Brick Duplex With Separate
For Sale
$1,198,000
4115 Manhattan Avenue, Brooklyn, NY 11224
Residential, Brooklyn, NY
Property Size2,200 SF
Lot Size0.07 Acres
Price / SF$544.55
Days on Market22
Property Features for 4115 Manhattan Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3-1
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 1, Bedroom 2
Interior features
Laundry Area, Refrigerator, Terrace
Basement
Unfinished
Subdivision
Seagate
Standard status
Active
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
8130
Amenities
gated access
waterfront setting
parquet flooring
full unfinished basement
gas heating
off-street parking
Building Details
Year built
1910
Floors in Building
2
Flooring type
Parquet Wood
Building materials
Brick
Roof type
Flat
Listing Agency:
Empire State Realty Group
(646) 932-4442
Listed By:
Waqas Azhar
(646) 932-4441
Added: Aug 18
Changed: Sep 6
Last Checked: Sep 8 at 1:06AM
MLS# 503883
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.
Built in 1910, this solid-brick duplex contains approximately 2,200 square feet of living space on a 3,080-square-foot lot. The first-floor residence includes two bedrooms and an additional room, while the second-floor unit provides two bedrooms and a separate side entry. Both units have living rooms, dining areas, and kitchens. Parquet flooring appears throughout much of the home, and gas heating serves the property.
A full unfinished basement with exterior access adds flexible storage or usable space. The property also features a shared driveway with off-street parking, a terrace, laundry area, refrigerator, and a flat roof. Zoned R3-1, the home is located in the gated Sea Gate community near the beach, Coney Island beaches and boardwalk, local shopping, dining, schools, and transportation.
A full unfinished basement with exterior access adds flexible storage or usable space. The property also features a shared driveway with off-street parking, a terrace, laundry area, refrigerator, and a flat roof. Zoned R3-1, the home is located in the gated Sea Gate community near the beach, Coney Island beaches and boardwalk, local shopping, dining, schools, and transportation.
Key Highlights
- Approximately 2,200 square feet on a 3,080‑square‑foot lot
- Two‑family layout with two bedrooms in each unit
- Separate side entrance for the second‑floor residence
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
$77,048
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
6.43%
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%
$1,540,960
$1.5M
Cap Rate 7%
$1,100,686
$1.1M
Cap Rate 9%
$856,089
$856.1K
Market Conditions
NOI Build-Up for 2,200 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
$112.2K $51.00/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$110.1K $50.03/SF
− OpEx
−$33.0K −$15.01/SF
NOI
$77.0K $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%
$1,540,960
Cap Rate 7%
$1,100,686
Cap Rate 9%
$856,089
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$963.1K – $1.28M
NOI $77,048 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$959.5K
$839.6K – $1.12M
NOI $67,164 @ 7.0% cap · market cap 5.61%
Theoretical Best
Specialty Retail
$1.82M
$1.59M – $2.13M
NOI $127,512 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
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 - Two residential units include living, dining, and kitchen areas, with basement space and off-street parking.
Where is this duplex located?
The property is located at 4115 Manhattan Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,198,000.
What are key features of this property?
This property features: Approximately 2,200 square feet on a 3,080‑square‑foot lot; Two‑family layout with two bedrooms in each unit; Separate side entrance for the second‑floor residence
