Renovated Two-Family Brick
For Sale
$2,250,000
405 Irving Avenue, Brooklyn, NY 11237
Reconfigured townhouse pairs an owner’s duplex with an independent garden apartment and private outdoor space.
Property Size3,300 SF
Lot Size0.05 Acres
Price / SF$661.76
Days on Market47
Property Features for 405 Irving Avenue
General Information
Standard status
Active
Size
3,300 SF
Lot size
0.05 Acres
Property subtype
Multi Family Home
Zoning
R6
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
central HVAC
custom oak kitchen
hardwood floors
skylights
private backyard
washer/dryer
separately metered utilities
Building Details
Building Size
3,300 SF
Year Built
1910
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Luxian International Realty Ll
Listed By:
Luciane R. Serifovic · License #10491208575
(917) 567-8767
Source:
Kirinny
Added: Jul 26
Changed: Sep 9
Last Checked: Aug 25 at 9:22AM
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 Luxian International Realty Ll
Investment Insights
Based on property information with market context.
This 1910 brick two-family townhouse contains approximately 3,400 square feet of renovated living space on a 20' × 100' lot. The owner’s duplex includes an oak kitchen with Verde Alpi Italian marble, Bosch and ZLINE appliances, a 36-inch gas range, oversized island, double pantry, custom millwork, oak flooring, central HVAC with Hyper Heat, and restored architectural details. Folding glass doors connect the living area to a landscaped private backyard with custom cedar and iron fencing. The primary suite includes two walk-in closets and a skylit bath with a double vanity and rain shower.
A separate two-bedroom, two-bath garden apartment has its own entrance, central heating and cooling, GE appliances, a GE Profile washer/dryer, porcelain tile floors, LED lighting, and separately metered utilities. The property is zoned R6 and offers approximately 4,400 buildable square feet. It is near the Myrtle–Wyckoff L train, Whole Foods, cafés, restaurants, shopping, parks, and nightlife in Bushwick. Walk Score and Bike Score are both 86, while Transit Score is 98.
A separate two-bedroom, two-bath garden apartment has its own entrance, central heating and cooling, GE appliances, a GE Profile washer/dryer, porcelain tile floors, LED lighting, and separately metered utilities. The property is zoned R6 and offers approximately 4,400 buildable square feet. It is near the Myrtle–Wyckoff L train, Whole Foods, cafés, restaurants, shopping, parks, and nightlife in Bushwick. Walk Score and Bike Score are both 86, while Transit Score is 98.
Key Highlights
- Approximately 3,400 square feet of renovated living space on a 20' × 100' lot
- Two‑bedroom, two‑bath garden apartment with private entrance and separately metered utilities
- Owner’s duplex includes custom oak kitchen, Verde Alpi Italian marble, and 36‑inch gas range
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
$119,074
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
5.29%
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%
$2,381,480
$2.4M
Cap Rate 7%
$1,701,057
$1.7M
Cap Rate 9%
$1,323,044
$1.3M
Market Conditions
NOI Build-Up for 3,400 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
$173.4K $51.00/SF
− Vacancy
−$3.3K −$0.97/SF
EGI
$170.1K $50.03/SF
− OpEx
−$51.0K −$15.01/SF
NOI
$119.1K $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%
$2,381,480
Cap Rate 7%
$1,701,057
Cap Rate 9%
$1,323,044
Alternative Uses
Best Use
Multifamily LT 5
$1.70M
$1.49M – $1.98M
NOI $119,074 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,798 @ 7.0% cap · market cap 4.61%
Theoretical Best
Specialty Retail
$2.82M
$2.46M – $3.28M
NOI $197,064 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,755
Businesses Nearby
Explore this area
Business Placement
Demographics for 11237, NY
49,418
Population
18,801
Households
2.6
Avg Household Size
31
Median Age
41%
College-Educated
76%
High-School Grad
1.0 sq mi
ZIP Area
49,418
Density / Sq Mi
$82,570
Median Household Income
$43,421
Median Earnings
$2,109
Median Rent
$1,063,700
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
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 - Reconfigured townhouse pairs an owner’s duplex with an independent garden apartment and private outdoor space.
Where is this duplex located?
The property is located at 405 Irving Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Approximately 3,400 square feet of renovated living space on a 20' × 100' lot; Two‑bedroom, two‑bath garden apartment with private entrance and separately metered utilities; Owner’s duplex includes custom oak kitchen, Verde Alpi Italian marble, and 36‑inch gas range
