Newly Renovated Two-Family
For Sale
$1,550,000
Pending
359 Bay Ridge Ave, Brooklyn, NY 11220
Renovated two-family home with separate utilities, finished basement, and two kitchens for a turn-key vacant delivery.
Property Size2,140 SF
Days on Market85
Property Features for 359 Bay Ridge Ave
General Information
Standard status
Pending
Size
2,140 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,930
Building Details
Building Size
2,140 SF
Year Built
1915
Stories
2
Tenancy
Multi
Listing Agency:
REMAX EDGE
(718) 612-3088
Listed By:
ChaoHui Andrew Chen · License #CAC7832
(718) 612-3088
Source:
Elliman
Added: Jun 3
Changed: Aug 25
Last Checked: Aug 25 at 11:31AM
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 REMAX EDGE
Investment Insights
Based on property information with market context.
This newly renovated two-family duplex includes two heating systems, two hot water tanks, three electric meters, and two gas meters. The first floor offers three bedrooms, a kitchen, and a bathroom, with access to the backyard. The second floor features four bedrooms, a kitchen, and a bathroom. A finished basement adds additional usable space, and the property is being delivered vacant at closing.
Located in Bayridge at 359 Bay Ridge Ave in Brooklyn, the home is positioned for walkable, transit-friendly daily living, with Walk Score of 96 and Transit Score of 91. It also registers a Bike Score of 81, supporting access by foot or bicycle for errands and commuting.
With two separate living levels and independent utility metering, the layout is well-suited for buyers looking for flexible occupancy or a residential income configuration. Each unit includes a kitchen and bathroom, and the backyard access from the first floor can be practical for everyday use. The finished basement further supports a range of tenant or household needs, while vacant delivery provides a straightforward path for an owner to take possession at closing.
Located in Bayridge at 359 Bay Ridge Ave in Brooklyn, the home is positioned for walkable, transit-friendly daily living, with Walk Score of 96 and Transit Score of 91. It also registers a Bike Score of 81, supporting access by foot or bicycle for errands and commuting.
With two separate living levels and independent utility metering, the layout is well-suited for buyers looking for flexible occupancy or a residential income configuration. Each unit includes a kitchen and bathroom, and the backyard access from the first floor can be practical for everyday use. The finished basement further supports a range of tenant or household needs, while vacant delivery provides a straightforward path for an owner to take possession at closing.
Key Highlights
- Newly renovated two‑family house built in 1915 with finished basement
- Two separate heating systems with two hot water tanks
- Separate utilities setup with three electric meters and two gas meters
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
$63,718
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
4.11%
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%
$1,274,360
$1.3M
Cap Rate 7%
$910,257
$910.3K
Cap Rate 9%
$707,978
$708.0K
Market Conditions
NOI Build-Up for 2,140 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
$95.0K $44.40/SF
− Vacancy
−$4.0K −$1.86/SF
EGI
$91.0K $42.54/SF
− OpEx
−$27.3K −$12.76/SF
NOI
$63.7K $29.77/SF
Area
ZIP 11220
Vacancy
4.20%
Lease Rate
$44.40 /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%
$1,274,360
Cap Rate 7%
$910,257
Cap Rate 9%
$707,978
Alternative Uses
Best Use
Multifamily LT 5
$910.3K
$796.5K – $1.06M
NOI $63,718 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$815.2K
$713.3K – $951.1K
NOI $57,067 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,111 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,238
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
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 home with separate utilities, finished basement, and two kitchens for a turn-key vacant delivery.
Where is this duplex located?
The property is located at 359 Bay Ridge Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Newly renovated two‑family house built in 1915 with finished basement; Two separate heating systems with two hot water tanks; Separate utilities setup with three electric meters and two gas meters
