Two-Family Residential Income
233 Bay Ridge Ave Brooklyn, NY 11220
New
233 Bay Ridge Ave, Brooklyn, NY, 11220
$1,330,000
For Sale
$1,330,000
Two-family residence offers a vacant unit for immediate occupancy or tenant placement, with an above-grade basement offering conversion potential.
Property Size2,000 SF
Price / SF$665
Days on Market4
Property Features for 233 Bay Ridge Ave
General Information
- Standard status
- Active
- Size
- 2,000 SF
- Property subtype
- Investment
Building Details
- Year Built
- 1925
Listing agency
(212) 301-1140
Listed by
Nelson Aybar
(212) 301-1140
Source
Elliman
Added: Jul 19 Updated: Jul 20 at 1:54AM Checked: Jul 22 at 12:39PM
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 Nelson Aybar
Investment Insights
Based on property information with market context.
This two-family residential property at 233 Bay Ridge Avenue in Brooklyn offers two spacious apartments and a separate above-grade basement area. Each apartment includes two bedrooms plus a bonus room, along with kitchens that feature granite-topped islands and full-size appliances. One of the units is delivered vacant, providing flexibility for owner occupancy or for placing a tenant upon acquisition.
The above-grade basement may present conversion opportunities in connection with recent New York City zoning modifications related to the Local Law 126/127 Pilot Program. Any prospective buyer should verify compliance with applicable zoning and Department of Buildings requirements and consult qualified professionals prior to pursuing any conversion work.
The home is positioned in Northern Bay Ridge with access to Owl’s Head Park and Shore Road Park, and proximity to dining and shopping in the surrounding area. The Bay Ridge Avenue R train station provides direct transit connectivity to Manhattan.
The above-grade basement may present conversion opportunities in connection with recent New York City zoning modifications related to the Local Law 126/127 Pilot Program. Any prospective buyer should verify compliance with applicable zoning and Department of Buildings requirements and consult qualified professionals prior to pursuing any conversion work.
The home is positioned in Northern Bay Ridge with access to Owl’s Head Park and Shore Road Park, and proximity to dining and shopping in the surrounding area. The Bay Ridge Avenue R train station provides direct transit connectivity to Manhattan.
Key Highlights
- Two‑family home built in 1925 at 233 Bay Ridge Avenue in Northern Bay Ridge
- Two spacious apartments, each with approximately 1,000 sq ft of living space
- One unit is delivered vacant for immediate owner occupancy or tenant placement
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $88.8k | $44.40 |
| − Vacancy | −$3.7k | −$1.86 |
| EGI | $85.1k | $42.54 |
| − OpEx | −$25.5k | −$12.76 |
| NOI | $59.5k | $29.77 |
2,000 SF · lease $44.40/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$850.7K
$744.4K – $992.5K
NOI $59,549 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$761.9K
$666.7K – $888.9K
NOI $53,333 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,758 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-family residence offers a vacant unit for immediate occupancy or tenant placement, with an above-grade basement offering conversion potential.
Where is this duplex located?
The property is located at 233 Bay Ridge Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,330,000.
What are key features of this property?
This property features: Two‑family home built in 1925 at 233 Bay Ridge Avenue in Northern Bay Ridge; Two spacious apartments, each with approximately 1,000 sq ft of living space; One unit is delivered vacant for immediate owner occupancy or tenant placement
