Two-Family Home with Separate
For Sale
$980,000
2717 West 16th Street, Brooklyn, NY 11224
Semi-attached two-family layout with 2/2 units and a full basement offering storage and an additional bathroom.
Property Size2,160 SF
Days on Market104
Property Features for 2717 West 16th Street
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multi Family Home
Zoning
M1-2
Building Details
Building Size
2,160 SF
Year Built
1915
Stories
2
Listing Agency:
Re/Max Edge
Listed By:
Ping Chen
(718) 612-3088
Source:
Excellchoicerealty
Added: May 29
Changed: Sep 8
Last Checked: Sep 8 at 5:16AM
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 Re/Max Edge
Investment Insights
Based on property information with market context.
This semi-attached two-family home offers a straightforward 2-bedroom over 2-bedroom configuration, with each unit including a living room, dining room, kitchen, and one full bathroom. A full basement is accessible through a separate front entrance and provides additional usable space, including a storage area and a 3/4 bathroom.
Located in the heart of Coney Island, the property sits on a generous 20' x 118' lot. It benefits from nearby shopping, supermarkets, restaurants, schools, parks, and neighborhood amenities. For transit and commuting, the area provides easy access to the D, F, N, and Q subway lines, along with multiple bus routes and major roadways.
The current delivery is vacant at closing, which supports end-users looking to customize with their own preferences or investors seeking a value-add approach. With two self-contained units and practical basement utility, the property is well-suited for owners who want flexibility in how to live, rent, or update the space.
Located in the heart of Coney Island, the property sits on a generous 20' x 118' lot. It benefits from nearby shopping, supermarkets, restaurants, schools, parks, and neighborhood amenities. For transit and commuting, the area provides easy access to the D, F, N, and Q subway lines, along with multiple bus routes and major roadways.
The current delivery is vacant at closing, which supports end-users looking to customize with their own preferences or investors seeking a value-add approach. With two self-contained units and practical basement utility, the property is well-suited for owners who want flexibility in how to live, rent, or update the space.
Key Highlights
- Semi‑attached two‑family home built in 1915 with a functional 2‑bedroom over 2‑bedroom layout
- Each unit includes a living room, dining room, kitchen, and one full bathroom
- Full basement with separate front entrance includes storage area and a 3/4 bathroom
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
7.72%
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 7.72%
Second Best
Apartment 5plus
$942.0K
$824.3K – $1.10M
NOI $65,943 @ 7.0% cap · market cap 6.73%
Theoretical Best
Specialty Retail
$1.79M
$1.56M – $2.09M
NOI $125,194 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,268
Businesses Nearby
Explore this area
Business Placement
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
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 - Semi-attached two-family layout with 2/2 units and a full basement offering storage and an additional bathroom.
Where is this duplex located?
The property is located at 2717 West 16th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Semi‑attached two‑family home built in 1915 with a functional 2‑bedroom over 2‑bedroom layout; Each unit includes a living room, dining room, kitchen, and one full bathroom; Full basement with separate front entrance includes storage area and a 3/4 bathroom
