Renovated Brooklyn Duplex with
For Sale
$1,389,000
133 Gelston Avenue, Brooklyn, NY 11209
Residential, Brooklyn, NY
Property Size1,600 SF
Lot Size0.04 Acres
Price / SF$868.13
Days on Market70
Property Features for 133 Gelston Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5B
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 6, Bedroom 7, Bathroom 3, Bedroom 1
Interior features
Refrigerator, Stove
Basement
Finished, Full
Subdivision
Bay Ridge
Standard status
Active
Size
1,600 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
7538
Building Details
Year built
1899
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Wood Frame
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Yan Mei (Jamie) Zheng
(917) 708-9966
Added: Jun 18
Changed: Aug 25
Last Checked: Aug 26 at 7:06AM
MLS# 502423
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated duplex contains two separate residential units within a 1,600-square-foot wood-frame building. The first-floor apartment includes 3 bedrooms and 2 bathrooms, while the second-floor apartment offers 4 bedrooms and 2 bathrooms. A full finished basement with its own entrance provides additional recreational and storage space. Hardwood flooring, a flat roof, refrigerator, and stove are included, and the property was built in 1899.
The building measures 18x50 and sits on an oversized 18x116 lot encompassing 0.0445 acres. A new roof was installed in 2020. Each unit has its own boiler and independent heating system. The property is zoned R5B and is near the R train, shopping, restaurants, parks, and schools. Delivery is vacant at closing.
The building measures 18x50 and sits on an oversized 18x116 lot encompassing 0.0445 acres. A new roof was installed in 2020. Each unit has its own boiler and independent heating system. The property is zoned R5B and is near the R train, shopping, restaurants, parks, and schools. Delivery is vacant at closing.
Key Highlights
- Two‑unit layout with 3‑bedroom and 4‑bedroom apartments
- Full finished basement with separate entrance
- 1,600 Square Feet building on a 0.0445‑acre lot
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
$56,035
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
4.03%
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%
$1,120,700
$1.1M
Cap Rate 7%
$800,500
$800.5K
Cap Rate 9%
$622,611
$622.6K
Market Conditions
NOI Build-Up for 1,600 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
$81.6K $51.00/SF
− Vacancy
−$1.6K −$0.97/SF
EGI
$80.0K $50.03/SF
− OpEx
−$24.0K −$15.01/SF
NOI
$56.0K $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%
$1,120,700
Cap Rate 7%
$800,500
Cap Rate 9%
$622,611
Alternative Uses
Best Use
Multifamily LT 5
$800.5K
$700.4K – $933.9K
NOI $56,035 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$697.8K
$610.6K – $814.1K
NOI $48,846 @ 7.0% cap · market cap 3.52%
Theoretical Best
Specialty Retail
$1.32M
$1.16M – $1.55M
NOI $92,736 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,668
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 - Renovated two-unit home with separate heating systems, finished basement, and access to transit, shopping, parks, and schools.
Where is this duplex located?
The property is located at 133 Gelston Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,389,000.
What are key features of this property?
This property features: Two‑unit layout with 3‑bedroom and 4‑bedroom apartments; Full finished basement with separate entrance; 1,600 Square Feet building on a 0.0445‑acre lot
