Renovated Two-Family
New
For Sale
$988,000
341 E 51 Street, Brooklyn, NY 11203
Residential Income, Brooklyn, NY
Property Size2,303 SF
Lot Size0.05 Acres
Price / SF$429.01
Days on Market1
Property Features for 341 E 51 Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 4, Bathroom 2, Bedroom 3, Basement, Bedroom 5, Bedroom 1
Parking features
Driveway, Off Street
Interior features
First Floor Bedroom, First Floor Full Bath, Eat-in Kitchen
Basement
Full
Elementary school
Ps 268 Emma Lazarus
Middle school
Middle School Of Media Law And Fine Arts (The)
High school
Contact Agent
Elementary school district
Brooklyn 18
Middle school district
Brooklyn 18
High school district
Contact Agent
Standard status
Active
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6020
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1910
Number of units
2
Building materials
Brick
Listing Agency:
Mitra Hakimi Realty Group LLC
Listed By:
Etan Hakimi · License #1014541
(718) 268-5588
Added: Sep 9
Last Checked: Sep 9 at 10:06PM
MLS# 1046116
Copyright © 2026 OneKey MLS. 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 renovated two-family residence at 341 E 51 Street includes two three-bedroom, one-bath units. The first-floor apartment has an open kitchen and living area, an eat-in kitchen, and a first-floor bedroom and full bath. The second-floor unit is tenant-occupied, while the first floor is vacant. A full basement provides recreation and storage space along with a separate boiler area.
The 0.0459-acre property was built in 1910 and features brick construction, natural gas heating, a driveway, and off-street parking. Public water and public sewer serve the property, with water available. The home is in Brooklyn’s East Flatbush section, between Linden Boulevard and Church Avenue, near neighborhood shopping, supermarkets, restaurants, schools, parks, and everyday services. Bus access includes the B35 and B46 lines, with surrounding access to the 2, 3, 4, and 5 subway lines.
The 0.0459-acre property was built in 1910 and features brick construction, natural gas heating, a driveway, and off-street parking. Public water and public sewer serve the property, with water available. The home is in Brooklyn’s East Flatbush section, between Linden Boulevard and Church Avenue, near neighborhood shopping, supermarkets, restaurants, schools, parks, and everyday services. Bus access includes the B35 and B46 lines, with surrounding access to the 2, 3, 4, and 5 subway lines.
Key Highlights
- Two three‑bedroom, one‑bath units
- First floor delivered vacant; second floor tenant‑occupied
- Full basement with recreation and storage space
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
$80,655
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
8.16%
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%
$1,613,100
$1.6M
Cap Rate 7%
$1,152,214
$1.2M
Cap Rate 9%
$896,167
$896.2K
Market Conditions
NOI Build-Up for 2,303 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
$117.5K $51.00/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$115.2K $50.03/SF
− OpEx
−$34.6K −$15.01/SF
NOI
$80.7K $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%
$1,613,100
Cap Rate 7%
$1,152,214
Cap Rate 9%
$896,167
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,655 @ 7.0% cap · market cap 8.16%
Second Best
Apartment 5plus
$1.00M
$878.9K – $1.17M
NOI $70,308 @ 7.0% cap · market cap 7.12%
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.22M
NOI $133,482 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,305
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-unit residence with a vacant first floor, tenant-occupied second floor, basement space, and off-street parking.
Where is this duplex located?
The property is located at 341 E 51 Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $988,000.
What are key features of this property?
This property features: Two three‑bedroom, one‑bath units; First floor delivered vacant; second floor tenant‑occupied; Full basement with recreation and storage space
