Limestone-Front Two-Family
For Sale
$2,288,000
343 GATES Ave, Brooklyn, NY 11216
Vacant two-unit residence retaining fireplaces, crown moldings, and pocket doors for a comprehensive renovation project.
Property Size2,700 SF
Days on Market11
Property Features for 343 GATES Ave
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,072
Building Details
Building Size
2,700 SF
Year Built
1901
Listing Agency:
Serhant
Listed By:
LESLIE DIXON
(718) 809-1629
Source:
Elliman
Added: Sep 15
Changed: Sep 25
Last Checked: Sep 24 at 2:18PM
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 Serhant
Investment Insights
Based on property information with market context.
Located at 343 Gates Avenue in Brooklyn, this 20-foot-wide duplex townhouse contains two residential units and is delivered vacant. The upper unit includes two bedrooms and its kitchen, while the lower duplex occupies the garden and parlor levels with a garden-level kitchen and three parlor-level bedrooms. A limestone façade, fireplaces, crown moldings, and pocket doors preserve the building’s original character, while the interior configuration offers scope for a full gut renovation.
The property is near the Clinton Hill border, with coffee shops, bakeries, restaurants, bars, fitness facilities, and recreation along nearby Nostrand and Bedford Avenues. Transit access includes the G train at Bedford-Nostrand Avenues and the A/C at Nostrand Avenue. The location has a walk score of 87, a bike score of 88, and a transit score of 100. Built in 1901, the townhouse combines historic architectural details with a vacant two-unit layout.
The property is near the Clinton Hill border, with coffee shops, bakeries, restaurants, bars, fitness facilities, and recreation along nearby Nostrand and Bedford Avenues. Transit access includes the G train at Bedford-Nostrand Avenues and the A/C at Nostrand Avenue. The location has a walk score of 87, a bike score of 88, and a transit score of 100. Built in 1901, the townhouse combines historic architectural details with a vacant two-unit layout.
Key Highlights
- 20‑foot‑wide two‑family townhouse at 343 Gates Avenue, Brooklyn, NY 11216
- Two‑unit configuration delivered vacant
- Upper unit has two bedrooms and a kitchen
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
$94,559
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
4.13%
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%
$1,891,180
$1.9M
Cap Rate 7%
$1,350,843
$1.4M
Cap Rate 9%
$1,050,656
$1.1M
Market Conditions
NOI Build-Up for 2,700 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
$137.7K $51.00/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$135.1K $50.03/SF
− OpEx
−$40.5K −$15.01/SF
NOI
$94.6K $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%
$1,891,180
Cap Rate 7%
$1,350,843
Cap Rate 9%
$1,050,656
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.18M – $1.58M
NOI $94,559 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,428 @ 7.0% cap · market cap 3.60%
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.61M
NOI $156,492 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,060
Businesses Nearby
Explore this area
Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit residence retaining fireplaces, crown moldings, and pocket doors for a comprehensive renovation project.
Where is this duplex located?
The property is located at 343 GATES Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,288,000.
What are key features of this property?
This property features: 20‑foot‑wide two‑family townhouse at 343 Gates Avenue, Brooklyn, NY 11216; Two‑unit configuration delivered vacant; Upper unit has two bedrooms and a kitchen
