Renovated Two-Family
For Sale
$1,560,000
2514 E 24th Street, Brooklyn, NY 11235
Residential, Brooklyn, NY
Property Size2,160 SF
Lot Size0.06 Acres
Price / SF$722.22
Days on Market96
Property Features for 2514 E 24th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 8, Bedroom 3, Bedroom 9, Bathroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 7, Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
Parking features
Carport
Interior features
A/C Unit, Central Air - Split
Basement
Full, Finished
Subdivision
Sheepshead Bay
Standard status
Active
Size
2,160 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
9140
Amenities
split-system heating and air conditioning
Building Details
Year built
1925
Floors in Building
2
Flooring type
Hardwood, Ceramic
Building materials
Brick
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Franklin Shan · License #FS1500
(718) 269-4598
Added: May 30
Changed: Aug 30
Last Checked: Sep 2 at 9:06AM
MLS# 501874
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.
This 2,160-square-foot brick duplex contains two independent residential levels on a 25' x 100' lot. The first floor includes 3 bedrooms and 2 full bathrooms, while the second floor provides 4 bedrooms and 2 full bathrooms. The building measures 20' x 54' and includes private parking.
Renovation work was completed approximately 5 years ago, including upgrades to the plumbing, electrical, and gas systems. Separate gas meters serve the two units, with independent hot water and heating systems. Split-system heating and air conditioning are provided in each bedroom, and the interior combines ceramic and hardwood flooring beneath a flat roof.
The property is delivered fully vacant and is located near a park, shopping, restaurants, schools, and everyday services. B and Q subway lines are approximately 8 blocks away, while the B9 bus provides direct access to the 8th Avenue commercial district. The property is zoned R4.
Renovation work was completed approximately 5 years ago, including upgrades to the plumbing, electrical, and gas systems. Separate gas meters serve the two units, with independent hot water and heating systems. Split-system heating and air conditioning are provided in each bedroom, and the interior combines ceramic and hardwood flooring beneath a flat roof.
The property is delivered fully vacant and is located near a park, shopping, restaurants, schools, and everyday services. B and Q subway lines are approximately 8 blocks away, while the B9 bus provides direct access to the 8th Avenue commercial district. The property is zoned R4.
Key Highlights
- 2,160‑square‑foot two‑family duplex on a 25' x 100' lot
- First floor: 3 bedrooms and 2 full bathrooms; second floor: 4 bedrooms and 2 full bathrooms
- Renovated approximately 5 years ago from basement through roof
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
$75,647
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
4.85%
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%
$1,512,940
$1.5M
Cap Rate 7%
$1,080,671
$1.1M
Cap Rate 9%
$840,522
$840.5K
Market Conditions
NOI Build-Up for 2,160 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
$110.2K $51.00/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$108.1K $50.03/SF
− OpEx
−$32.4K −$15.01/SF
NOI
$75.6K $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%
$1,512,940
Cap Rate 7%
$1,080,671
Cap Rate 9%
$840,522
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$945.6K – $1.26M
NOI $75,647 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$942.0K
$824.3K – $1.10M
NOI $65,943 @ 7.0% cap · market cap 4.23%
Theoretical Best
Specialty Retail
$1.79M
$1.56M – $2.09M
NOI $125,194 @ 7.0% cap · market cap 8.03%
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
5,053
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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 - Vacant, separately metered residence with private parking and upgraded building systems.
Where is this duplex located?
The property is located at 2514 E 24th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,560,000.
What are key features of this property?
This property features: 2,160‑square‑foot two‑family duplex on a 25' x 100' lot; First floor: 3 bedrooms and 2 full bathrooms; second floor: 4 bedrooms and 2 full bathrooms; Renovated approximately 5 years ago from basement through roof
