Two-Family Townhouse
229 Nichols Avenue Brooklyn, NY 11208
229 Nichols Avenue, Brooklyn, NY, 11208
$890,000
Pending
For Sale
$890,000
Pending
Vacant two-family townhouse with three levels plus basement, updated mechanicals, and solar panels.
Property Size2,160 SF
Days on Market590
Property Features for 229 Nichols Avenue
General Information
- Standard status
- Pending
- Size
- 2,160 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1899
Listing agency
Keller Williams Realty Empire
(646) 820-8441
Listed by
Alana McIntosh · License #10301209681
(646) 820-8441
Source
Exitrealty
Added: Dec 10, 2024 Updated: Jul 20 at 4:40PM Checked: Jul 22 at 9:48AM
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 Keller Williams Realty Empire
Investment Insights
Based on property information with market context.
This two-family townhouse-style multifamily property is delivered vacant at closing. The home is arranged across two floors plus a basement, with four bedrooms and one bathroom on the upper floor, and three bedrooms and one bathroom on the main floor. The basement includes two rooms with one bathroom each, along with a living room and kitchen configuration in each area.
Recent major upgrades are noted as a new boiler, an updated roof, upgraded electrical and plumbing, and solar panels. Additional outdoor space includes an oversized backyard and a deck off the first-floor kitchen.
The property is described as being set on a 20 ft by 125 ft lot with overall dimensions of 20 ft by 54 ft. Located in Brooklyn’s Cypress Hills neighborhood, access is described via the J and Z trains at 75th St–Eldert Lane, the Jackie Robinson Parkway, and multiple bus lines to Brooklyn and Queens.
Recent major upgrades are noted as a new boiler, an updated roof, upgraded electrical and plumbing, and solar panels. Additional outdoor space includes an oversized backyard and a deck off the first-floor kitchen.
The property is described as being set on a 20 ft by 125 ft lot with overall dimensions of 20 ft by 54 ft. Located in Brooklyn’s Cypress Hills neighborhood, access is described via the J and Z trains at 75th St–Eldert Lane, the Jackie Robinson Parkway, and multiple bus lines to Brooklyn and Queens.
Key Highlights
- Vacant two‑family townhouse at 229 Nichols Avenue in the Cypress Hills neighborhood of Brooklyn.
- Set up as 2‑family townhouse: Floor 2 has 4BR/1BA; Floor 1 has 3BR/1BA; basement has two rooms with 1BA each plus living room and kitchen.
- Lot size 20ft x 125ft with building measuring 20ft x 54ft.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $82.9k | $38.40 |
| − Vacancy | −$3.7k | −$1.73 |
| EGI | $79.2k | $36.67 |
| − OpEx | −$23.8k | −$11.00 |
| NOI | $55.4k | $25.67 |
2,160 SF · lease $38.40/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$792.1K
$693.1K – $924.1K
NOI $55,448 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$705.3K
$617.1K – $822.9K
NOI $49,371 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,516 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Vacant two-family townhouse with three levels plus basement, updated mechanicals, and solar panels.
Where is this duplex located?
The property is located at 229 Nichols Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: Vacant two‑family townhouse at 229 Nichols Avenue in the Cypress Hills neighborhood of Brooklyn.; Set up as 2‑family townhouse: Floor 2 has 4BR/1BA; Floor 1 has 3BR/1BA; basement has two rooms with 1BA each plus living room and kitchen.; Lot size 20ft x 125ft with building measuring 20ft x 54ft.
