Gut-Renovated Duplex
For Sale
$1,880,000
561 83rd Street, Brooklyn, NY 11209
MULTI_FAMILY - Brooklyn, NY
Property Size2,440 SF
Lot Size0.06 Acres
Price / SF$770.49
Days on Market111
Property Features for 561 83rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
9
Full bathrooms
5
Half bathrooms
2
Rooms
Bathroom 3, Bedroom 3, Bathroom 6, Bathroom 5, Bathroom 2, Bathroom 9, Bedroom 5, Bedroom 1, Bedroom 6, Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 7, Bedroom 7, Bathroom 1, Bathroom 8
Parking features
Garage - Detached
Interior features
Refrigerator, Stove
Basement
Finished, Full
Subdivision
Bay Ridge
Standard status
Active
Size
2,440 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
11989
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Rong Feng Li · License #RFL8266
(718) 612-3088
Added: Apr 28
Changed: Aug 4
Last Checked: Aug 16 at 4:06PM
MLS# 500931
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.
Welcome to 561 83rd Street, a gut-renovated two-family (duplex) home in Bay Ridge, Brooklyn. The 1st floor offers four bedrooms and four bathrooms, including three en-suite bedrooms, while the 2nd floor provides three bedrooms and three bathrooms, including two en-suite bedrooms. A full finished basement adds additional flexible space for recreation, an extra room, or a home office.
The home features modern systems with each unit self-sufficient and served by separate boilers and furnaces. Interior finishes include hardwood and tile flooring, with brick construction and a flat roof. For parking, there is a detached garage, and the property also includes a private driveway on a quiet, residential block.
Built in 1920 and listed as move-in ready, this duplex is set up for owner occupancy with the option to leverage rental income through the two self-sufficient units.
The home features modern systems with each unit self-sufficient and served by separate boilers and furnaces. Interior finishes include hardwood and tile flooring, with brick construction and a flat roof. For parking, there is a detached garage, and the property also includes a private driveway on a quiet, residential block.
Built in 1920 and listed as move-in ready, this duplex is set up for owner occupancy with the option to leverage rental income through the two self-sufficient units.
Key Highlights
- Gut‑renovated duplex at 561 83rd Street in Bay Ridge, Brooklyn
- Two self‑sufficient units with separate boilers and furnaces
- 1st floor: 4 bedrooms and 4 bathrooms (3 en‑suite bedrooms)
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
$85,453
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
4.55%
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%
$1,709,060
$1.7M
Cap Rate 7%
$1,220,757
$1.2M
Cap Rate 9%
$949,478
$949.5K
Market Conditions
NOI Build-Up for 2,440 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
$124.4K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$122.1K $50.03/SF
− OpEx
−$36.6K −$15.01/SF
NOI
$85.5K $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%
$1,709,060
Cap Rate 7%
$1,220,757
Cap Rate 9%
$949,478
Alternative Uses
Best Use
Multifamily LT 5
$1.22M
$1.07M – $1.42M
NOI $85,453 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$1.06M
$931.1K – $1.24M
NOI $74,491 @ 7.0% cap · market cap 3.96%
Theoretical Best
Specialty Retail
$2.02M
$1.77M – $2.36M
NOI $141,422 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,859
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
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 - Two-family duplex with gut renovation, separate heating systems, and a full finished basement in move-in-ready condition.
Where is this duplex located?
The property is located at 561 83rd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,880,000.
What are key features of this property?
This property features: Gut‑renovated duplex at 561 83rd Street in Bay Ridge, Brooklyn; Two self‑sufficient units with separate boilers and furnaces; 1st floor: 4 bedrooms and 4 bathrooms (3 en‑suite bedrooms)
