Semi-Attached Duplex with Finished
For Sale
$669,000
515 E 40th Street, Brooklyn, NY 11203
Residential, Duplex, Brooklyn, NY
Property Size1,264 SF
Lot Size0.05 Acres
Price / SF$529.27
Days on Market426
Property Features for 515 E 40th Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R4
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2
Patio and Porch features
Patio, Porch
Interior features
A/C Unit - Window, Laundry Area, Microwave, Patio Garden, Porch, Refrigerator, Stove
Basement
Finished, Full
Subdivision
East Flatbush
Standard status
Active
Size
1,264 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5378
Amenities
fully fenced backyard
utility shed
active solar panels
Building Details
Year built
1920
Floors in Building
2
Flooring type
Hardwood, Tile
Building materials
Wood Frame
Architectural style
Other
Listing Agency:
Century 21 Achievers
Listed By:
Andre Hanniford · License #HANDE791
(718) 758-0600
Added: Jul 10, 2025
Changed: Sep 5
Last Checked: Sep 8 at 10:06AM
MLS# 494102
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.
This 1,264-square-foot, 3-bedroom semi-attached duplex includes a finished basement with its own entrance and two bathrooms. Hardwood and tile flooring, window-unit A/C, a laundry area, and ample closet storage contribute to the interior layout. The kitchen includes a refrigerator, stove, and microwave, while the home also provides a patio and porch.
Outdoor features include a fully fenced backyard, utility shed, and active solar panels mounted on the roof. A new boiler and water heater are also in place. Built in 1920 with wood-frame construction, the property occupies 0.0459 acres and is zoned R4. The home is near shops, parks, and public transportation in East Flatbush, with the address at 515 E 40th Street in Brooklyn.
Outdoor features include a fully fenced backyard, utility shed, and active solar panels mounted on the roof. A new boiler and water heater are also in place. Built in 1920 with wood-frame construction, the property occupies 0.0459 acres and is zoned R4. The home is near shops, parks, and public transportation in East Flatbush, with the address at 515 E 40th Street in Brooklyn.
Key Highlights
- 3‑bedroom duplex with 1,264 square feet of property size
- Finished basement with a separate entrance
- Active solar panels attached to the roof
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
$44,267
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
6.62%
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%
$885,340
$885.3K
Cap Rate 7%
$632,386
$632.4K
Cap Rate 9%
$491,856
$491.9K
Market Conditions
NOI Build-Up for 1,264 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
$64.5K $51.00/SF
− Vacancy
−$1.2K −$0.97/SF
EGI
$63.2K $50.03/SF
− OpEx
−$19.0K −$15.01/SF
NOI
$44.3K $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%
$885,340
Cap Rate 7%
$632,386
Cap Rate 9%
$491,856
Alternative Uses
Best Use
Multifamily LT 5
$632.4K
$553.3K – $737.8K
NOI $44,267 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$551.3K
$482.4K – $643.2K
NOI $38,589 @ 7.0% cap · market cap 5.77%
Theoretical Best
Specialty Retail
$1.05M
$915.8K – $1.22M
NOI $73,261 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,460
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R4-zoned residence with solar panels, a fenced backyard, and separate basement access.
Where is this duplex located?
The property is located at 515 E 40th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: 3‑bedroom duplex with 1,264 square feet of property size; Finished basement with a separate entrance; Active solar panels attached to the roof
