Gowanus Two-Family Property for
124 8th St Brooklyn, NY 11215
For Sale
Contact for pricing
Pending
Three-story, 1,800 SF two-family property in Gowanus.
Property Size1,800 SF
Days on Market660
Property Features for 124 8th St
General Information
- Standard status
- Pending
- Size
- 1,800 SF
- Property subtype
- Multifamily
Listing Agency:
Avison Young - New York
(212) 729-6585
Listed By:
Joseph Moran · License #NY
Source:
Crexi
Added: Oct 3, 2024
Changed: Jul 6
Last Checked: Jul 23 at 12:36PM
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 Avison Young - New York
Investment Insights
Based on property information with market context.
Located in Gowanus, the property at 124 8th Street is a 3-story walk-up spanning 1,800 square feet. The building, with a width of 22 feet, is situated on the south side of 8th Street, between 2nd and 3rd Avenues. It is legally configured as a 2-family residence across its three stories. The property's location and size make it suitable for conversion into a single-family home. The Gowanus Neighborhood Rezoning is driving a significant transformation in the submarket, spurring high demand for new residential rentals and condominiums. This has led to new development transforming the once industrial submarket, with large-scale developments along the Gowanus Canal and Avenues, and boutique developments along the side streets. The property benefits from high accessibility, located approximately one and a half blocks from the 9th Street Subway Station, which serves the train. It is also near the 4th Avenue-9th Street Station, serving the and trains. For drivers, the property is a few blocks from the Brooklyn-Queens Expressway, offering direct access to the Belt Parkway, as well as the Brooklyn and Manhattan Bridges.
Key Highlights
- Ideal for single‑family home conversion.
- Located in Gowanus, a neighborhood undergoing dramatic transformation.
- Legal 2‑family configuration spanning 3 stories.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $91.8k | $51.00 |
| − Vacancy | −$1.7k | −$0.97 |
| EGI | $90.1k | $50.03 |
| − OpEx | −$27.0k | −$15.01 |
| NOI | $63.0k | $35.02 |
1,800 SF · lease $51.00/SF/yr · vacancy 1.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$900.6K
$788.0K – $1.05M
NOI $63,039 @ 7.0% cap · market cap 2.80%
Second Best
Apartment 5plus
$785.0K
$686.9K – $915.9K
NOI $54,952 @ 7.0% cap · market cap 2.44%
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,328 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Three-story, 1,800 SF two-family property in Gowanus.
Where is this duplex located?
The property is located at 124 8th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Ideal for single‑family home conversion.; Located in Gowanus, a neighborhood undergoing dramatic transformation.; Legal 2‑family configuration spanning 3 stories.
