Renovated Duplex with Private
For Sale
$2,995,000
138 Madison St, Brooklyn, NY 11216
Two-family townhouse with a separate apartment, finished cellar, smart-home systems, and flexible indoor-outdoor space.
Property Size3,021 SF
Price / SF$1,121
Days on Market13
Property Features for 138 Madison St
General Information
Standard status
Active
Size
3,021 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,187
Amenities
private deck
landscaped backyard
finished basement recreation level
spa-inspired bathroom
central multi-zone HVAC
Sonos audio
smart home integration
full-sized LG washer and dryer
Ring video intercom
integrated security features
Building Details
Building Size
3,021 SF
Year Built
1905
Year Renovated
2017
Stories
5
Units
1
Construction
brownstone
Listing Agency:
Compass
Listed By:
Tali Berzak · License #10301209148
(917) 246-8581
Source:
Elliman
Added: Sep 10
Changed: Sep 21
Last Checked: Sep 21 at 9:40AM
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 renovated two-family townhouse combines a primary residence with a separate garden-level apartment. The main home spans five floors and includes open living and dining areas, an eat-in kitchen with Thermador appliances and custom cabinetry, three bedrooms, two and a half bathrooms, and a finished cellar recreation level. The full-floor primary suite includes a dressing area, walk-in closet, and spa-inspired bathroom. A private deck opens to a landscaped south-facing garden with several areas for dining, entertaining, gardening, or relaxation.
The one-bedroom, one-bathroom garden apartment has a fully equipped kitchen, dishwasher, and air conditioning. It can serve as an income-producing unit, in-law suite, or private office. Additional features include central multi-zone HVAC, separate boilers, Sonos audio, smart-home integration, LG washer and dryer, pre-wired internet and media systems, Ring video intercom, and integrated security. Located at 138 Madison Street near Herbert Von King Park and the YMCA, the property is served by the A/C, G, and Shuttle trains and the B26 bus line.
The one-bedroom, one-bathroom garden apartment has a fully equipped kitchen, dishwasher, and air conditioning. It can serve as an income-producing unit, in-law suite, or private office. Additional features include central multi-zone HVAC, separate boilers, Sonos audio, smart-home integration, LG washer and dryer, pre-wired internet and media systems, Ring video intercom, and integrated security. Located at 138 Madison Street near Herbert Von King Park and the YMCA, the property is served by the A/C, G, and Shuttle trains and the B26 bus line.
Key Highlights
- Approximately 2,670 square feet configured as a two‑family townhouse
- Gut renovated in 2017 with five floors and a finished cellar level
- One‑bedroom, one‑bathroom garden apartment with kitchen, dishwasher, and air conditioning
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
$93,508
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
3.12%
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%
$1,870,160
$1.9M
Cap Rate 7%
$1,335,829
$1.3M
Cap Rate 9%
$1,038,978
$1.0M
Market Conditions
NOI Build-Up for 2,670 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
$136.2K $51.00/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$133.6K $50.03/SF
− OpEx
−$40.1K −$15.01/SF
NOI
$93.5K $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%
$1,870,160
Cap Rate 7%
$1,335,829
Cap Rate 9%
$1,038,978
Alternative Uses
Best Use
Multifamily LT 5
$1.34M
$1.17M – $1.56M
NOI $93,508 @ 7.0% cap · market cap 3.12%
Second Best
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,512 @ 7.0% cap · market cap 2.72%
Theoretical Best
Specialty Retail
$2.21M
$1.93M – $2.58M
NOI $154,753 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6,167
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
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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 - Two-family townhouse with a separate apartment, finished cellar, smart-home systems, and flexible indoor-outdoor space.
Where is this duplex located?
The property is located at 138 Madison St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Approximately 2,670 square feet configured as a two‑family townhouse; Gut renovated in 2017 with five floors and a finished cellar level; One‑bedroom, one‑bathroom garden apartment with kitchen, dishwasher, and air conditioning
