Renovated Brick Two-Family
For Sale
$2,180,000
448 55th St, Brooklyn, NY 11220
Fully renovated three-story brick two-family with a finished basement and separately metered utilities for flexible occupancy.
Property Size3,004 SF
Lot Size0.05 Acres
Days on Market61
Property Features for 448 55th St
General Information
Standard status
Active
Size
3,004 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,354
Building Details
Building Size
3,004 SF
Year Built
1901
Stories
3
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Jiaxing (Josh) Yu
(718) 612-3088
Source:
Elliman
Added: Jun 14
Changed: Aug 11
Last Checked: Aug 13 at 11:27AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This fully renovated legal two-family brick property offers three stories plus a finished basement, providing a straightforward multi-unit layout with significant flexibility. The building has undergone a complete gut renovation and features steel beam construction throughout. Major systems have been updated, including plumbing, gas lines, electrical wiring, windows, flooring, kitchens, and bathrooms. Each floor is configured with 4 bedrooms and 2 full bathrooms, while the finished basement includes a separate entrance, windows, additional space, and 2 full bathrooms.
The home is situated on a 20x100 lot with a large private backyard. It also includes multiple utility and service setups: 3 gas meters, 3 electric meters, 3 separate heating systems, and 3 separate hot water systems, supporting independent service and easier tenant separation.
Given the current two-family configuration and the option described to convert the property to a 3-family, this building can suit a range of buyers, including investors, owner-occupants seeking additional space, or households looking for multi-generational living. Convenient access to public transportation is supported by nearby N and R subway lines and several bus routes, helping connect the property to the broader Brooklyn area.
The home is situated on a 20x100 lot with a large private backyard. It also includes multiple utility and service setups: 3 gas meters, 3 electric meters, 3 separate heating systems, and 3 separate hot water systems, supporting independent service and easier tenant separation.
Given the current two-family configuration and the option described to convert the property to a 3-family, this building can suit a range of buyers, including investors, owner-occupants seeking additional space, or households looking for multi-generational living. Convenient access to public transportation is supported by nearby N and R subway lines and several bus routes, helping connect the property to the broader Brooklyn area.
Key Highlights
- Fully renovated legal two‑family brick home (Year built 1901) in Sunset Park with finished basement and private backyard
- Can be converted to a 3‑family; building dimensions are 20x47 on a 20x100 lot
- Separate services for flexibility: 3 gas meters, 3 electric meters, 3 separate heating systems, and 3 separate hot water systems
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
$89,443
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
4.10%
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%
$1,788,860
$1.8M
Cap Rate 7%
$1,277,757
$1.3M
Cap Rate 9%
$993,811
$993.8K
Market Conditions
NOI Build-Up for 3,004 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
$133.4K $44.40/SF
− Vacancy
−$5.6K −$1.86/SF
EGI
$127.8K $42.54/SF
− OpEx
−$38.3K −$12.76/SF
NOI
$89.4K $29.77/SF
Area
ZIP 11220
Vacancy
4.20%
Lease Rate
$44.40 /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%
$1,788,860
Cap Rate 7%
$1,277,757
Cap Rate 9%
$993,811
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,443 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$1.14M
$1.00M – $1.34M
NOI $80,107 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,319 @ 7.0% cap · market cap 6.25%
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
7,042
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
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 - Fully renovated three-story brick two-family with a finished basement and separately metered utilities for flexible occupancy.
Where is this duplex located?
The property is located at 448 55th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,180,000.
What are key features of this property?
This property features: Fully renovated legal two‑family brick home (Year built 1901) in Sunset Park with finished basement and private backyard; Can be converted to a 3‑family; building dimensions are 20x47 on a 20x100 lot; Separate services for flexibility: 3 gas meters, 3 electric meters, 3 separate heating systems, and 3 separate hot water systems
