Attached Two-Family
For Sale
$1,659,000
524 51st St, Brooklyn, NY 11220
Attached two-family residence with full basement and income potential in a highly walkable, transit-accessible setting.
Property Size2,820 SF
Days on Market67
Property Features for 524 51st St
General Information
Standard status
Active
Size
2,820 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,712
Building Details
Building Size
2,820 SF
Year Built
1910
Stories
2
Listing Agency:
(917) 708-9966
Listed By:
Xiu Juan Chen
(917) 708-9966
Source:
Elliman
Added: Jun 24
Changed: Aug 21
Last Checked: Aug 29 at 10:42AM
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 Xiu Juan Chen
Investment Insights
Based on property information with market context.
This attached two-family home is set on a 20x100 lot with a building size of 20x47 and includes a full basement. Designed for duplex-style living, it offers a practical layout for an owner-occupant who wants rental income, or for an investor seeking a residential income property with additional storage and utility space in the basement.
The property is conveniently located near public transportation, shopping, restaurants, and schools, supporting everyday access for tenants or occupants. WalkScore of 95 and transitScore of 95 indicate strong mobility options, with bikeScore of 76 reflecting a very bikeable area.
With low property taxes noted as a benefit, this home can be a straightforward fit for buyers evaluating both living and leasing use cases. The attached configuration and full basement provide a functional foundation for maintaining separate household use within a compact footprint, while the nearby amenities and transit access help support day-to-day convenience for residents.
The property is conveniently located near public transportation, shopping, restaurants, and schools, supporting everyday access for tenants or occupants. WalkScore of 95 and transitScore of 95 indicate strong mobility options, with bikeScore of 76 reflecting a very bikeable area.
With low property taxes noted as a benefit, this home can be a straightforward fit for buyers evaluating both living and leasing use cases. The attached configuration and full basement provide a functional foundation for maintaining separate household use within a compact footprint, while the nearby amenities and transit access help support day-to-day convenience for residents.
Key Highlights
- Attached two‑family home built in 1910 with a full basement
- Two‑family setup on a 20x100 lot with a building size of 20x47
- Income‑producing property with rental potential for investors and owner‑occupants
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
$83,964
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
5.06%
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%
$1,679,280
$1.7M
Cap Rate 7%
$1,199,486
$1.2M
Cap Rate 9%
$932,933
$932.9K
Market Conditions
NOI Build-Up for 2,820 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
$125.2K $44.40/SF
− Vacancy
−$5.3K −$1.86/SF
EGI
$119.9K $42.54/SF
− OpEx
−$36.0K −$12.76/SF
NOI
$84.0K $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%
$1,679,280
Cap Rate 7%
$1,199,486
Cap Rate 9%
$932,933
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $83,964 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$1.07M
$940.0K – $1.25M
NOI $75,200 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,969 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,917
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 - Attached two-family residence with full basement and income potential in a highly walkable, transit-accessible setting.
Where is this duplex located?
The property is located at 524 51st St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,659,000.
What are key features of this property?
This property features: Attached two‑family home built in 1910 with a full basement; Two‑family setup on a 20x100 lot with a building size of 20x47; Income‑producing property with rental potential for investors and owner‑occupants
