Brick Two-Family Corner
For Sale
$840,000
365 E 59th St, Brooklyn, NY 11203
Two-unit corner brick residence offers a flexible owner-or-investor layout and private driveway parking.
Property Size1,785 SF
Price / SF$470.59
Days on Market74
Property Features for 365 E 59th St
General Information
Standard status
Active
Size
1,785 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,675
Building Details
Building Size
1,785 SF
Year Built
1945
Stories
2
Tenancy
Multi
Listing Agency:
Top Nest Inc
Listed By:
Yan Byshevsky
(646) 828-6378
Source:
Elliman
Added: Jun 25
Changed: Sep 5
Last Checked: Sep 5 at 8:23AM
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 Top Nest Inc
Investment Insights
Based on property information with market context.
This brick two-family corner home was built in 1945 and is offered vacant at closing. The property includes a flexible layout with a main unit featuring two bedrooms, a full bathroom, and a large living space with room for updates over time. The upper level includes wood floors and some carpeting. A lower-level second unit provides a one-bedroom setup with its own kitchen, living area, and three-quarter bathroom.
Parking is supported by a private driveway, with additional parking available in the rear of the home. The driveway and rear access are described as being accessible via Clarendon Road. The home is positioned near shops, markets, and everyday conveniences along Ralph Avenue, with public transportation close by. The B47 bus is noted on Clarendon Road and the B8 service is noted nearby on Beverly Road.
For tenants, buyers, or investors, the property’s two separate units—each with its own living space and kitchen/bath configuration—can support an owner-occupant approach or a rental strategy. The delivered-vacant condition at closing also allows for immediate transition to a new owner’s preferred plan for occupancy or renovations.
Parking is supported by a private driveway, with additional parking available in the rear of the home. The driveway and rear access are described as being accessible via Clarendon Road. The home is positioned near shops, markets, and everyday conveniences along Ralph Avenue, with public transportation close by. The B47 bus is noted on Clarendon Road and the B8 service is noted nearby on Beverly Road.
For tenants, buyers, or investors, the property’s two separate units—each with its own living space and kitchen/bath configuration—can support an owner-occupant approach or a rental strategy. The delivered-vacant condition at closing also allows for immediate transition to a new owner’s preferred plan for occupancy or renovations.
Key Highlights
- Brick two‑family corner home built in 1945 with approximately 1,785 SF of living space
- Flexible layout for owner or investor, with a two‑bedroom main unit and a separate lower‑level one‑bedroom unit
- Lower‑level unit includes its own kitchen, living area, and three‑quarter 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
$62,514
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
7.44%
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%
$1,250,280
$1.3M
Cap Rate 7%
$893,057
$893.1K
Cap Rate 9%
$694,600
$694.6K
Market Conditions
NOI Build-Up for 1,785 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
$91.0K $51.00/SF
− Vacancy
−$1.7K −$0.97/SF
EGI
$89.3K $50.03/SF
− OpEx
−$26.8K −$15.01/SF
NOI
$62.5K $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%
$1,250,280
Cap Rate 7%
$893,057
Cap Rate 9%
$694,600
Alternative Uses
Best Use
Multifamily LT 5
$893.1K
$781.4K – $1.04M
NOI $62,514 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$778.5K
$681.2K – $908.2K
NOI $54,494 @ 7.0% cap · market cap 6.49%
Theoretical Best
Specialty Retail
$1.48M
$1.29M – $1.72M
NOI $103,459 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,356
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
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 - Two-unit corner brick residence offers a flexible owner-or-investor layout and private driveway parking.
Where is this duplex located?
The property is located at 365 E 59th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: Brick two‑family corner home built in 1945 with approximately 1,785 SF of living space; Flexible layout for owner or investor, with a two‑bedroom main unit and a separate lower‑level one‑bedroom unit; Lower‑level unit includes its own kitchen, living area, and three‑quarter bathroom
