Renovated Two-Family
For Sale
$1,400,000
124 Thomas S Boyland Street, Brooklyn, NY 11233
Residential, Brooklyn, NY
Property Size3,164 SF
Lot Size0.05 Acres
Price / SF$442.48
Days on Market179
Property Features for 124 Thomas S Boyland Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 2
Interior features
Central Air - Split, Laundry Area, Microwave, Refrigerator, Stove
Basement
Full, Unfinished
Subdivision
Ocean Hill
Standard status
Active
Size
3,164 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
6054
Building Details
Year built
1909
Number of units
2
Flooring type
Laminate
Building materials
Wood Frame
Roof type
Flat
Listing Agency:
Exit All Seasons Realty
(718) 345-4545
Listed By:
Jaroslaw Kaszuba
(917) 903-3103
Added: Mar 16
Changed: Sep 5
Last Checked: Sep 10 at 12:06PM
MLS# 499682
Copyright © 2026 Brooklyn New York Multiple Listing Service. 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 3,164-square-foot duplex is configured as a two-family residence with four bedrooms and three bathrooms. The 1909 wood-frame property has been fully renovated and includes modern kitchens with stainless appliances, spa-inspired bathrooms, laminate flooring, split-system central air, and a laundry area. A flat roof completes the structure, while the compact 0.0493-acre lot supports the residential layout.
Located in Brooklyn’s Stuyvesant Heights, the property is identified as R6 zoning and carries a Walk Score of 77. The asset has operated as a short-term rental and produced $157,924 in gross Airbnb revenue in 2025, with a reported NOI of $137,643, an expense ratio under 13%, and a cap rate close to 10%.
Located in Brooklyn’s Stuyvesant Heights, the property is identified as R6 zoning and carries a Walk Score of 77. The asset has operated as a short-term rental and produced $157,924 in gross Airbnb revenue in 2025, with a reported NOI of $137,643, an expense ratio under 13%, and a cap rate close to 10%.
Key Highlights
- 3,164‑square‑foot, fully renovated two‑family duplex
- Four bedrooms and three bathrooms in a 1909 wood‑frame property
- $157,924 in gross Airbnb revenue in 2025
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
$110,809
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
7.91%
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%
$2,216,180
$2.2M
Cap Rate 7%
$1,582,986
$1.6M
Cap Rate 9%
$1,231,211
$1.2M
Market Conditions
NOI Build-Up for 3,164 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
$161.4K $51.00/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$158.3K $50.03/SF
− OpEx
−$47.5K −$15.01/SF
NOI
$110.8K $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%
$2,216,180
Cap Rate 7%
$1,582,986
Cap Rate 9%
$1,231,211
Alternative Uses
Best Use
Multifamily LT 5
$1.58M
$1.39M – $1.85M
NOI $110,809 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,594 @ 7.0% cap · market cap 6.90%
Theoretical Best
Specialty Retail
$2.62M
$2.29M – $3.06M
NOI $183,385 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,236
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit Brooklyn residence with updated interiors, split-system cooling, in-unit laundry area, and stainless kitchen appliances.
Where is this duplex located?
The property is located at 124 Thomas S Boyland Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 3,164‑square‑foot, fully renovated two‑family duplex; Four bedrooms and three bathrooms in a 1909 wood‑frame property; $157,924 in gross Airbnb revenue in 2025
