamily LT 5
$1.89M
$1.66M – $2.21M
NOI $132,557 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$1.65M
$1.44M – $1.93M
NOI $115,552 @ 7.0% cap · market cap 6.42%
Theoretical Best
Specialty Retail
$3.13M
$2.74M – $3.66M
NOI $219,379 @ 7.0% cap · market cap 12.19%
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
4,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 11204, NY
85,885
Population
27,498
Households
3.1
Avg Household Size
34
Median Age
30%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
53,678
Density / Sq Mi
$67,588
Median Household Income
$33,461
Median Earnings
$1,751
Median Rent
$1,097,200
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units include eat-in kitchens, separate living and dining areas, and hardwood and tile flooring.
Where is this duplex located?
The property is located at 251 Avenue P Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,799,999.
What are key features of this property?
This property features: Two‑family duplex with 3,785 square feet of property size; 20x75 footprint with a central interior light well; Two units, each with a full 3‑bedroom layout and potential 4‑bedroom conversion
