Historic Two-Family
New
For Sale
$1,500,000
16 Virginia Pl, Brooklyn, NY 11213
Legal duplex with preserved period detailing across three floors and a full basement.
Property Size3,200 SF
Price / SF$468.75
Days on Market4
Property Features for 16 Virginia Pl
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Multi Family
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,411
Building Details
Building Size
3,200 SF
Year Built
1899
Buildings
1
Stories
3
Construction
Colonial Revival
Listing Agency:
Keller Williams Realty Empire
(646) 820-8441
Listed By:
Alana McIntosh · License #10301209681
(646) 820-8441
Source:
Elliman
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 9:22AM
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 Keller Williams Realty Empire
Investment Insights
Based on property information with market context.
Built in 1899, this legal two-family townhouse at 16 Virginia Pl, Brooklyn, NY 11213 spans over 3,200 square feet across three floors plus a full basement. The interior retains original architectural elements, including etched-glass entry doors, wood wainscoting, a marble mantel fireplace, pocket doors, tin ceilings, stained-glass detailing, and tall double-hung windows. The residence includes an eat-in kitchen, bedrooms, multiple living areas, a 25-foot living room, and a separate family room.
The property is located within the Crown Heights North III Historic District and sits on Virginia Place, a private-place enclave. WalkScore is 88, BikeScore is 74, and TransitScore is 98. The existing two-family configuration and extensive period features provide a clear framework for restoration.
The property is located within the Crown Heights North III Historic District and sits on Virginia Place, a private-place enclave. WalkScore is 88, BikeScore is 74, and TransitScore is 98. The existing two-family configuration and extensive period features provide a clear framework for restoration.
Key Highlights
- Legal two‑family townhouse with over 3,200 square feet
- Three floors plus a full basement
- Built in 1899 with original period details intact
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
$112,069
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
7.47%
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%
$2,241,380
$2.2M
Cap Rate 7%
$1,600,986
$1.6M
Cap Rate 9%
$1,245,211
$1.2M
Market Conditions
NOI Build-Up for 3,200 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
$163.2K $51.00/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$160.1K $50.03/SF
− OpEx
−$48.0K −$15.01/SF
NOI
$112.1K $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%
$2,241,380
Cap Rate 7%
$1,600,986
Cap Rate 9%
$1,245,211
Alternative Uses
Best Use
Multifamily LT 5
$1.60M
$1.40M – $1.87M
NOI $112,069 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,693 @ 7.0% cap · market cap 6.51%
Theoretical Best
Specialty Retail
$2.65M
$2.32M – $3.09M
NOI $185,472 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,844
Businesses Nearby
Explore this area
Business Placement
Demographics for 11213, NY
67,217
Population
29,186
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
61,106
Density / Sq Mi
$62,040
Median Household Income
$43,736
Median Earnings
$1,607
Median Rent
$1,184,400
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 - Legal duplex with preserved period detailing across three floors and a full basement.
Where is this duplex located?
The property is located at 16 Virginia Pl Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Legal two‑family townhouse with over 3,200 square feet; Three floors plus a full basement; Built in 1899 with original period details intact
