Two-Family
For Sale
$1,599,000
588 MONROE St, Brooklyn, NY 11221
Historic two-family townhouse with updated kitchens and baths, functioning plumbing and electric, and preserved architectural details.
Property Size2,241 SF
Days on Market115
Property Features for 588 MONROE St
General Information
Standard status
Active
Size
2,241 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,068
Building Details
Building Size
2,241 SF
Year Built
1899
Units
2
Listing Agency:
Corcoran Group
(718) 288-7703
Listed By:
Toni M Martin · License #10301207190
(718) 288-7703
Source:
Elliman
Added: May 9
Changed: Aug 31
Last Checked: Aug 31 at 12:32AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Built in 1899, this approximately 18.67-foot-wide townhouse occupies a 100-foot lot and extends about 40 feet deep. The two-family layout includes a garden/parlor owner’s duplex with approximately 2.5 bedrooms and 2 baths, along with a separate 1.5-bedroom, 1-bath residence above. Kitchens and bathrooms have been updated, while plumbing and electrical systems are reported to be functioning.
Original interior features include ceiling medallions, ornate plasterwork, decorative wall and ceiling treatments, and the original staircase and banister. Approximately 1,494 square feet of unused FAR remains. The property is on Monroe Street in the Stuyvesant Heights section of Bedford-Stuyvesant, between Lewis Avenue and Stuyvesant Avenue, within a streetscape of turn-of-the-century townhouses and mature trees. WalkScore is 88, TransitScore is 98, and BikeScore is 74.
Original interior features include ceiling medallions, ornate plasterwork, decorative wall and ceiling treatments, and the original staircase and banister. Approximately 1,494 square feet of unused FAR remains. The property is on Monroe Street in the Stuyvesant Heights section of Bedford-Stuyvesant, between Lewis Avenue and Stuyvesant Avenue, within a streetscape of turn-of-the-century townhouses and mature trees. WalkScore is 88, TransitScore is 98, and BikeScore is 74.
Key Highlights
- Two‑family layout with a garden/parlor owner’s duplex and separate upper residence
- Approximately 18.67 feet wide on a 100‑foot lot; building extends about 40 feet deep
- Approximately 1,494 square feet of unused FAR
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
$78,484
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
4.91%
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%
$1,569,680
$1.6M
Cap Rate 7%
$1,121,200
$1.1M
Cap Rate 9%
$872,044
$872.0K
Market Conditions
NOI Build-Up for 2,241 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
$114.3K $51.00/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$112.1K $50.03/SF
− OpEx
−$33.6K −$15.01/SF
NOI
$78.5K $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%
$1,569,680
Cap Rate 7%
$1,121,200
Cap Rate 9%
$872,044
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$981.1K – $1.31M
NOI $78,484 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$977.4K
$855.2K – $1.14M
NOI $68,415 @ 7.0% cap · market cap 4.28%
Theoretical Best
Specialty Retail
$1.86M
$1.62M – $2.16M
NOI $129,888 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,197
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 - Historic two-family townhouse with updated kitchens and baths, functioning plumbing and electric, and preserved architectural details.
Where is this duplex located?
The property is located at 588 MONROE St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Two‑family layout with a garden/parlor owner’s duplex and separate upper residence; Approximately 18.67 feet wide on a 100‑foot lot; building extends about 40 feet deep; Approximately 1,494 square feet of unused FAR
