Renovated Two-Family
For Sale
$2,250,000
405 Irving Avenue, Brooklyn, NY 11237
Brick residence with an owner’s duplex, independent garden apartment, landscaped backyard, and separately metered utilities.
Property Size3,300 SF
Lot Size0.05 Acres
Price / SF$661.76
Days on Market16
Property Features for 405 Irving Avenue
General Information
Standard status
Active
Size
3,300 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Zoning
R6
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,028
Amenities
skylights
custom oak kitchen
folding glass doors
landscaped private backyard
oak hardwood floors
central HVAC
custom millwork
restored architectural details
walk-in closets
spa-inspired bath
private entrance
washer/dryer
separately metered utilities
Building Details
Building Size
3,300 SF
Year Built
1910
Buildings
1
Construction
brick
Listing Agency:
Luxian International Realty LL
Listed By:
Luciane R. Serifovic · License #10491208575
(917) 567-8767
Source:
Serhant
Added: Sep 7
Changed: Sep 17
Last Checked: Sep 21 at 7:32AM
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.
Built in 1910, this renovated brick two-family townhouse occupies a 20' x 100' lot and provides approximately 3,400 square feet of living space. The layout includes an owner’s duplex and a separate two-bedroom, two-bath garden apartment with its own entrance. The main residence features oak flooring, custom millwork, central HVAC with Hyper Heat, three skylights, a custom kitchen with Italian marble, Bosch and ZLINE appliances, a 36-inch gas range, and an oversized island. Folding glass doors open to a landscaped private backyard with cedar and iron fencing.
The garden apartment includes central heating and cooling, GE appliances, a GE Profile washer/dryer, porcelain tile flooring, LED lighting, and separately metered utilities. The primary suite offers two walk-in closets and a bath with a skylight, double vanity, rain shower, and Kohler x Studio McGee fixtures. The property is zoned R6 and has approximately 4,400 buildable square feet. It is near the Myrtle-Wyckoff L train, Whole Foods, cafes, restaurants, shopping, parks, and nightlife in Bushwick.
The garden apartment includes central heating and cooling, GE appliances, a GE Profile washer/dryer, porcelain tile flooring, LED lighting, and separately metered utilities. The primary suite offers two walk-in closets and a bath with a skylight, double vanity, rain shower, and Kohler x Studio McGee fixtures. The property is zoned R6 and has approximately 4,400 buildable square feet. It is near the Myrtle-Wyckoff L train, Whole Foods, cafes, restaurants, shopping, parks, and nightlife in Bushwick.
Key Highlights
- Two‑family townhouse with an owner’s duplex and independent garden apartment
- Approximately 3,400 square feet of renovated living space on a 20' x 100' lot
- R6 zoning with approximately 4,400 buildable square feet
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
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Current Use
Lease Details
2
Residential units
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Brick residence with an owner’s duplex, independent garden apartment, landscaped backyard, and separately metered utilities.
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: Two‑family townhouse with an owner’s duplex and independent garden apartment; Approximately 3,400 square feet of renovated living space on a 20' x 100' lot; R6 zoning with approximately 4,400 buildable square feet
