Renovated Three-Story Duplex
For Sale
$2,550,000
253 21st Street, Brooklyn, NY 11215
MULTI_FAMILY - Brooklyn, NY
Property Size2,724 SF
Lot Size0.05 Acres
Price / SF$936.12
Days on Market136
Property Features for 253 21st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2
Patio and Porch features
Patio, Deck
Interior features
Central Air - Split, Deck, Dryer, Laundry Area, Patio Garden, Refrigerator, Stove, Terrace, Washer
Basement
Full
Subdivision
Greenwood Heights
Standard status
Active
Size
2,724 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
6515
Amenities
skylights
fireplace
backyard
deck
tin ceilings
split A/C units
Building Details
Year built
1901
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Tile, Ceramic
Building materials
Wood Frame
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Billy Apter · License #BEA5721
(718) 532-2000
Added: Apr 13
Changed: Aug 13
Last Checked: Aug 26 at 7:06AM
MLS# 500420
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.
Renovated three-story duplex home configured and utilized as an extra-spacious two-family residence. The property is described as 20-foot-wide, with updated interior finishes including granite kitchens with stainless steel appliances, modern bathrooms, and bright skylights. Original details are preserved, and the home features magnificent mantle fireplaces and tall tin ceilings. Outdoor space includes a big backyard with a deck, plus patio and garden features. The split A/C system and updated electrical and plumbing systems are noted among the upgrades. A full-size basement with high ceilings is described as having separate entrances.
The property is zoned R6B and was built in 1901. A flat roof and wood-frame construction are listed. It is described as currently set up as a two-bedroom rental unit on the third floor over a three- to four-bedroom owners duplex spanning the first and second floors, with two full bathrooms. The home is also described as able to be converted back to its original three-family configuration.
The property is zoned R6B and was built in 1901. A flat roof and wood-frame construction are listed. It is described as currently set up as a two-bedroom rental unit on the third floor over a three- to four-bedroom owners duplex spanning the first and second floors, with two full bathrooms. The home is also described as able to be converted back to its original three-family configuration.
Key Highlights
- 20‑foot‑wide, three‑story duplex home currently configured as a two‑family
- Renovated with granite kitchens and stainless steel appliances, modern bathrooms, and skylights
- Backyard with deck plus patio and garden features
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
$95,399
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
3.74%
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%
$1,907,980
$1.9M
Cap Rate 7%
$1,362,843
$1.4M
Cap Rate 9%
$1,059,989
$1.1M
Market Conditions
NOI Build-Up for 2,724 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
$138.9K $51.00/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$136.3K $50.03/SF
− OpEx
−$40.9K −$15.01/SF
NOI
$95.4K $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%
$1,907,980
Cap Rate 7%
$1,362,843
Cap Rate 9%
$1,059,989
Alternative Uses
Best Use
Multifamily LT 5
$1.36M
$1.19M – $1.59M
NOI $95,399 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,161 @ 7.0% cap · market cap 3.26%
Theoretical Best
Specialty Retail
$2.26M
$1.97M – $2.63M
NOI $157,883 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,296
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
Median Home Value
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 - Renovated duplex in R6B zoning with split A/C and a deck.
Where is this duplex located?
The property is located at 253 21st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 20‑foot‑wide, three‑story duplex home currently configured as a two‑family; Renovated with granite kitchens and stainless steel appliances, modern bathrooms, and skylights; Backyard with deck plus patio and garden features
