Brick Two-Family with Rear
New
For Sale
$1,799,999
251 Avenue P, Brooklyn, NY 11204
MULTI_FAMILY - Brooklyn, NY
Property Size3,785 SF
Lot Size0.05 Acres
Price / SF$475.56
Days on Market3
Property Features for 251 Avenue P
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5B
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bathroom 2
Interior features
Refrigerator
Basement
Full, Finished
Subdivision
Bensonhurst
Standard status
Active
Size
3,785 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
11272
Building Details
Year built
1930
Floors in Building
2
Building materials
Brick
Listing Agency:
Momentum Real Estate LLC
(718) 382-0001
Listed By:
Leo Chen
(718) 382-0001
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 5:06PM
MLS# 503654
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.
Built in 1930, this 3,785-square-foot brick duplex contains two residences, each arranged with three bedrooms, an eat-in kitchen, separate living and dining areas, and hardwood and tile flooring. The building occupies a 20-by-75-foot footprint and includes a central interior light well. A finished lower level adds open space, a bathroom, and its own entrance. A built-in rear garage provides parking for up to four vehicles, while a refrigerator is included among the interior features.
The property is located at 251 Avenue P in Brooklyn, New York, within the R5B zoning district. The lot measures 0.0505 acres. Both units are described as having layouts that can be converted to four bedrooms, subject to applicable requirements.
The property is located at 251 Avenue P in Brooklyn, New York, within the R5B zoning district. The lot measures 0.0505 acres. Both units are described as having layouts that can be converted to four bedrooms, subject to applicable requirements.
Key Highlights
- Two‑family brick building with 3,785 square feet of property size
- Two residences, each with a full three‑bedroom layout
- Built‑in rear garage with parking for up to 4 vehicles
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
Property Profile
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 - R5B-zoned brick duplex with two three-bedroom residences, finished lower-level space, and private vehicle parking.
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 building with 3,785 square feet of property size; Two residences, each with a full three‑bedroom layout; Built‑in rear garage with parking for up to 4 vehicles
