Brick Two-Family
For Sale
$765,000
1646 E 51st Street, Brooklyn, NY 11234
Semi-attached residential property with two four-room units, an unfinished basement, and private outdoor space in Flatlands.
Property Size1,836 SF
Price / SF$416.67
Days on Market337
Property Features for 1646 E 51st Street
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,176
Building Details
Building Size
1,836 SF
Year Built
1950
Listing Agency:
Compass
Listed By:
Christine Barranca
(917) 848-0988
Source:
Howardhannanyc
Added: Oct 24, 2025
Changed: Sep 23
Last Checked: Sep 24 at 5:59PM
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 semi-attached brick duplex contains 1,836 square feet of residential space in two separately arranged units. Each floor includes two bedrooms, one bathroom, a kitchen, and a combined living and dining area. The full basement is unfinished and provides storage, utility space, and room for additional use. A private backyard extends the property’s usable space.
Built in 1950, the building measures 19.5 feet by 50.5 feet on a 25-foot by 100-foot lot totaling 2,500 square feet. The property is zoned R3-2 and is located at 1646 E 51st Street in Brooklyn’s Flatlands area. Shopping along Flatbush Avenue, restaurants, schools, and transportation are identified nearby in the surrounding area.
Built in 1950, the building measures 19.5 feet by 50.5 feet on a 25-foot by 100-foot lot totaling 2,500 square feet. The property is zoned R3-2 and is located at 1646 E 51st Street in Brooklyn’s Flatlands area. Shopping along Flatbush Avenue, restaurants, schools, and transportation are identified nearby in the surrounding area.
Key Highlights
- Two‑family duplex with 1,836 SF of residential space
- Two units, each with 2 bedrooms, 1 bathroom, kitchen, and living/dining area
- Full unfinished basement with storage space and utilities
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
$64,300
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
8.41%
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%
$1,286,000
$1.3M
Cap Rate 7%
$918,571
$918.6K
Cap Rate 9%
$714,444
$714.4K
Market Conditions
NOI Build-Up for 1,836 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
$93.6K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$91.9K $50.03/SF
− OpEx
−$27.6K −$15.01/SF
NOI
$64.3K $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%
$1,286,000
Cap Rate 7%
$918,571
Cap Rate 9%
$714,444
Alternative Uses
Best Use
Multifamily LT 5
$918.6K
$803.8K – $1.07M
NOI $64,300 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$800.7K
$700.6K – $934.2K
NOI $56,051 @ 7.0% cap · market cap 7.33%
Theoretical Best
Specialty Retail
$1.52M
$1.33M – $1.77M
NOI $106,415 @ 7.0% cap · market cap 13.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,422
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Semi-attached residential property with two four-room units, an unfinished basement, and private outdoor space in Flatlands.
Where is this duplex located?
The property is located at 1646 E 51st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: Two‑family duplex with 1,836 SF of residential space; Two units, each with 2 bedrooms, 1 bathroom, kitchen, and living/dining area; Full unfinished basement with storage space and utilities
