Renovated Two-Family Townhouse with
For Sale
$2,850,000
Pending
277 MIDWOOD Street, Brooklyn, NY 11225
Turnkey two-family home with private outdoor space and an independent garden-level one-bedroom apartment.
Property Size3,120 SF
Days on Market100
Property Features for 277 MIDWOOD Street
General Information
Standard status
Pending
Size
3,120 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,620
Building Details
Building Size
3,120 SF
Year Built
1915
Tenancy
Multi
Listing Agency:
Serhant
Listed By:
Alexandra Newman
(646) 650-6456
Source:
Howardhannanyc
Added: Jun 4
Changed: Sep 2
Last Checked: Sep 10 at 7:19AM
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 Serhant
Investment Insights
Based on property information with market context.
A fully renovated two-family townhouse spanning approximately 3,120 interior square feet on a 20-foot-wide lot, paired with more than 1,600 square feet of private outdoor space. The owner’s duplex covers the parlor and upper levels with three bedrooms, two full bathrooms, and a powder room. The parlor floor features an open-concept layout with a sun-filled dining area framed by south-facing bay windows, a restored decorative fireplace, and a custom chef’s kitchen with paneled Sub-Zero and Wolf appliances, custom cabinetry, wine storage, and oversized island seating. A rear living room overlooks the landscaped garden through a wall of windows and opens directly outdoors. Finishes include white oak herringbone flooring, built-in speakers, and central air. Upstairs, the primary suite offers oversized bay windows with built-in seating, a walk-in closet, and a windowed marble bath with skylight and soaking tub, plus two additional bedrooms, a second finished bath, and a dedicated laundry room. A floating staircase leads to a glass-enclosed bulkhead and a private roof deck with built-in lounge seating, water lines for a future wet bar, and speaker hookups.
The garden-level residence is a fully independent one-bedroom apartment with a private entrance, open-concept living and dining, in-unit laundry, a decorative fireplace, and direct backyard access. The layout also allows for an easy conversion to a single-family residence if desired. Located in Prospect Lefferts Gardens, the home is moments from Prospect Park and near Bomberino, Pacha Cafe, Midwood Flats, and Silver Rice, with convenient access to the 2, 5, B, Q, and S trains.
For buyers seeking a turnkey setup, this property offers distinct living spaces that can support owner-occupancy while maintaining a separate income-producing option below. The extensive outdoor areas—garden-level backyard access and a private roof deck—add practical everyday value for entertaining and day-to-day living.
The garden-level residence is a fully independent one-bedroom apartment with a private entrance, open-concept living and dining, in-unit laundry, a decorative fireplace, and direct backyard access. The layout also allows for an easy conversion to a single-family residence if desired. Located in Prospect Lefferts Gardens, the home is moments from Prospect Park and near Bomberino, Pacha Cafe, Midwood Flats, and Silver Rice, with convenient access to the 2, 5, B, Q, and S trains.
For buyers seeking a turnkey setup, this property offers distinct living spaces that can support owner-occupancy while maintaining a separate income-producing option below. The extensive outdoor areas—garden-level backyard access and a private roof deck—add practical everyday value for entertaining and day-to-day living.
Key Highlights
- Two‑family townhouse on a 20‑foot‑wide lot with approx. 3,120 interior SF and over 1,600 SF of private outdoor space
- Owner’s duplex spans parlor and upper levels with 3 bedrooms, 2 full bathrooms, plus a powder room
- Custom chef’s kitchen with paneled Sub‑Zero and Wolf appliances, custom cabinetry, wine storage, and oversized island seating
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
$109,268
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
3.83%
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%
$2,185,360
$2.2M
Cap Rate 7%
$1,560,971
$1.6M
Cap Rate 9%
$1,214,089
$1.2M
Market Conditions
NOI Build-Up for 3,120 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
$159.1K $51.00/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$156.1K $50.03/SF
− OpEx
−$46.8K −$15.01/SF
NOI
$109.3K $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%
$2,185,360
Cap Rate 7%
$1,560,971
Cap Rate 9%
$1,214,089
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.37M – $1.82M
NOI $109,268 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,250 @ 7.0% cap · market cap 3.34%
Theoretical Best
Specialty Retail
$2.58M
$2.26M – $3.01M
NOI $180,835 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,851
Businesses Nearby
Explore this area
Business Placement
Demographics for 11225, NY
58,786
Population
26,703
Households
2.2
Avg Household Size
36
Median Age
48%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
65,318
Density / Sq Mi
$85,201
Median Household Income
$54,639
Median Earnings
$1,733
Median Rent
$1,218,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Turnkey two-family home with private outdoor space and an independent garden-level one-bedroom apartment.
Where is this duplex located?
The property is located at 277 MIDWOOD Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Two‑family townhouse on a 20‑foot‑wide lot with approx. 3,120 interior SF and over 1,600 SF of private outdoor space; Owner’s duplex spans parlor and upper levels with 3 bedrooms, 2 full bathrooms, plus a powder room; Custom chef’s kitchen with paneled Sub‑Zero and Wolf appliances, custom cabinetry, wine storage, and oversized island seating
