Brooklyn Two-Family Home with
For Sale
$3,200,000
Pending
277 S 2nd St, Brooklyn, NY 11211
Two-family home in Brooklyn with multiple balconies and garage.
Property Size3,420 SF
Lot Size0.04 Acres
Days on Market284
Property Features for 277 S 2nd St
General Information
Standard status
Pending
Size
3,420 SF
Lot size
0.04 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$15,391
Building Details
Building Size
3,420 SF
Year Built
2007
Units
2
Listed By:
Jerard Drewes
(516) 826-8100
Source:
Elliman
Added: Nov 27, 2025
Changed: Sep 4
Last Checked: Sep 7 at 7:30AM
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 Jerard Drewes
Investment Insights
Based on property information with market context.
This two-family home features a first floor with a one-car garage, foyer, living room/dining room, kitchen, and half bath. The second floor includes three bedrooms and two full baths. The third floor contains a living room, dining room, kitchen, half bath, and two balconies. The fourth floor includes three bedrooms, two full baths, and two balconies. The basement has a full, high ceiling with a half bath and outside entrance.
Key Highlights
- Two family home - potential for rental income or multi‑generational living.
- Six bedrooms and four and a half bathrooms across both units.
- Enjoy outdoor living with two balconies.
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
$104,409
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
3.26%
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%
$2,088,180
$2.1M
Cap Rate 7%
$1,491,557
$1.5M
Cap Rate 9%
$1,160,100
$1.2M
Market Conditions
NOI Build-Up for 3,420 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
$193.7K $56.64/SF
− Vacancy
−$3.9K −$1.13/SF
EGI
$189.8K $55.51/SF
− OpEx
−$85.4K −$24.98/SF
NOI
$104.4K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$2,088,180
Cap Rate 7%
$1,491,557
Cap Rate 9%
$1,160,100
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.31M – $1.74M
NOI $104,409 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.83M
$2.48M – $3.30M
NOI $198,223 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,980
Businesses Nearby
Explore this area
Business Placement
Demographics for 11211, NY
68,540
Population
29,068
Households
2.4
Avg Household Size
31
Median Age
55%
College-Educated
86%
High-School Grad
1.5 sq mi
ZIP Area
45,693
Density / Sq Mi
$105,183
Median Household Income
$67,533
Median Earnings
$2,357
Median Rent
$1,118,600
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?
Multifamily property - Two-family home in Brooklyn with multiple balconies and garage.
Where is this multifamily property located?
The property is located at 277 S 2nd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Two family home - potential for rental income or multi‑generational living.; Six bedrooms and four and a half bathrooms across both units.; Enjoy outdoor living with two balconies.
