Oversized Corner Brick
For Sale
$2,500,000
Pending
1 Bay Ridge Pkwy, Brooklyn, NY 11209
A corner two-family with terraces, hardwood interiors, and flexible basement space with separate entrances.
Property Size5,193 SF
Days on Market85
Property Features for 1 Bay Ridge Pkwy
General Information
Standard status
Pending
Size
5,193 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$19,482
Building Details
Building Size
5,193 SF
Year Built
1970
Stories
2
Tenancy
Multi
Listing Agency:
REMAX EDGE
(718) 612-3088
Listed By:
Jason Zhou · License #10301217017
(718) 612-3088
Source:
Elliman
Added: Jun 3
Changed: Aug 16
Last Checked: Aug 25 at 10:23AM
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 rare oversized corner brick two-family residence offers substantial interior flexibility and distinctive outdoor space. The home’s first-floor unit features two bedrooms, a spacious living room, a formal dining room, and one full bathroom. The second-floor residence includes three bedrooms, two full bathrooms, and separate living and dining rooms with abundant natural light and hardwood flooring throughout. Front and rear terraces provide outdoor space with waterfront and park views. There is also a high-ceiling basement of substantial size with separate entrances, which was formerly used as a medical office and could support a range of professional or personal uses, along with storage. Additional features include oversized windows with open exposures, a private driveway, and double-car garages.
Located on Shore Road in Bay Ridge, the property sits directly across from Shore Road parks, the waterfront promenade, biking paths, and recreation fields. The setting supports an active, waterfront lifestyle while remaining convenient for everyday access.
From a tenant or owner-operator perspective, the layout supports separate above-grade living spaces while preserving the option to adapt the basement for an office, recreation, or additional use depending on the operator’s needs. With multiple separate entrances and distinct living levels, it can also work well for households seeking privacy while staying connected within the same property.
Located on Shore Road in Bay Ridge, the property sits directly across from Shore Road parks, the waterfront promenade, biking paths, and recreation fields. The setting supports an active, waterfront lifestyle while remaining convenient for everyday access.
From a tenant or owner-operator perspective, the layout supports separate above-grade living spaces while preserving the option to adapt the basement for an office, recreation, or additional use depending on the operator’s needs. With multiple separate entrances and distinct living levels, it can also work well for households seeking privacy while staying connected within the same property.
Key Highlights
- Oversized corner brick 2‑family residence with waterfront and park views in Bay Ridge
- Approx. 3,400 sq ft of living space plus an additional 1,700 sq ft high‑ceiling basement with separate entrances
- Basement previously used as a medical office, offering flexible space for professional use, recreation, storage, or more
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
$178,611
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
7.14%
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%
$3,572,220
$3.6M
Cap Rate 7%
$2,551,586
$2.6M
Cap Rate 9%
$1,984,567
$2.0M
Market Conditions
NOI Build-Up for 5,100 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
$260.1K $51.00/SF
− Vacancy
−$4.9K −$0.97/SF
EGI
$255.2K $50.03/SF
− OpEx
−$76.5K −$15.01/SF
NOI
$178.6K $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%
$3,572,220
Cap Rate 7%
$2,551,586
Cap Rate 9%
$1,984,567
Alternative Uses
Best Use
Multifamily LT 5
$2.55M
$2.23M – $2.98M
NOI $178,611 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$2.22M
$1.95M – $2.59M
NOI $155,698 @ 7.0% cap · market cap 6.23%
Theoretical Best
Specialty Retail
$4.22M
$3.69M – $4.93M
NOI $295,596 @ 7.0% cap · market cap 11.82%
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
1,973
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 - A corner two-family with terraces, hardwood interiors, and flexible basement space with separate entrances.
Where is this duplex located?
The property is located at 1 Bay Ridge Pkwy Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Oversized corner brick 2‑family residence with waterfront and park views in Bay Ridge; Approx. 3,400 sq ft of living space plus an additional 1,700 sq ft high‑ceiling basement with separate entrances; Basement previously used as a medical office, offering flexible space for professional use, recreation, storage, or more
