Detached Duplex with Private
New
For Sale
$1,198,000
5007 Surf Ave, Brooklyn, NY 11224
Three-level detached duplex with a garage, landscaped rear yard, and flexible residential living space.
Property Size2,432 SF
Lot Size0.20 Acres
Days on Market2
Property Features for 5007 Surf Ave
General Information
Standard status
Active
Size
2,432 SF
Lot size
0.20 Acres
Property subtype
Multi Family
Additional Details
HOA Fee
$415.75
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,771
Amenities
wood deck
patio/garden area
fire pit
enclosed garden
above-ground pool
working fireplace
laundry room
basement
Building Details
Building Size
2,432 SF
Year Built
1930
Buildings
1
Stories
3
Listing Agency:
Compass
Listed By:
Kurt Vikki · License #10401239518
(212) 913-9058
Source:
Elliman
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 22 at 1:51PM
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 detached two-family residence is currently configured for single-family use and offers three floors of living space on a 51' x 178' lot. The main level includes a living room with a working fireplace, formal dining room, sitting room, kitchen, and half bath. Three bedrooms, a full bathroom, and a laundry room are located upstairs, while the top floor adds an attic room and storage. The basement provides additional open space with direct access to the rear yard.
Outdoor features include a wood deck, patio and garden areas, enclosed planting space, storage house, shed, fire pit, and an above-ground pool with surrounding decking. A private driveway and detached garage provide on-site parking. The property is located at 5007 Surf Ave in Brooklyn's Seagate neighborhood, with X28 and X38 express bus service on Neptune Avenue and access to the D, F, Q, and N subway lines. Built in 1930.
Outdoor features include a wood deck, patio and garden areas, enclosed planting space, storage house, shed, fire pit, and an above-ground pool with surrounding decking. A private driveway and detached garage provide on-site parking. The property is located at 5007 Surf Ave in Brooklyn's Seagate neighborhood, with X28 and X38 express bus service on Neptune Avenue and access to the D, F, Q, and N subway lines. Built in 1930.
Key Highlights
- Detached two‑family residence currently used as a single‑family home
- 51' x 178' lot totaling 8,768 square feet
- Three floors plus an open basement with rear yard access
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
$85,173
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
7.11%
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%
$1,703,460
$1.7M
Cap Rate 7%
$1,216,757
$1.2M
Cap Rate 9%
$946,367
$946.4K
Market Conditions
NOI Build-Up for 2,432 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
$124.0K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$121.7K $50.03/SF
− OpEx
−$36.5K −$15.01/SF
NOI
$85.2K $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%
$1,703,460
Cap Rate 7%
$1,216,757
Cap Rate 9%
$946,367
Alternative Uses
Best Use
Multifamily LT 5
$1.22M
$1.06M – $1.42M
NOI $85,173 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$1.06M
$928.1K – $1.24M
NOI $74,246 @ 7.0% cap · market cap 6.20%
Theoretical Best
Specialty Retail
$2.01M
$1.76M – $2.35M
NOI $140,959 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
365
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
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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 - Three-level detached duplex with a garage, landscaped rear yard, and flexible residential living space.
Where is this duplex located?
The property is located at 5007 Surf Ave 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: Detached two‑family residence currently used as a single‑family home; 51' x 178' lot totaling 8,768 square feet; Three floors plus an open basement with rear yard access
