Two-Family Residential Income
For Sale
$649,000
Pending
239 Buffalo Ave, Brooklyn, NY 11213
Two-family property with low taxes and strong walk, bike, and transit scores in Brooklyn’s Crown Heights area.
Property Size1,228 SF
Days on Market95
Property Features for 239 Buffalo Ave
General Information
Standard status
Pending
Size
1,228 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,884
Building Details
Building Size
1,228 SF
Year Built
1910
Stories
2
Units
2
Listed By:
Asantewa Patterson
(718) 483-0299
Source:
Elliman
Added: Jun 10
Changed: Sep 8
Last Checked: Sep 12 at 7:24AM
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 Asantewa Patterson
Investment Insights
Based on property information with market context.
This offering is a two-family residential property at 239 Buffalo Ave. The seller’s remarks indicate an opportunity to work with an architect or contractor to renovate the home or plan new construction, subject to applicable approvals. The property is presented as a residential income asset, with showing arrangements available by open house and private appointment.
The location is described as convenient to everyday needs, with restaurants, cafes, and shopping nearby. Transit access is highlighted by the 4 train at Utica Avenue and the C train at Ralph Avenue. The reported walkScore is 88 (very walkable), bikeScore is 74 (very bikeable), and transitScore is 98 (rider’s paradise). The remarks also note low taxes.
For buyers, this property may appeal as a hands-on residential income option or as a redevelopment-minded site where a contractor or architect can assess the property for future plans. Prospective tenants and owner-occupants may find value in the walkability and transit access for day-to-day commuting and local errands, supported by the cited neighborhood scores and nearby transit lines.
The location is described as convenient to everyday needs, with restaurants, cafes, and shopping nearby. Transit access is highlighted by the 4 train at Utica Avenue and the C train at Ralph Avenue. The reported walkScore is 88 (very walkable), bikeScore is 74 (very bikeable), and transitScore is 98 (rider’s paradise). The remarks also note low taxes.
For buyers, this property may appeal as a hands-on residential income option or as a redevelopment-minded site where a contractor or architect can assess the property for future plans. Prospective tenants and owner-occupants may find value in the walkability and transit access for day-to-day commuting and local errands, supported by the cited neighborhood scores and nearby transit lines.
Key Highlights
- Two‑family property at 239 Buffalo Avenue built in 1910
- Low taxes
- BikeScore 74 (very bikeable)
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
$43,007
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
6.63%
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%
$860,140
$860.1K
Cap Rate 7%
$614,386
$614.4K
Cap Rate 9%
$477,856
$477.9K
Market Conditions
NOI Build-Up for 1,228 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
$62.6K $51.00/SF
− Vacancy
−$1.2K −$0.97/SF
EGI
$61.4K $50.03/SF
− OpEx
−$18.4K −$15.01/SF
NOI
$43.0K $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%
$860,140
Cap Rate 7%
$614,386
Cap Rate 9%
$477,856
Alternative Uses
Best Use
Multifamily LT 5
$614.4K
$537.6K – $716.8K
NOI $43,007 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$535.6K
$468.6K – $624.8K
NOI $37,490 @ 7.0% cap · market cap 5.78%
Theoretical Best
Specialty Retail
$1.02M
$889.7K – $1.19M
NOI $71,175 @ 7.0% cap · market cap 10.97%
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
3,726
Businesses Nearby
Explore this area
Business Placement
Demographics for 11213, NY
67,217
Population
29,186
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
61,106
Density / Sq Mi
$62,040
Median Household Income
$43,736
Median Earnings
$1,607
Median Rent
$1,184,400
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-family property with low taxes and strong walk, bike, and transit scores in Brooklyn’s Crown Heights area.
Where is this duplex located?
The property is located at 239 Buffalo Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two‑family property at 239 Buffalo Avenue built in 1910; Low taxes; BikeScore 74 (very bikeable)
