Three-Story Victorian
For Sale
$1,800,000
351 E 16th Street, Brooklyn, NY 11226
MULTI_FAMILY - Brooklyn, NY
Property Size3,315 SF
Lot Size0.11 Acres
Price / SF$542.99
Days on Market147
Property Features for 351 E 16th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3X
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 7, Bathroom 5, Bedroom 7, Bathroom 8, Bathroom 6, Bedroom 6, Bathroom 2, Bedroom 8
Parking features
Garage - Detached
Patio and Porch features
Porch
Interior features
Porch
Basement
Full
Subdivision
Ditmas Park
Standard status
Active
Size
3,315 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
10475
Building Details
Year built
1899
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
Century 21 Homefront Realty
(718) 252-6060
Listed By:
Delton Cheng · License #31CH0928260
(718) 252-6060
Added: Mar 20
Changed: Aug 3
Last Checked: Aug 13 at 9:06AM
MLS# 499779
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.
Detached three-story Victorian duplex on a 0.1148-acre lot with 3,315 square feet. Built in 1899 with wood-frame construction and a shingle roof, the home features original parquet floors, intricate moldings, and classic pocket doors. Interior finishes include hardwood and tile flooring, plus an open front porch. The property also includes a full storage basement, a private driveway, and a spacious rear yard with a detached garage, adding practical outdoor space and parking convenience.
Situated in the Ditmas Park neighborhood just off Cortelyou Road, the property is positioned near restaurants, cafes, and shops, with convenient access to the Q train and the B103 bus route along Cortelyou Road.
Zoned R3X, this residence offers a distinctive historic setting with an established layout and core exterior improvements for an end-user or investor.
Situated in the Ditmas Park neighborhood just off Cortelyou Road, the property is positioned near restaurants, cafes, and shops, with convenient access to the Q train and the B103 bus route along Cortelyou Road.
Zoned R3X, this residence offers a distinctive historic setting with an established layout and core exterior improvements for an end-user or investor.
Key Highlights
- 0.1148‑acre lot with 3,315 square feet
- Built in 1899 with wood‑frame construction and shingle roof
- Zoned R3X
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
$84,031
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
4.67%
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%
$1,680,620
$1.7M
Cap Rate 7%
$1,200,443
$1.2M
Cap Rate 9%
$933,678
$933.7K
Market Conditions
NOI Build-Up for 3,315 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
$125.3K $37.80/SF
− Vacancy
−$5.3K −$1.59/SF
EGI
$120.0K $36.21/SF
− OpEx
−$36.0K −$10.86/SF
NOI
$84.0K $25.35/SF
Area
ZIP 11226
Vacancy
4.20%
Lease Rate
$37.80 /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%
$1,680,620
Cap Rate 7%
$1,200,443
Cap Rate 9%
$933,678
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $84,031 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$1.11M
$971.4K – $1.30M
NOI $77,714 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,694 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,766
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Detached three-story duplex in R3X zoning with a private driveway and detached garage.
Where is this duplex located?
The property is located at 351 E 16th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 0.1148‑acre lot with 3,315 square feet; Built in 1899 with wood‑frame construction and shingle roof; Zoned R3X
