Occupied Two-Family
New
For Sale
$1,249,999
183 Patchen Ave, Brooklyn, NY 11233
Occupied residential income property offered as-is, with possible reconfiguration subject to required approvals.
Property Size2,496 SF
Days on Market7
Property Features for 183 Patchen Ave
General Information
Standard status
Active
Size
2,496 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$3,918
Building Details
Building Size
2,496 SF
Year Built
1899
Units
3
Listing Agency:
PEOPLES REALTY AND ASSOCIATES
Listed By:
Chrystina Peoples
(646) 789-7420
Source:
Elliman
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 24 at 2:33PM
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 PEOPLES REALTY AND ASSOCIATES
Investment Insights
Based on property information with market context.
This occupied duplex is currently arranged for two-family use and is being offered in its present as-is condition. Built in 1899, the property may support a three-family configuration, subject to confirmation of legal use, zoning, permits, and applicable NYC approvals. The seller will not complete repairs or provide representations regarding future use.
Located at 183 Patchen Ave in Brooklyn, the property has a Walk Score of 92, a Transit Score of 98, and a Bike Score of 67. These ratings indicate strong pedestrian and transit access along with bikeable surroundings. Any renovation, repositioning, or expanded use should be evaluated with the appropriate contractor, architect, and municipal approvals.
Located at 183 Patchen Ave in Brooklyn, the property has a Walk Score of 92, a Transit Score of 98, and a Bike Score of 67. These ratings indicate strong pedestrian and transit access along with bikeable surroundings. Any renovation, repositioning, or expanded use should be evaluated with the appropriate contractor, architect, and municipal approvals.
Key Highlights
- Occupied two‑family configuration
- Potential three‑family use subject to legal, zoning, permit, and NYC approval requirements
- Built in 1899
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
$87,414
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
6.99%
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%
$1,748,280
$1.7M
Cap Rate 7%
$1,248,771
$1.2M
Cap Rate 9%
$971,267
$971.3K
Market Conditions
NOI Build-Up for 2,496 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
$127.3K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$124.9K $50.03/SF
− OpEx
−$37.5K −$15.01/SF
NOI
$87.4K $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%
$1,748,280
Cap Rate 7%
$1,248,771
Cap Rate 9%
$971,267
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.09M – $1.46M
NOI $87,414 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$1.09M
$952.5K – $1.27M
NOI $76,200 @ 7.0% cap · market cap 6.10%
Theoretical Best
Specialty Retail
$2.07M
$1.81M – $2.41M
NOI $144,668 @ 7.0% cap · market cap 11.57%
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
3,485
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
Check the figures for this property
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 - Occupied residential income property offered as-is, with possible reconfiguration subject to required approvals.
Where is this duplex located?
The property is located at 183 Patchen Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,249,999.
What are key features of this property?
This property features: Occupied two‑family configuration; Potential three‑family use subject to legal, zoning, permit, and NYC approval requirements; Built in 1899
