Renovated Two-Family
New
For Sale
$1,180,000
203 Gelston Ave, Brooklyn, NY 11209
Semi-detached home with two matching residential units, separate mechanical systems, and a finished basement with its own entrance.
Property Size1,080 SF
Days on Market4
Property Features for 203 Gelston Ave
General Information
Standard status
Active
Size
1,080 SF
Elevators
No
Property subtype
Multi Family
Site & Location
Highway Access
No
Road Access
No
Public Transit
No
Utilities to Site
No
Additional Details
Furnished
No
Opportunity Zone
No
Sprinkler System
No
Taxes and HOA fees
Annual Taxes
$6,067
Building Details
Building Size
1,080 SF
Year Built
1899
Construction
semi-detached
Abandoned
No
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Allan H. Zhu · License #AHZ7089
(718) 612-3088
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 8:40AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This semi-detached duplex contains two residential units with matching layouts. Each floor includes a living room, dining room and kitchen combination, two bedrooms, and a full bathroom. The first-floor unit is vacant, while the second-floor unit is tenant occupied. A finished basement is also vacant and has a separate entrance leading from the side of the property toward the backyard.
The property was renovated from the bottom to the top 4 years ago, including kitchens, bathrooms, and flooring. Separate boilers and hot water heaters serve the units. The lot measures 20’ X 116’, and the building measures 18’ X 32’. The property is near the R train, local and express bus service, highway access, restaurants, cafes, stores, shopping on 5th Ave, parks, playgrounds, and tennis and basketball courts.
The property was renovated from the bottom to the top 4 years ago, including kitchens, bathrooms, and flooring. Separate boilers and hot water heaters serve the units. The lot measures 20’ X 116’, and the building measures 18’ X 32’. The property is near the R train, local and express bus service, highway access, restaurants, cafes, stores, shopping on 5th Ave, parks, playgrounds, and tennis and basketball courts.
Key Highlights
- Two‑family semi‑detached duplex with matching two‑bedroom layouts
- Renovated from bottom to top 4 years ago with updated kitchens, bathrooms, and floors
- First‑floor unit vacant; second‑floor unit tenant occupied
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
$37,823
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
3.21%
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%
$756,460
$756.5K
Cap Rate 7%
$540,329
$540.3K
Cap Rate 9%
$420,256
$420.3K
Market Conditions
NOI Build-Up for 1,080 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
$55.1K $51.00/SF
− Vacancy
−$1.0K −$0.97/SF
EGI
$54.0K $50.03/SF
− OpEx
−$16.2K −$15.01/SF
NOI
$37.8K $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%
$756,460
Cap Rate 7%
$540,329
Cap Rate 9%
$420,256
Alternative Uses
Best Use
Multifamily LT 5
$540.3K
$472.8K – $630.4K
NOI $37,823 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$471.0K
$412.1K – $549.5K
NOI $32,971 @ 7.0% cap · market cap 2.79%
Theoretical Best
Specialty Retail
$894.2K
$782.5K – $1.04M
NOI $62,597 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,469
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
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 - Semi-detached home with two matching residential units, separate mechanical systems, and a finished basement with its own entrance.
Where is this duplex located?
The property is located at 203 Gelston Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: Two‑family semi‑detached duplex with matching two‑bedroom layouts; Renovated from bottom to top 4 years ago with updated kitchens, bathrooms, and floors; First‑floor unit vacant; second‑floor unit tenant occupied
