Renovated Duplex Multifamily
New
For Sale
$1,799,000
451 Lexington Avenue, Brooklyn, NY 11221
Two duplex residences include flexible lower-level rooms, updated interiors, private outdoor space, and dedicated parking.
Property Size3,015 SF
Price / SF$596.68
Days on Market3
Property Features for 451 Lexington Avenue
General Information
Standard status
Active
Size
3,015 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,156
Amenities
backyard
deck
Building Details
Building Size
3,015 SF
Year Built
2005
Buildings
1
Listing Agency:
Compass
Listed By:
Parviz Latipzoda · License #10301222789
(917) 847-7771
Source:
Carlinwright
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 21 at 8:59AM
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 Compass
Investment Insights
Based on property information with market context.
This 3,015-square-foot duplex property, built in 2005, contains two separate duplex residences plus two additional rooms on the ground level. A comprehensive renovation introduced a stucco facade, black aluminum windows, updated siding, new gutters and leaders, refinished stairs, and a wood deck overlooking the backyard. Interior features include hardwood flooring, custom kitchen cabinetry, high-end appliances, recessed lighting, built-in storage, renovated bathrooms, and fireplaces. Each room has an individual mini-split, supported by three HVAC systems, including one dedicated to the lower level.
The property also provides two parking spaces, a finished backyard with a mature tree, and a newly constructed deck. It is positioned two blocks from Herbert Von King Park and approximately four blocks from the Bedford-Nostrand Avenues G train station. The lower level has been fully renovated and adds flexible space to the two-residence layout.
The property also provides two parking spaces, a finished backyard with a mature tree, and a newly constructed deck. It is positioned two blocks from Herbert Von King Park and approximately four blocks from the Bedford-Nostrand Avenues G train station. The lower level has been fully renovated and adds flexible space to the two-residence layout.
Key Highlights
- Two duplex residences within a 3,015‑square‑foot property
- Comprehensive renovation includes facade, windows, siding, systems, interiors, and lower level
- Three separate HVAC systems, with individual mini‑splits in each room
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
$105,590
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
5.87%
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%
$2,111,800
$2.1M
Cap Rate 7%
$1,508,429
$1.5M
Cap Rate 9%
$1,173,222
$1.2M
Market Conditions
NOI Build-Up for 3,015 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
$153.8K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$150.8K $50.03/SF
− OpEx
−$45.3K −$15.01/SF
NOI
$105.6K $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%
$2,111,800
Cap Rate 7%
$1,508,429
Cap Rate 9%
$1,173,222
Alternative Uses
Best Use
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,590 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $92,045 @ 7.0% cap · market cap 5.12%
Theoretical Best
Specialty Retail
$2.50M
$2.18M – $2.91M
NOI $174,749 @ 7.0% cap · market cap 9.71%
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
4,964
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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 - Two duplex residences include flexible lower-level rooms, updated interiors, private outdoor space, and dedicated parking.
Where is this duplex located?
The property is located at 451 Lexington Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Two duplex residences within a 3,015‑square‑foot property; Comprehensive renovation includes facade, windows, siding, systems, interiors, and lower level; Three separate HVAC systems, with individual mini‑splits in each room
