Red Hook Two-Family
For Sale
$3,000,000
Pending
104 KING St, Brooklyn, NY 11231
Spacious two-family townhouse in Red Hook with unique lot.
Property Size4,370 SF
Lot Size0.06 Acres
Days on Market164
Property Features for 104 KING St
General Information
Standard status
Pending
Size
4,370 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$12,756
Building Details
Building Size
4,370 SF
Year Built
1931
Units
7
Listing Agency:
Berkshire Hathaway HomeServices New York Properties
(646) 232-1031
Listed By:
Bruce Goveia · License #10301221717
(646) 232-1031
Source:
Elliman
Added: Mar 11
Changed: Aug 16
Last Checked: Aug 21 at 1:28PM
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 Berkshire Hathaway HomeServices New York Properties
Investment Insights
Based on property information with market context.
Located in Red Hook, 104 King Street is a two-family townhouse with approximately 4,400 square feet. The property is set on an L-shaped lot, featuring 25 feet of frontage at the curb that expands to 50 feet at the rear, with a depth of 100 feet. The home includes 6 bedrooms and 4.5 baths, with interiors featuring 46 windows. The main residence includes 4 bedrooms and 2.5 baths across four levels. The second unit is a 2-bedroom, 1.5 bath triplex. The main residence features a foyer leading to a living room, dining room, and open chef's kitchen. French doors open to a deck for grilling and dining, leading to the backyard. The primary suite includes a freestanding claw foot tub, walk-in closets, and an ensuite bath. The second floor also has a large bedroom and laundry room. The top floor has two additional bedrooms, a full bath, and a roof deck with views of the Statue of Liberty. The ground level provides a space suitable for a gameroom, studio, workshop, or family room, with access to the backyard. The second unit, 104a King Street, has its own entrance, with a foyer leading to the living room, dining room, and kitchen, or down to a large studio space or family room with a half bath. The top level has two bedrooms, a full bath, plus washer/dryer. The property is near Van Brunt Street's shops, cafes, and the waterfront with ferry access to Manhattan.
Key Highlights
- Spacious two‑family townhouse with approximately 4,400 sq ft of living space.
- Unique L‑shaped lot (25ft frontage expanding to 50ft at the rear, 100ft deep) provides an expansive yard, deck, and private roof terrace.
- Configured as a 4‑bedroom main residence and a separate 2‑bedroom triplex unit, offering flexibility and potential rental income.
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
$154,095
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
5.14%
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%
$3,081,900
$3.1M
Cap Rate 7%
$2,201,357
$2.2M
Cap Rate 9%
$1,712,167
$1.7M
Market Conditions
NOI Build-Up for 4,400 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
$224.4K $51.00/SF
− Vacancy
−$4.3K −$0.97/SF
EGI
$220.1K $50.03/SF
− OpEx
−$66.0K −$15.01/SF
NOI
$154.1K $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%
$3,081,900
Cap Rate 7%
$2,201,357
Cap Rate 9%
$1,712,167
Alternative Uses
Best Use
Multifamily LT 5
$2.20M
$1.93M – $2.57M
NOI $154,095 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,327 @ 7.0% cap · market cap 4.48%
Theoretical Best
Specialty Retail
$3.64M
$3.19M – $4.25M
NOI $255,024 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,549
Businesses Nearby
Explore this area
Business Placement
Demographics for 11231, NY
37,240
Population
18,265
Households
2
Avg Household Size
37
Median Age
69%
College-Educated
90%
High-School Grad
1.4 sq mi
ZIP Area
26,600
Density / Sq Mi
$138,485
Median Household Income
$85,791
Median Earnings
$2,474
Median Rent
$1,678,900
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 - Spacious two-family townhouse in Red Hook with unique lot.
Where is this duplex located?
The property is located at 104 KING St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Spacious two‑family townhouse with approximately 4,400 sq ft of living space.; Unique L‑shaped lot (25ft frontage expanding to 50ft at the rear, 100ft deep) provides an expansive yard, deck, and private roof terrace.; Configured as a 4‑bedroom main residence and a separate 2‑bedroom triplex unit, offering flexibility and potential rental income.
