Semi-Detached Brick Two-Family
For Sale
$1,799,000
1047 Gravesend Neck Road, Brooklyn, NY 11229
Two-unit semi-detached brick residence with a large basement, private driveway, and duplex-style layout across upper floors.
Property Size2,520 SF
Days on Market91
Property Features for 1047 Gravesend Neck Road
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Multi Family Home
Zoning
R4
Additional Details
Multifamily Units
2
Building Details
Building Size
2,520 SF
Year Built
1965
Stories
3
Tenancy
Multi
Listing Agency:
Brooklyn Residential R E Serv
Listed By:
Kim Stavrach · License #STAIM1078
(718) 676-1755
Source:
Michaelfraulo
Added: Jun 11
Changed: Sep 8
Last Checked: Sep 8 at 6:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Brooklyn Residential R E Serv
Investment Insights
Based on property information with market context.
This semi-detached brick two-family home offers a functional, multi-level layout with income in mind. The first floor features a two-bedroom, one-bath unit with a kitchen and a living room/dining room combination, described as being in good condition. The second floor is configured as an owner’s duplex apartment with an eat-in kitchen, a balcony that opens to a private backyard, a laundry room, and a powder room. The third floor adds three extra-large bedrooms, a master bath, and ample closet space, providing substantial room for living and storage. A large basement with high ceilings and a private driveway further support day-to-day use.
The property is positioned close to a house of worship and both private and public schools, with access to mass transit and shopping nearby. Bike score and walk score indicators are provided, along with an excellent transit score.
For buyers seeking a two-family residence with defined separate living areas, this home’s stacked configuration—from the first-floor apartment through the upper duplex and third-floor bedrooms—can support flexible owner-occupancy or rental planning. The combination of interior space, a high-ceiling basement, and outdoor access through the balcony to the private backyard helps round out a practical package for long-term residential use.
The property is positioned close to a house of worship and both private and public schools, with access to mass transit and shopping nearby. Bike score and walk score indicators are provided, along with an excellent transit score.
For buyers seeking a two-family residence with defined separate living areas, this home’s stacked configuration—from the first-floor apartment through the upper duplex and third-floor bedrooms—can support flexible owner-occupancy or rental planning. The combination of interior space, a high-ceiling basement, and outdoor access through the balcony to the private backyard helps round out a practical package for long-term residential use.
Key Highlights
- 1965‑built semi‑detached brick 2‑family home with a duplex‑style layout
- 1st floor: 2‑bedroom, 1‑bath apartment with kitchen and living/dining room combination
- 2nd floor: eat‑in kitchen, balcony to a private backyard, laundry room, and powder room
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
$88,255
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
4.91%
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%
$1,765,100
$1.8M
Cap Rate 7%
$1,260,786
$1.3M
Cap Rate 9%
$980,611
$980.6K
Market Conditions
NOI Build-Up for 2,520 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
$128.5K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$126.1K $50.03/SF
− OpEx
−$37.8K −$15.01/SF
NOI
$88.3K $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%
$1,765,100
Cap Rate 7%
$1,260,786
Cap Rate 9%
$980,611
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.10M – $1.47M
NOI $88,255 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$1.10M
$961.7K – $1.28M
NOI $76,933 @ 7.0% cap · market cap 4.28%
Theoretical Best
Specialty Retail
$2.09M
$1.83M – $2.43M
NOI $146,059 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,946
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
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-unit semi-detached brick residence with a large basement, private driveway, and duplex-style layout across upper floors.
Where is this duplex located?
The property is located at 1047 Gravesend Neck Road Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 1965‑built semi‑detached brick 2‑family home with a duplex‑style layout; 1st floor: 2‑bedroom, 1‑bath apartment with kitchen and living/dining room combination; 2nd floor: eat‑in kitchen, balcony to a private backyard, laundry room, and powder room
