Vacant Brick Two-Family
New
For Sale
$1,388,888
1051 71st Street, Brooklyn, NY 11228
Residential Income, Brooklyn, NY
Property Size3,210 SF
Lot Size0.05 Acres
Price / SF$432.68
Days on Market6
Property Features for 1051 71st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 4
Parking features
On Street
Basement
Full, Unfinished
Elementary school
Ps 176 Ovington
Middle school
Jhs 259 William Mckinley
High school
Fort Hamilton High School
Elementary school district
Brooklyn 20
Middle school district
Brooklyn 20
High school district
Brooklyn 20
Standard status
Active
APN
05898-0063
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10033
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1899
Number of units
2
Building materials
Brick
Listing Agency:
Century 21 Realty Specialists · Century 21 Real Estate
(631) 418-8222
Listed By:
Melissa K. Ng
(631) 396-1705
Added: Sep 3
Changed: Sep 8
Last Checked: Sep 8 at 11:06PM
MLS# 1046650
Copyright © 2026 OneKey MLS. 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 vacant legal two-family duplex contains approximately 3,210 square feet with six bedrooms, two full bathrooms, two separate living units, and a full basement. The property includes a backyard, generous room sizes, brick construction, and on-street parking. Built in 1899, it requires updating and is offered in its present as-is condition. Heating is provided by natural gas, with wall and window air-conditioning units.
Located in Brooklyn, the property sits on a 0.0459-acre lot and is served by public water and public sewer. Its fully vacant status allows the next owner to undertake renovations without existing occupancy. The property may accommodate owner occupancy, extended-family use, or an investment strategy, as supported by its legal two-family configuration.
Located in Brooklyn, the property sits on a 0.0459-acre lot and is served by public water and public sewer. Its fully vacant status allows the next owner to undertake renovations without existing occupancy. The property may accommodate owner occupancy, extended-family use, or an investment strategy, as supported by its legal two-family configuration.
Key Highlights
- Vacant legal two‑family duplex with two separate living units
- Approximately 3,210 square feet with 6 bedrooms and 2 full bathrooms
- Full basement and backyard included
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
$112,420
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
8.09%
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%
$2,248,400
$2.2M
Cap Rate 7%
$1,606,000
$1.6M
Cap Rate 9%
$1,249,111
$1.2M
Market Conditions
NOI Build-Up for 3,210 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
$163.7K $51.00/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$160.6K $50.03/SF
− OpEx
−$48.2K −$15.01/SF
NOI
$112.4K $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%
$2,248,400
Cap Rate 7%
$1,606,000
Cap Rate 9%
$1,249,111
Alternative Uses
Best Use
Multifamily LT 5
$1.61M
$1.41M – $1.87M
NOI $112,420 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,998 @ 7.0% cap · market cap 7.06%
Theoretical Best
Specialty Retail
$2.66M
$2.33M – $3.10M
NOI $186,052 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,167
Businesses Nearby
Explore this area
Business Placement
Demographics for 11228, NY
45,906
Population
16,336
Households
2.8
Avg Household Size
41
Median Age
37%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
30,604
Density / Sq Mi
$80,737
Median Household Income
$47,062
Median Earnings
$1,828
Median Rent
$1,131,700
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 - Vacant legal two-family property with separate living units, basement, backyard, and renovation needs.
Where is this duplex located?
The property is located at 1051 71st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,388,888.
What are key features of this property?
This property features: Vacant legal two‑family duplex with two separate living units; Approximately 3,210 square feet with 6 bedrooms and 2 full bathrooms; Full basement and backyard included
