Two-Family Residential Income
For Sale
$1,330,000
233 Bay Ridge Ave House, Brooklyn, NY 11220
Two spacious apartments, one vacant, plus an above-grade basement that may offer conversion potential under current NYC zoning updates.
Property Size2,650 SF
Price / SF$665
Days on Market20
Property Features for 233 Bay Ridge Ave House
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Building Details
Building Size
2,650 SF
Year Built
1925
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams NYC
(917) 397-0507
Listed By:
Nelson Aybar · License #10301221257
(917) 397-0507
Source:
Elliman
Added: Jul 21
Changed: Aug 8
Last Checked: Aug 8 at 9:37AM
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 Keller Williams NYC
Investment Insights
Based on property information with market context.
This two-family home at 233 Bay Ridge Avenue is configured as two spacious apartments, each described as approximately 1,000 square feet, with two bedrooms and a versatile bonus room. The kitchens include granite-topped islands, and the units feature full-size appliances and abundant storage. One unit is delivered vacant, supporting either immediate owner occupancy or tenant placement.
The property also includes an above-grade basement that the seller notes may present conversion opportunities in connection with recent NYC zoning modifications, including the Local Law 126/127 Pilot Program, related to residential space development. Prospective buyers are advised to verify feasibility and compliance requirements with qualified professionals and the Department of Buildings before pursuing any conversion work.
Set in Northern Bay Ridge, the location is described as near Owl’s Head Park and Shore Road Park, and within walking distance to shopping. Transit access is noted via the R train station at Bay Ridge Avenue for Manhattan connectivity.
The property also includes an above-grade basement that the seller notes may present conversion opportunities in connection with recent NYC zoning modifications, including the Local Law 126/127 Pilot Program, related to residential space development. Prospective buyers are advised to verify feasibility and compliance requirements with qualified professionals and the Department of Buildings before pursuing any conversion work.
Set in Northern Bay Ridge, the location is described as near Owl’s Head Park and Shore Road Park, and within walking distance to shopping. Transit access is noted via the R train station at Bay Ridge Avenue for Manhattan connectivity.
Key Highlights
- Two‑family home built in 1925 featuring two apartments with approx. 1,000 SF each
- One apartment is delivered vacant for immediate owner occupancy or tenant placement
- Each unit includes 2 bedrooms plus a bonus room, with full‑size appliances and well‑appointed kitchens with granite‑topped islands
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
$59,549
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
4.48%
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%
$1,190,980
$1.2M
Cap Rate 7%
$850,700
$850.7K
Cap Rate 9%
$661,656
$661.7K
Market Conditions
NOI Build-Up for 2,000 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
$88.8K $44.40/SF
− Vacancy
−$3.7K −$1.86/SF
EGI
$85.1K $42.54/SF
− OpEx
−$25.5K −$12.76/SF
NOI
$59.5K $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%
$1,190,980
Cap Rate 7%
$850,700
Cap Rate 9%
$661,656
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 authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,330
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 - Two spacious apartments, one vacant, plus an above-grade basement that may offer conversion potential under current NYC zoning updates.
Where is this duplex located?
The property is located at 233 Bay Ridge Ave House 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 featuring two apartments with approx. 1,000 SF each; One apartment is delivered vacant for immediate owner occupancy or tenant placement; Each unit includes 2 bedrooms plus a bonus room, with full‑size appliances and well‑appointed kitchens with granite‑topped islands
