Brooklyn Two-Family Home with Development
For Sale
$1,750,000
1960 Stillwell Ave, Brooklyn, NY 11223
Two-family home on double lot with development potential in Brooklyn.
Property Size2,934 SF
Lot Size0.14 Acres
Days on Market272
Property Features for 1960 Stillwell Ave
General Information
Standard status
Active
Size
2,934 SF
Lot size
0.14 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$11,914
Building Details
Building Size
2,934 SF
Year Built
1965
Stories
2
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Siu Kit Wong · License #SW6470
(718) 532-2000
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 17
Last Checked: Aug 25 at 11:45AM
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 RE/MAX Real Estate Professiona
Investment Insights
Based on property information with market context.
This unique property features two lots totaling approximately 10,000 sq ft, zoned R5, with a wider street, offering ample sunlight and expansive views. It is suitable for developers, builders, or end users. The detached, brick, two-family home has separate entrances for each family. The lot size is 6,175 sq ft, with a building size of 2,934 sq ft and dimensions of 29X50. A working water well is present, suitable for flowers and plants. The roof is 8 years old. The property is in move-in condition and includes 5 bedrooms and 4 baths, a beautiful front yard, and parking spaces. Positioned for easy city access, the property is a short distance from the D Train station on 86th Street. Local amenities, including supermarkets, restaurants, bakeries, and schools, are conveniently nearby. Full possession is available at closing.
Key Highlights
- Double lots totaling approximately 10,000 sq ft with R5 zoning, suitable for development or end‑users.
- Large, detached, brick 2‑family house with separate entrances.
- Convenient location with easy access to the D Train (86th Street station) and nearby amenities.
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
$102,754
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
5.87%
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%
$2,055,080
$2.1M
Cap Rate 7%
$1,467,914
$1.5M
Cap Rate 9%
$1,141,711
$1.1M
Market Conditions
NOI Build-Up for 2,934 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
$149.6K $51.00/SF
− Vacancy
−$2.8K −$0.97/SF
EGI
$146.8K $50.03/SF
− OpEx
−$44.0K −$15.01/SF
NOI
$102.8K $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%
$2,055,080
Cap Rate 7%
$1,467,914
Cap Rate 9%
$1,141,711
Alternative Uses
Best Use
Multifamily LT 5
$1.47M
$1.28M – $1.71M
NOI $102,754 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,572 @ 7.0% cap · market cap 5.12%
Theoretical Best
Specialty Retail
$2.43M
$2.13M – $2.83M
NOI $170,055 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,578
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home on double lot with development potential in Brooklyn.
Where is this duplex located?
The property is located at 1960 Stillwell Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Double lots totaling approximately 10,000 sq ft with R5 zoning, suitable for development or end‑users.; Large, detached, brick 2‑family house with separate entrances.; Convenient location with easy access to the D Train (86th Street station) and nearby amenities.
