Renovated Duplex With Finished
For Sale
$1,180,000
203 Gelston Avenue, Brooklyn, NY 11209
MULTI_FAMILY - Brooklyn, NY
Property Size1,080 SF
Lot Size0.05 Acres
Price / SF$1,092
Days on Market8
Property Features for 203 Gelston Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 3
Interior features
Microwave, Refrigerator, Stove
Basement
Finished, Full
Subdivision
Bay Ridge
Standard status
Active
Size
1,080 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
6067
Building Details
Year built
1899
Number of units
2
Flooring type
Laminate, Tile
Building materials
Wood Frame
Roof type
Asphalt
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Allan H. Zhu · License #AHZ7089
(718) 612-3088
Added: Aug 5
Changed: Aug 12
Last Checked: Aug 12 at 6:06PM
MLS# 503539
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This semi-detached duplex contains two matching residential layouts, each with a living room, dining room and kitchen combination, two bedrooms, and a full bathroom. The first-floor apartment is vacant, while the second-floor unit is tenant occupied. A finished basement is also vacant and has its own side entry leading toward the backyard. The home was renovated from top to bottom 4 years ago, with updated kitchens, bathrooms, and flooring. Separate boilers and hot water heaters serve the units. The property sits on a 20' X 116' lot, with a building footprint reported at 18' X 32'. Built in 1899, the home has wood-frame construction, laminate and tile flooring, and an asphalt roof.
The property is near the R train, local and express bus service, and highway access. Nearby amenities include restaurants, cafes, stores, Fifth Avenue shopping, parks, playgrounds, tennis courts, and basketball courts. The Brooklyn property is located in ZIP Code 11209.
The property is near the R train, local and express bus service, and highway access. Nearby amenities include restaurants, cafes, stores, Fifth Avenue shopping, parks, playgrounds, tennis courts, and basketball courts. The Brooklyn property is located in ZIP Code 11209.
Key Highlights
- Two‑family semi‑detached home on a 20' X 116' lot
- Renovated from top to bottom 4 years ago
- Two matching layouts with two bedrooms and one full bathroom per floor
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
Lease Details
2
Residential units
Yes
Highway access
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 - Two residential units feature separate mechanical systems, refreshed interiors, and a finished basement with an independent entrance.
Where is this duplex located?
The property is located at 203 Gelston Avenue 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 home on a 20' X 116' lot; Renovated from top to bottom 4 years ago; Two matching layouts with two bedrooms and one full bathroom per floor
