Top-Floor Duplex Residential Income
For Sale
$648,000
Pending
1467 Royce Street 3L, Brooklyn, NY 11234
Two-bedroom condominium with private balcony, deeded parking, central air, and access to extensive community amenities.
Property Size1,164 SF
Days on Market555
Property Features for 1467 Royce Street 3L
General Information
Standard status
Pending
Size
1,164 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,876
Amenities
pool
jacuzzi
steam room
gym
Building Details
Building Size
1,164 SF
Listing Agency:
Compass
Listed By:
Kurt Vikki · License #10401239518
(718) 213-4478
Source:
Howardhannanyc
Added: Mar 12, 2025
Changed: Sep 17
Last Checked: Sep 16 at 6:38PM
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 Compass
Investment Insights
Based on property information with market context.
This top-floor duplex condominium at Millharbor provides 1,164 square feet across two levels, with 2 bedrooms and 2.5 bathrooms. The main level includes an eat-in kitchen with stainless steel appliances, a living room opening to a private balcony, and a half bathroom. Upstairs are two bedrooms with built-in closets, two full bathrooms, and a full-size washer and dryer. Central air and heat, custom storage closets, and a deeded parking space add practical features to the residence.
The gated community includes an Olympic size pool, jacuzzi, steam room, and gym. Pets are allowed. The property is located at 1467 Royce Street 3L in Brooklyn, NY 11234.
The gated community includes an Olympic size pool, jacuzzi, steam room, and gym. Pets are allowed. The property is located at 1467 Royce Street 3L in Brooklyn, NY 11234.
Key Highlights
- Top‑floor duplex condominium with 1,164 square feet
- 2 bedrooms and 2.5 bathrooms across two levels
- Private balcony accessed from the living room
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
$35,536
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
5.48%
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%
$710,720
$710.7K
Cap Rate 7%
$507,657
$507.7K
Cap Rate 9%
$394,844
$394.8K
Market Conditions
NOI Build-Up for 1,164 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
$65.9K $56.64/SF
− Vacancy
−$1.3K −$1.13/SF
EGI
$64.6K $55.51/SF
− OpEx
−$29.1K −$24.98/SF
NOI
$35.5K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$710,720
Cap Rate 7%
$507,657
Cap Rate 9%
$394,844
Alternative Uses
Best Use
Apartment 5plus
$507.7K
$444.2K – $592.3K
NOI $35,536 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$963.8K
$843.3K – $1.12M
NOI $67,465 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,239
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with private balcony, deeded parking, central air, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 1467 Royce Street 3L Brooklyn, NY.
What is the asking price?
The asking price for this property is $648,000.
What are key features of this property?
This property features: Top‑floor duplex condominium with 1,164 square feet; 2 bedrooms and 2.5 bathrooms across two levels; Private balcony accessed from the living room
