Duplex with Finished
New
For Sale
$999,000
203 Gelston Avenue, Brooklyn, NY 11209
Residential, Brooklyn, NY
Property Size1,080 SF
Lot Size0.05 Acres
Price / SF$925
Days on Market2
Property Features for 203 Gelston Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5B
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 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
6347
Building Details
Year built
1899
Floors in Building
2
Number of units
2
Flooring type
Tile, Hardwood
Roof type
Flat
Buildings
1
Listing Agency:
RE/MAX Edge · RE/MAX International
Listed By:
Allan H. Zhu
(718) 612-3088
Added: Oct 26
Last Checked: Oct 26 at 11:06PM
MLS# 505617
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.
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Investment Insights
Based on property information with market context.
This semi-detached duplex has two residential floors, each arranged with a living room, a dining area combined with the kitchen, two bedrooms, and a full bathroom. The finished basement has its own side entrance leading toward the backyard. Separate boilers and water heaters serve the home, and the interior was renovated from top to bottom 5 years ago, including kitchens, bathrooms, and floors. Tile and hardwood flooring are noted, along with a flat roof and R5B zoning.
The 20-by-116-foot lot is in Brooklyn, with access to the R train, local and express buses, and nearby highways. Restaurants, cafes, shops, and shopping on 5th Ave are also in the surrounding area, as are a park, playgrounds, tennis courts, and basketball courts.
The 20-by-116-foot lot is in Brooklyn, with access to the R train, local and express buses, and nearby highways. Restaurants, cafes, shops, and shopping on 5th Ave are also in the surrounding area, as are a park, playgrounds, tennis courts, and basketball courts.
Key Highlights
- Two‑family semi‑detached home on a 20' X 116' lot
- Each floor has two bedrooms and a full bathroom
- Finished basement with a separate side entrance to the backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,823
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
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
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 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 3.79%
Second Best
Apartment 5plus
$471.0K
$412.1K – $549.5K
NOI $32,971 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$894.2K
$782.5K – $1.04M
NOI $62,597 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate boilers and water heaters serve the two residential units.
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 $999,000.
What are key features of this property?
This property features: Two‑family semi‑detached home on a 20' X 116' lot; Each floor has two bedrooms and a full bathroom; Finished basement with a separate side entrance to the backyard
