Renovated Brick Two-Family
New
For Sale
$2,250,000
405 Irving Avenue, Brooklyn, NY 11237
Residential, Brooklyn, NY
Property Size3,300 SF
Lot Size0.05 Acres
Price / SF$681.82
Days on Market3
Property Features for 405 Irving Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
6
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 5, Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 6
Interior features
A/C Unit, Central Air, Dishwasher, Dryer, Microwave, Refrigerator, Washer
Subdivision
Bushwick
Standard status
Active
Size
3,300 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5028
Building Details
Year built
1910
Floors in Building
3
Number of units
1
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
Luxian International Realty LL
(917) 567-8767
Listed By:
Luciane R. Serifovic · License #10491208575
(877) 341-1555
Added: Sep 7
Changed: Sep 8
Last Checked: Sep 9 at 5:06PM
MLS# 504321
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.
This 1910 brick duplex is configured with an owner's duplex and an independently accessed two-bedroom, two-bath garden apartment. The renovated residence includes oak flooring, custom millwork, restored architectural elements, central HVAC with Hyper Heat, skylights, and solid wood interior doors. The main living areas connect to a landscaped private backyard through folding glass doors. A custom oak kitchen features Verde Alpi Italian marble, Bosch and ZLINE appliances, a 36-inch gas range, an oversized island, and double pantry. The garden apartment includes central heating and cooling, GE appliances, a GE Profile washer/dryer, porcelain tile, LED lighting, and separately metered utilities. The property is zoned R6 and occupies a 20' x 100' lot. It is near the Myrtle-Wyckoff L train, Whole Foods, cafes, restaurants, shopping, parks, and nightlife in Bushwick.
Key Highlights
- Two‑family brick townhouse on a 20' x 100' lot
- Owner's duplex plus independent two‑bedroom, two‑bath garden apartment
- 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
$115,572
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
5.14%
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%
$2,311,440
$2.3M
Cap Rate 7%
$1,651,029
$1.7M
Cap Rate 9%
$1,284,133
$1.3M
Market Conditions
NOI Build-Up for 3,300 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
$168.3K $51.00/SF
− Vacancy
−$3.2K −$0.97/SF
EGI
$165.1K $50.03/SF
− OpEx
−$49.5K −$15.01/SF
NOI
$115.6K $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%
$2,311,440
Cap Rate 7%
$1,651,029
Cap Rate 9%
$1,284,133
Alternative Uses
Best Use
Multifamily LT 5
$1.65M
$1.44M – $1.93M
NOI $115,572 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,746 @ 7.0% cap · market cap 4.48%
Theoretical Best
Specialty Retail
$2.73M
$2.39M – $3.19M
NOI $191,268 @ 7.0% cap · market cap 8.50%
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two-unit townhouse with separate garden apartment, private outdoor space, and central HVAC.
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 brick townhouse on a 20' x 100' lot; Owner's duplex plus independent two‑bedroom, two‑bath garden apartment; R6 zoning with approximately 4,400 buildable square feet
