Renovated Two-Family House in
For Sale
$1,850,000
473 77th Street, Brooklyn, NY 11209
Renovated two-family house in Bay Ridge, Brooklyn, near transportation.
Property Size3,134 SF
Lot Size0.05 Acres
Price / SF$590.30
Days on Market806
Property Features for 473 77th Street
General Information
Standard status
Active
Size
3,134 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$10,550
Building Details
Year Built
1920
Listing Agency:
Ben Bay Realty Co
(718) 680-6442
Listed By:
Phoebe F. Burger · License #PFB1940
(718) 680-6442
Source:
Exitrealty
Added: Jun 18, 2024
Changed: Aug 25
Last Checked: Aug 31 at 4:43PM
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 Ben Bay Realty Co
Investment Insights
Based on property information with market context.
This is a newly renovated, detached two-family house located in Bay Ridge. The building measures 25x46 feet and is situated on a 29x80 foot lot. Zoned R6B, the property features a total of 4 stories, with 9 bedrooms and 4.5 bathrooms. The house has separated heating and hot water systems. It is located near the R train and shopping areas. This property is suitable for either owner occupancy or investment purposes.
Key Highlights
- Newly renovated detached 2‑family house.
- Boasting 9 bedrooms and 4.5 bathrooms.
- Located in Bay Ridge, near R train and shopping.
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
$109,758
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
5.93%
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%
$2,195,160
$2.2M
Cap Rate 7%
$1,567,971
$1.6M
Cap Rate 9%
$1,219,533
$1.2M
Market Conditions
NOI Build-Up for 3,134 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
$159.8K $51.00/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$156.8K $50.03/SF
− OpEx
−$47.0K −$15.01/SF
NOI
$109.8K $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%
$2,195,160
Cap Rate 7%
$1,567,971
Cap Rate 9%
$1,219,533
Alternative Uses
Best Use
Multifamily LT 5
$1.57M
$1.37M – $1.83M
NOI $109,758 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$1.37M
$1.20M – $1.59M
NOI $95,678 @ 7.0% cap · market cap 5.17%
Theoretical Best
Specialty Retail
$2.59M
$2.27M – $3.03M
NOI $181,647 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,664
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 - Renovated two-family house in Bay Ridge, Brooklyn, near transportation.
Where is this duplex located?
The property is located at 473 77th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Newly renovated detached 2‑family house.; Boasting 9 bedrooms and 4.5 bathrooms.; Located in Bay Ridge, near R train and shopping.
