Renovated Brownstone with
For Sale
$2,195,000
537 Halsey Street, Brooklyn, NY 11233
Move-in-ready brownstone featuring an upper duplex and a separate two-bedroom apartment with private garden access.
Property Size3,040 SF
Price / SF$722.04
Days on Market118
Property Features for 537 Halsey Street
General Information
Standard status
Active
Size
3,040 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,231
Building Details
Building Size
3,040 SF
Year Built
1899
Stories
3
Tenancy
Multi
Listing Agency:
Bellmarc
Listed By:
Gamal Hasan
(718) 768-4500
Source:
Penrealty
Added: May 29
Changed: Sep 17
Last Checked: Sep 22 at 10:01PM
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 Bellmarc
Investment Insights
Based on property information with market context.
This fully renovated three-story brownstone includes a finished cellar and a private garden. The upper duplex features an open-concept parlor level with a living room, dining area, and chef’s kitchen with a waterfall countertop island, custom cabinetry, and high-end finishes. Skylights bring in natural light, and the primary bedroom includes an en-suite master bath. The upper duplex also provides access to the finished cellar, offering flexible additional space with a half bathroom and a dedicated laundry area.
The lower level includes a separate two-bedroom, one-bathroom apartment with a private entrance, supporting rental income or multi-generational living. The home has been upgraded with new electrical wiring, new plumbing, and a central HVAC system. It is located in Brooklyn’s Bedford-Stuyvesant Historic District and is near local amenities, including Saraghina, Bar Lunático, and Herbert Von King Park. Transit access is convenient to the A and C subway lines, with a TransitScore of 98.
For owner-occupants, the property supports a comfortable duplex layout with dedicated bedroom and bath space on the upper levels, while keeping the garden-level apartment separate for privacy. For investors or buyers seeking multiple living units, the combination of a renovated upper duplex and an independent two-bedroom unit, along with a move-in-ready condition and modern building systems, offers a straightforward way to acquire a well-improved residential income asset.
The lower level includes a separate two-bedroom, one-bathroom apartment with a private entrance, supporting rental income or multi-generational living. The home has been upgraded with new electrical wiring, new plumbing, and a central HVAC system. It is located in Brooklyn’s Bedford-Stuyvesant Historic District and is near local amenities, including Saraghina, Bar Lunático, and Herbert Von King Park. Transit access is convenient to the A and C subway lines, with a TransitScore of 98.
For owner-occupants, the property supports a comfortable duplex layout with dedicated bedroom and bath space on the upper levels, while keeping the garden-level apartment separate for privacy. For investors or buyers seeking multiple living units, the combination of a renovated upper duplex and an independent two-bedroom unit, along with a move-in-ready condition and modern building systems, offers a straightforward way to acquire a well-improved residential income asset.
Key Highlights
- Fully renovated three‑story brownstone in Brooklyn’s Bedford‑Stuyvesant Historic District (est. 1899 build).
- Upper duplex with 3 bedrooms and 2.5 bathrooms, plus skylights and an open‑concept parlor level with living, dining, and chef’s kitchen.
- Chef’s kitchen with waterfall countertop island, custom cabinetry, and high‑end finishes.
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
$106,466
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
4.85%
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%
$2,129,320
$2.1M
Cap Rate 7%
$1,520,943
$1.5M
Cap Rate 9%
$1,182,956
$1.2M
Market Conditions
NOI Build-Up for 3,040 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
$155.0K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$152.1K $50.03/SF
− OpEx
−$45.6K −$15.01/SF
NOI
$106.5K $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%
$2,129,320
Cap Rate 7%
$1,520,943
Cap Rate 9%
$1,182,956
Alternative Uses
Best Use
Multifamily LT 5
$1.52M
$1.33M – $1.77M
NOI $106,466 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,808 @ 7.0% cap · market cap 4.23%
Theoretical Best
Specialty Retail
$2.52M
$2.20M – $2.94M
NOI $176,198 @ 7.0% cap · market cap 8.03%
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
Location Intelligence
Trade Area within ½ mile
3,932
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
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 - Move-in-ready brownstone featuring an upper duplex and a separate two-bedroom apartment with private garden access.
Where is this duplex located?
The property is located at 537 Halsey Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Fully renovated three‑story brownstone in Brooklyn’s Bedford‑Stuyvesant Historic District (est. 1899 build).; Upper duplex with 3 bedrooms and 2.5 bathrooms, plus skylights and an open‑concept parlor level with living, dining, and chef’s kitchen.; Chef’s kitchen with waterfall countertop island, custom cabinetry, and high‑end finishes.
