Turret-Style Duplex with Private
For Sale
$2,225,000
37 Apollo Street, Brooklyn, NY 11222
Updated brick townhouse with two residences, finished walk-out basement, and direct outdoor access from the main level.
Property Size2,922 SF
Days on Market108
Property Features for 37 Apollo Street
General Information
Standard status
Active
Size
2,922 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$6,328
Building Details
Building Size
2,922 SF
Year Built
1899
Listing Agency:
Keller Williams Realty
(646) 247-3290
Listed By:
John J. Ricco
Source:
Serhant
Added: Apr 29
Changed: Aug 10
Last Checked: Aug 13 at 11:52AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1899, this all-brick Brooklyn townhouse presents a duplex configuration with distinctive turret-style architecture and updated interior finishes. The main-level residence features an open kitchen and living area, granite counters, stainless steel appliances, a central island, a full bathroom with soaking tub and separate shower, plus a bonus room suited to office, storage, or exercise use. The upper apartment includes two bedrooms, a full bathroom with tub and separate shower, built-in closets, and a turret-created alcove in the primary bedroom.
A private backyard connects directly to the main living area and also links to the lower level. The fully finished walk-out basement adds flexible space to the property. Additional improvements include a heated sidewalk system along the perimeter and custom interior tilework in the bathrooms. The property is located at 37 Apollo Street in Brooklyn, NY 11222.
A private backyard connects directly to the main living area and also links to the lower level. The fully finished walk-out basement adds flexible space to the property. Additional improvements include a heated sidewalk system along the perimeter and custom interior tilework in the bathrooms. The property is located at 37 Apollo Street in Brooklyn, NY 11222.
Key Highlights
- All‑brick townhouse with turret‑style exterior, built in 1899
- Duplex configuration with two residential units
- Private backyard with access from the main living area and basement
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
$102,333
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
4.60%
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%
$2,046,660
$2.0M
Cap Rate 7%
$1,461,900
$1.5M
Cap Rate 9%
$1,137,033
$1.1M
Market Conditions
NOI Build-Up for 2,922 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
$149.0K $51.00/SF
− Vacancy
−$2.8K −$0.97/SF
EGI
$146.2K $50.03/SF
− OpEx
−$43.9K −$15.01/SF
NOI
$102.3K $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%
$2,046,660
Cap Rate 7%
$1,461,900
Cap Rate 9%
$1,137,033
Alternative Uses
Best Use
Multifamily LT 5
$1.46M
$1.28M – $1.71M
NOI $102,333 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$1.27M
$1.12M – $1.49M
NOI $89,206 @ 7.0% cap · market cap 4.01%
Theoretical Best
Specialty Retail
$2.42M
$2.12M – $2.82M
NOI $169,359 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,403
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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?
Duplex - Updated brick townhouse with two residences, finished walk-out basement, and direct outdoor access from the main level.
Where is this duplex located?
The property is located at 37 Apollo Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,225,000.
What are key features of this property?
This property features: All‑brick townhouse with turret‑style exterior, built in 1899; Duplex configuration with two residential units; Private backyard with access from the main living area and basement
