Detached Two-Family Brick
For Sale
$1,850,000
241 Bay Ridge Pkwy, Brooklyn, NY 11209
Fully detached brick two-family residence with 3-bedroom over 3-bedroom layout and a finished basement.
Property Size2,632 SF
Days on Market33
Property Features for 241 Bay Ridge Pkwy
General Information
Standard status
Active
Size
2,632 SF
Property subtype
Multi Family
Building Details
Building Size
2,632 SF
Year Built
1930
Stories
2
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Vito Angelo · License #BEA5721
(718) 532-2000
Source:
Elliman
Added: Jul 21
Changed: Aug 8
Last Checked: Aug 21 at 10:39AM
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 RE/MAX Real Estate Professiona
Investment Insights
Based on property information with market context.
Proudly presented as a fully detached brick two-family home, this property is configured as a 3-bedroom over 3-bedroom layout. It also includes a full finished basement that can support additional recreation or storage needs. A private 2-car garage provides convenient off-street parking.
The home is located in Bay Ridge on Bay Ridge Pkwy, just moments from Shore Road’s waterfront promenade. The area also offers express bus service to Manhattan and nearby NYC Ferry access.
With its detached structure and expanded interior space, the property offers a straightforward residential income configuration for an owner seeking a multi-unit setup in Bay Ridge.
The home is located in Bay Ridge on Bay Ridge Pkwy, just moments from Shore Road’s waterfront promenade. The area also offers express bus service to Manhattan and nearby NYC Ferry access.
With its detached structure and expanded interior space, the property offers a straightforward residential income configuration for an owner seeking a multi-unit setup in Bay Ridge.
Key Highlights
- Fully detached brick two‑family home built in 1930
- 3‑bedroom over 3‑bedroom layout
- Full finished basement offering additional recreation and storage space
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
$92,177
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
4.98%
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%
$1,843,540
$1.8M
Cap Rate 7%
$1,316,814
$1.3M
Cap Rate 9%
$1,024,189
$1.0M
Market Conditions
NOI Build-Up for 2,632 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
$134.2K $51.00/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$131.7K $50.03/SF
− OpEx
−$39.5K −$15.01/SF
NOI
$92.2K $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%
$1,843,540
Cap Rate 7%
$1,316,814
Cap Rate 9%
$1,024,189
Alternative Uses
Best Use
Multifamily LT 5
$1.32M
$1.15M – $1.54M
NOI $92,177 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,352 @ 7.0% cap · market cap 4.34%
Theoretical Best
Specialty Retail
$2.18M
$1.91M – $2.54M
NOI $152,551 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,861
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 - Fully detached brick two-family residence with 3-bedroom over 3-bedroom layout and a finished basement.
Where is this duplex located?
The property is located at 241 Bay Ridge Pkwy Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Fully detached brick two‑family home built in 1930; 3‑bedroom over 3‑bedroom layout; Full finished basement offering additional recreation and storage space
