Two-Family Brick
For Sale
$1,598,000
Pending
447 83rd St, Brooklyn, NY 11209
Semidetached two-family brick home with a finished basement, detached two-car garage, and ductless air conditioning.
Property Size2,470 SF
Lot Size0.05 Acres
Days on Market124
Property Features for 447 83rd St
General Information
Standard status
Pending
Size
2,470 SF
Total Parking Spaces
2
Lot size
0.05 Acres
Property subtype
Multi Family
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,586
Amenities
high ceilings
ductless air conditioning
radiant heating
steam heating
hardwood flooring
bamboo flooring
upgraded bathrooms
granite countertops
recessed lights
finished basement
separate rear entrance
balcony
laundry space
fenced front yard
Building Details
Building Size
2,470 SF
Year Built
1920
Stories
2
Tenancy
Multi
Listing Agency:
Century 21 Block & Lot R.E
Listed By:
Gamal Hasan
(718) 768-4500
Source:
Elliman
Added: May 9
Changed: Aug 24
Last Checked: Sep 8 at 8:40AM
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 Century 21 Block & Lot R.E
Investment Insights
Based on property information with market context.
This semidetached two-family brick residence features a vinyl exterior and an upgraded interior ready to move in. The home includes high ceilings, ductless air conditioning, radiant and steam heating, and hardwood/bamboo flooring, along with recessed lighting. Updated bathrooms and kitchen finishes include granite countertops. A full-size finished basement is complemented by a separate rear entrance.
The first floor offers 4 bedrooms and 1 full bath. The second floor also provides 4 bedrooms and 1 full bath, plus a balcony and dedicated laundry space. Parking is available via a shared driveway leading to a detached two-car garage, and the property includes a fenced-in front yard.
The first floor offers 4 bedrooms and 1 full bath. The second floor also provides 4 bedrooms and 1 full bath, plus a balcony and dedicated laundry space. Parking is available via a shared driveway leading to a detached two-car garage, and the property includes a fenced-in front yard.
Key Highlights
- Semidetached 2‑family brick home with Vinyl exterior, built in 1920, on a 23x100 lot with 19x66 footprint
- 4 bedrooms and 1 full bath on the first floor; 4 bedrooms and 1 full bath on the second floor with a balcony and laundry space
- Finished full‑size basement with separate rear entrance
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
$86,504
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
5.41%
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%
$1,730,080
$1.7M
Cap Rate 7%
$1,235,771
$1.2M
Cap Rate 9%
$961,156
$961.2K
Market Conditions
NOI Build-Up for 2,470 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
$126.0K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$123.6K $50.03/SF
− OpEx
−$37.1K −$15.01/SF
NOI
$86.5K $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%
$1,730,080
Cap Rate 7%
$1,235,771
Cap Rate 9%
$961,156
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,504 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$1.08M
$942.6K – $1.26M
NOI $75,407 @ 7.0% cap · market cap 4.72%
Theoretical Best
Specialty Retail
$2.05M
$1.79M – $2.39M
NOI $143,161 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
4,879
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
Median Home Value
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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 - Semidetached two-family brick home with a finished basement, detached two-car garage, and ductless air conditioning.
Where is this duplex located?
The property is located at 447 83rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,598,000.
What are key features of this property?
This property features: Semidetached 2‑family brick home with Vinyl exterior, built in 1920, on a 23x100 lot with 19x66 footprint; 4 bedrooms and 1 full bath on the first floor; 4 bedrooms and 1 full bath on the second floor with a balcony and laundry space; Finished full‑size basement with separate rear entrance
