Duplex With Private
For Sale
$1,699,000
156 Bay 46th St, Brooklyn, NY 11214
Two-family residence with a finished basement, separate entry, and convenient access to public transportation and neighborhood amenities.
Property Size2,052 SF
Days on Market11
Property Features for 156 Bay 46th St
General Information
Standard status
Active
Size
2,052 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,302
Building Details
Building Size
2,052 SF
Year Built
1945
Stories
2
Listing Agency:
Bove Real Estate
(718) 680-3333
Listed By:
Alphonse J. Bove · License #AB1851
(718) 680-3333
Source:
Elliman
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 23 at 7:46AM
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 Bove Real Estate
Investment Insights
Based on property information with market context.
This duplex property offers a two-family configuration with spacious interior layouts and a private driveway. The finished basement has its own entrance, providing additional flexible space for recreation, office use, or storage. Built in 1945, the residence combines established construction with a layout suited to multifamily occupancy.
The property is located at 156 Bay 46th Street in Brooklyn’s Bath Beach area, on a residential block near the D train, local and express bus service, waterfront parks, schools, restaurants, and shopping and dining along 86th Street. Walk Score, transit, and bike ratings are 83, 88, and 67, respectively.
The property is located at 156 Bay 46th Street in Brooklyn’s Bath Beach area, on a residential block near the D train, local and express bus service, waterfront parks, schools, restaurants, and shopping and dining along 86th Street. Walk Score, transit, and bike ratings are 83, 88, and 67, respectively.
Key Highlights
- Two‑family duplex configuration
- Private driveway
- Finished basement with separate entrance
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
$55,968
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
3.29%
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%
$1,119,360
$1.1M
Cap Rate 7%
$799,543
$799.5K
Cap Rate 9%
$621,867
$621.9K
Market Conditions
NOI Build-Up for 2,052 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
$83.7K $40.80/SF
− Vacancy
−$3.8K −$1.84/SF
EGI
$80.0K $38.96/SF
− OpEx
−$24.0K −$11.69/SF
NOI
$56.0K $27.27/SF
Area
ZIP 11214
Vacancy
4.50%
Lease Rate
$40.80 /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%
$1,119,360
Cap Rate 7%
$799,543
Cap Rate 9%
$621,867
Alternative Uses
Best Use
Multifamily LT 5
$799.5K
$699.6K – $932.8K
NOI $55,968 @ 7.0% cap · market cap 3.29%
Second Best
Apartment 5plus
$716.6K
$627.0K – $836.0K
NOI $50,160 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,793 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,311
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
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 - Two-family residence with a finished basement, separate entry, and convenient access to public transportation and neighborhood amenities.
Where is this duplex located?
The property is located at 156 Bay 46th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Two‑family duplex configuration; Private driveway; Finished basement with separate entrance
