Renovated Duplex With
For Sale
$2,195,000
537 Halsey Street, Brooklyn, NY 11233
Residential, Brooklyn, NY
Property Size3,040 SF
Lot Size0.04 Acres
Price / SF$722.04
Days on Market118
Property Features for 537 Halsey Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bedrooms
5
Bathrooms
5
Full bathrooms
3
Half bathrooms
2
Rooms
Bathroom 5, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 4, Bathroom 1
Patio and Porch features
Patio
Interior features
Central Air - Split, Dishwasher, Microwave, Patio Garden, Refrigerator, Stove, Washer
Basement
Full, Finished
Subdivision
Bedford Stuyvesant
Standard status
Active
Size
3,040 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4231
Building Details
Year built
1899
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Ceramic
Building materials
Masonry
Roof type
Flat
Listing Agency:
Bellmarc
Listed By:
Gamal Hasan
(718) 768-4500
Added: May 29
Changed: Sep 15
Last Checked: Sep 23 at 3:06AM
MLS# 501863
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 3,040-square-foot masonry brownstone, built in 1899, contains an upper duplex and a separate garden-level apartment. The main residence spans three stories and includes three bedrooms, two-and-a-half bathrooms, a finished cellar, laundry area, hardwood and ceramic flooring, and a private garden. Its kitchen is equipped with a waterfall island, custom cabinetry, dishwasher, microwave, refrigerator, and stove. The lower apartment offers two bedrooms, one bathroom, and its own entrance.
Major building updates include new electrical wiring, new plumbing, and central HVAC. The property sits on a 0.043-acre lot, is zoned R6B, and includes a patio. Nearby destinations named in the property information include Saraghina, Bar LunAtico, and Herbert Von King Park, with access to the A and C subway lines.
Major building updates include new electrical wiring, new plumbing, and central HVAC. The property sits on a 0.043-acre lot, is zoned R6B, and includes a patio. Nearby destinations named in the property information include Saraghina, Bar LunAtico, and Herbert Von King Park, with access to the A and C subway lines.
Key Highlights
- 3,040‑square‑foot masonry brownstone on a 0.043‑acre lot
- Upper duplex plus separate‑entry garden‑level apartment with 2 bedrooms and 1 bathroom
- Main residence includes 3 bedrooms, 2.5 bathrooms, and a finished cellar
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
$106,466
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
4.85%
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%
$2,129,320
$2.1M
Cap Rate 7%
$1,520,943
$1.5M
Cap Rate 9%
$1,182,956
$1.2M
Market Conditions
NOI Build-Up for 3,040 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
$155.0K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$152.1K $50.03/SF
− OpEx
−$45.6K −$15.01/SF
NOI
$106.5K $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%
$2,129,320
Cap Rate 7%
$1,520,943
Cap Rate 9%
$1,182,956
Alternative Uses
Best Use
Multifamily LT 5
$1.52M
$1.33M – $1.77M
NOI $106,466 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,808 @ 7.0% cap · market cap 4.23%
Theoretical Best
Specialty Retail
$2.52M
$2.20M – $2.94M
NOI $176,198 @ 7.0% cap · market cap 8.03%
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
3,932
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
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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 residences include a separate-entry apartment and private outdoor space in Brooklyn’s Bedford-Stuyvesant Historic District.
Where is this duplex located?
The property is located at 537 Halsey Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: 3,040‑square‑foot masonry brownstone on a 0.043‑acre lot; Upper duplex plus separate‑entry garden‑level apartment with 2 bedrooms and 1 bathroom; Main residence includes 3 bedrooms, 2.5 bathrooms, and a finished cellar
