Renovated Two-Family
New
For Sale
$2,299,000
477 Quincy St, Brooklyn, NY 11221
Renovated brownstone combines an upper duplex with a separate garden residence and finished cellar.
Property Size4,030 SF
Price / SF$574.75
Days on Market3
Property Features for 477 Quincy St
General Information
Standard status
Active
Size
4,030 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 4BR/2.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,988
Building Details
Building Size
4,030 SF
Buildings
1
Stories
2
Units
2
Construction
brownstone
Listing Agency:
Bedford Stuyvesant
(917) 817-8944
Listed By:
Josiane I Lysius · License #10301216039
(917) 817-8944
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 15 at 6:42AM
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 Bedford Stuyvesant
Investment Insights
Based on property information with market context.
This two-family brownstone measures 20' x 50' on a 100' deep lot and provides approximately 4,000 total SF, including a finished cellar. The upper residence is a 4-bedroom, 2.5-bath duplex with oak floors, preserved architectural details, two-zone HVAC, a renovated open kitchen, laundry room, walk-in closet, and a rear suite with a soaking tub. A steel deck connects the lower living space to the backyard.
The garden-level apartment contains 2 bedrooms and 1 bath, along with an open kitchen, dishwasher, in-unit washer/dryer, three split heating and cooling units, and a small extension. The cellar contributes approximately 1,000 SF of usable space, with concrete floors, recessed lighting, and direct backyard access. The property is one block from the Tompkins Avenue corridor and offers access to the A, C, G, and J trains. Walk Score is 92, Transit Score is 96, and bikeScore is 87.
The garden-level apartment contains 2 bedrooms and 1 bath, along with an open kitchen, dishwasher, in-unit washer/dryer, three split heating and cooling units, and a small extension. The cellar contributes approximately 1,000 SF of usable space, with concrete floors, recessed lighting, and direct backyard access. The property is one block from the Tompkins Avenue corridor and offers access to the A, C, G, and J trains. Walk Score is 92, Transit Score is 96, and bikeScore is 87.
Key Highlights
- Two‑family brownstone with approximately 4,000 total SF, including finished cellar space
- Upper duplex includes 4 bedrooms, 2.5 baths, two‑zone HVAC, and renovated open kitchen
- Separate garden apartment offers 2 bedrooms, 1 bath, and in‑unit washer/dryer
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
$140,087
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
6.09%
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%
$2,801,740
$2.8M
Cap Rate 7%
$2,001,243
$2.0M
Cap Rate 9%
$1,556,522
$1.6M
Market Conditions
NOI Build-Up for 4,000 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
$204.0K $51.00/SF
− Vacancy
−$3.9K −$0.97/SF
EGI
$200.1K $50.03/SF
− OpEx
−$60.0K −$15.01/SF
NOI
$140.1K $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%
$2,801,740
Cap Rate 7%
$2,001,243
Cap Rate 9%
$1,556,522
Alternative Uses
Best Use
Multifamily LT 5
$2.00M
$1.75M – $2.33M
NOI $140,087 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$1.74M
$1.53M – $2.04M
NOI $122,116 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.86M
NOI $231,840 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,616
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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 - Renovated brownstone combines an upper duplex with a separate garden residence and finished cellar.
Where is this duplex located?
The property is located at 477 Quincy St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,299,000.
What are key features of this property?
This property features: Two‑family brownstone with approximately 4,000 total SF, including finished cellar space; Upper duplex includes 4 bedrooms, 2.5 baths, two‑zone HVAC, and renovated open kitchen; Separate garden apartment offers 2 bedrooms, 1 bath, and in‑unit washer/dryer
