Two-Family Residence with Private
For Sale
$1,299,000
Pending
260 Covert St, Brooklyn, NY 11207
Vacant two-family home with three floors, private rear garden access, and a full unfinished basement.
Property Size2,736 SF
Days on Market116
Property Features for 260 Covert St
General Information
Standard status
Pending
Size
2,736 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,610
Building Details
Building Size
2,736 SF
Year Built
1920
Stories
2
Listing Agency:
Ben Bay Realty Co
(718) 680-6442
Listed By:
Nicholas Venturini · License #NV3472
(718) 680-6442
Source:
Elliman
Added: May 9
Changed: Aug 27
Last Checked: Aug 30 at 9:40PM
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 Ben Bay Realty Co
Investment Insights
Based on property information with market context.
This charming two-family residence is delivered vacant and spans three spacious floors within a 19-foot-wide property. The owner’s duplex features three bedrooms, two full bathrooms, contemporary kitchens, a living room, dining room, and a bedroom with classic hardwood flooring and white tile leading to the rear garden. A full unfinished basement adds additional storage or potential utility.
The second unit was more recently renovated while preserving historic character, including preserved moldings and custom finishes. It offers three bedrooms, a full bathroom, an updated kitchen, and separate living and dining areas, with access to a roof that was recently replaced and remains under warranty.
Both units include soaring 12-foot ceilings, with skylight and oversized windows providing ample sunlight, and tin ceilings adding vintage detail. The home is on a tree-lined block near PS/IS 45 Horace E. Green, PS 116 Elizabeth L. Farrell, PS5 Ronald McNair, Junior High School 383, and Bushwick Community High School. L and M subway lines and nearby bus stops are described as just minutes away. Showings begin after May 13th.
The second unit was more recently renovated while preserving historic character, including preserved moldings and custom finishes. It offers three bedrooms, a full bathroom, an updated kitchen, and separate living and dining areas, with access to a roof that was recently replaced and remains under warranty.
Both units include soaring 12-foot ceilings, with skylight and oversized windows providing ample sunlight, and tin ceilings adding vintage detail. The home is on a tree-lined block near PS/IS 45 Horace E. Green, PS 116 Elizabeth L. Farrell, PS5 Ronald McNair, Junior High School 383, and Bushwick Community High School. L and M subway lines and nearby bus stops are described as just minutes away. Showings begin after May 13th.
Key Highlights
- Vacant two‑family home built in 1920 with 3 floors and over 2,000 sq ft of living space
- Owner’s duplex features 3 bedrooms, 2 full bathrooms, contemporary kitchens, and a full unfinished basement
- Shared layout includes soaring 12‑foot ceilings and oversized windows for ample natural light, plus skylight
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
$95,819
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
7.38%
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%
$1,916,380
$1.9M
Cap Rate 7%
$1,368,843
$1.4M
Cap Rate 9%
$1,064,656
$1.1M
Market Conditions
NOI Build-Up for 2,736 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
$139.5K $51.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$136.9K $50.03/SF
− OpEx
−$41.1K −$15.01/SF
NOI
$95.8K $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%
$1,916,380
Cap Rate 7%
$1,368,843
Cap Rate 9%
$1,064,656
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.20M – $1.60M
NOI $95,819 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,527 @ 7.0% cap · market cap 6.43%
Theoretical Best
Specialty Retail
$2.27M
$1.98M – $2.64M
NOI $158,579 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 11207, NY
100,330
Population
38,030
Households
2.6
Avg Household Size
35
Median Age
19%
College-Educated
81%
High-School Grad
2.7 sq mi
ZIP Area
37,159
Density / Sq Mi
$55,419
Median Household Income
$41,008
Median Earnings
$1,443
Median Rent
$657,400
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 - Vacant two-family home with three floors, private rear garden access, and a full unfinished basement.
Where is this duplex located?
The property is located at 260 Covert St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Vacant two‑family home built in 1920 with 3 floors and over 2,000 sq ft of living space; Owner’s duplex features 3 bedrooms, 2 full bathrooms, contemporary kitchens, and a full unfinished basement; Shared layout includes soaring 12‑foot ceilings and oversized windows for ample natural light, plus skylight
