Brick Duplex with Rear
New
For Sale
$1,799,999
251 Avenue P, Brooklyn, NY 11204
Two residential units offer three-bedroom layouts, separate living and dining areas, and additional finished lower-level space.
Property Size3,785 SF
Days on Market3
Property Features for 251 Avenue P
General Information
Standard status
Active
Size
3,785 SF
Total Parking Spaces
4
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,272
Building Details
Building Size
3,785 SF
Year Built
1930
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Momentum Real Estate LLC
(718) 382-0001
Listed By:
Leo Chen
(718) 382-0001
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 13 at 11:29AM
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 Momentum Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1930, this brick duplex at 251 Avenue P includes two residential units, each arranged with three bedrooms, an eat-in kitchen, separate living and dining rooms, and hardwood and tile flooring that includes parquet. An interior light well brings natural light into the center of the building. The layouts can be converted to four-bedroom configurations, subject to applicable requirements.
The finished lower level adds a separate entrance, bathroom, and open flexible area. A built-in rear garage provides parking for up to 4 vehicles, an uncommon feature for a two-family property. The property records a Walk Score of 96, Transit Score of 84, and Bike Score of 56.
The finished lower level adds a separate entrance, bathroom, and open flexible area. A built-in rear garage provides parking for up to 4 vehicles, an uncommon feature for a two-family property. The property records a Walk Score of 96, Transit Score of 84, and Bike Score of 56.
Key Highlights
- Two‑family brick property with a 20x75 footprint
- Each unit has a full 3 bedroom layout with potential conversion to 4 bedrooms
- Interior light well provides natural light at the center of the building
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
$132,557
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
7.36%
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%
$2,651,140
$2.7M
Cap Rate 7%
$1,893,671
$1.9M
Cap Rate 9%
$1,472,856
$1.5M
Market Conditions
NOI Build-Up for 3,785 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
$193.0K $51.00/SF
− Vacancy
−$3.7K −$0.97/SF
EGI
$189.4K $50.03/SF
− OpEx
−$56.8K −$15.01/SF
NOI
$132.6K $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%
$2,651,140
Cap Rate 7%
$1,893,671
Cap Rate 9%
$1,472,856
Alternative Uses
Best Use
Multifamily LT 5
$1.89M
$1.66M – $2.21M
NOI $132,557 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$1.65M
$1.44M – $1.93M
NOI $115,552 @ 7.0% cap · market cap 6.42%
Theoretical Best
Specialty Retail
$3.13M
$2.74M – $3.66M
NOI $219,379 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 11204, NY
85,885
Population
27,498
Households
3.1
Avg Household Size
34
Median Age
30%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
53,678
Density / Sq Mi
$67,588
Median Household Income
$33,461
Median Earnings
$1,751
Median Rent
$1,097,200
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 offer three-bedroom layouts, separate living and dining areas, and additional finished lower-level space.
Where is this duplex located?
The property is located at 251 Avenue P Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,799,999.
What are key features of this property?
This property features: Two‑family brick property with a 20x75 footprint; Each unit has a full 3 bedroom layout with potential conversion to 4 bedrooms; Interior light well provides natural light at the center of the building
