Renovated Duplex with Separate
For Sale
$997,000
240 East 48th Street, Brooklyn, NY 11203
Two apartments have independent HVAC systems, electrical panels, and meters, with designated laundry areas.
Property Size2,000 SF
Price / SF$498.50
Days on Market31
Property Features for 240 East 48th Street
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Unit (2-4)
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Individually Metered Utilities
electricity
Amenities
laundry areas
gardening
Building Details
Year Built
1940
Construction
brick
Listing Agency:
EAGLES NESTERS LLC
Listed By:
Wilfred Howard
(347) 350-8138
Source:
Gosenproperties
Added: Oct 7
Changed: Nov 5
Last Checked: Nov 5 at 7:55AM
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 EAGLES NESTERS LLC
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Investment Insights
Based on property information with market context.
This 2,000-square-foot brick duplex at 240 East 48th Street in Brooklyn contains two apartments with a combined six bedrooms and four bathrooms. Built in 1940, the property has been renovated with new roof, windows, flooring, bathrooms, electrical wiring, sewer and water systems. Each apartment has its own HVAC system and electrical panel, and the building has two electrical meters and two electric water heaters. Interior features include two fireplaces, recessed lighting, quartz counters, shaker cabinetry, stainless steel kitchen appliances, and separate laundry areas. The gated backyard includes a concrete surface and PVC fencing; the front includes a paved driveway with two-car parking.
The property is in East Flatbush, with access to train lines 2, 3, 4, and 5 and bus service. The remarks also identify Prospect Park, Kings Theater, Kings Plaza Mall, Barclays Center, and Marine Park Yacht Club as nearby destinations.
The property is in East Flatbush, with access to train lines 2, 3, 4, and 5 and bus service. The remarks also identify Prospect Park, Kings Theater, Kings Plaza Mall, Barclays Center, and Marine Park Yacht Club as nearby destinations.
Key Highlights
- Two apartments with a combined 6 bedrooms and 4 bathrooms
- 2,000 square feet; built in 1940
- Separate HVAC systems and electrical panels for each apartment; 2 electrical meters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,043
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,400,860
$1.4M
Cap Rate 7%
$1,000,614
$1.0M
Cap Rate 9%
$778,256
$778.3K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$102.0K $51.00/SF
− Vacancy
−$1.9K −$0.97/SF
EGI
$100.1K $50.03/SF
− OpEx
−$30.0K −$15.01/SF
NOI
$70.0K $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%
$1,400,860
Cap Rate 7%
$1,000,614
Cap Rate 9%
$778,256
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$875.5K – $1.17M
NOI $70,043 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$872.3K
$763.2K – $1.02M
NOI $61,058 @ 7.0% cap · market cap 6.12%
Theoretical Best
Specialty Retail
$1.66M
$1.45M – $1.93M
NOI $115,920 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,239
Businesses Nearby
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Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments have independent HVAC systems, electrical panels, and meters, with designated laundry areas.
Where is this duplex located?
The property is located at 240 East 48th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $997,000.
What are key features of this property?
This property features: Two apartments with a combined 6 bedrooms and 4 bathrooms; 2,000 square feet; built in 1940; Separate HVAC systems and electrical panels for each apartment; 2 electrical meters
