Brick Duplex with Rental
For Sale
$1,400,000
571 40th Street, Brooklyn, NY 11232
A garden- and parlor-level residence is paired with a separate top-floor apartment and full cellar.
Property Size2,064 SF
Price / SF$678.29
Days on Market8
Property Features for 571 40th Street
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,144
Building Details
Building Size
2,064 SF
Year Built
1915
Buildings
1
Construction
brick
Listing Agency:
Corcoran Group
Listed By:
Jennifer Wang · License #10401309706 (NY)
(917) 679-8189
Source:
Penrealty
Added: Sep 24
Changed: Oct 1
Last Checked: Sep 30 at 6:54PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This 2,064-square-foot brick duplex property, built in 1915, is arranged as two residences: an owner’s duplex and a top-floor apartment. The building is described as a three-family property currently configured for two households, with the possibility of restoring a third unit. Across the existing layout are five bedrooms and three bathrooms. The duplex includes an eat-in kitchen, laundry, mudroom, backyard, and patio, while the upper apartment has its own kitchen, living and dining area, and den. A full cellar provides additional storage. The parlor floor has 10-foot ceilings and original moldings.
The property is one block from Sunset Park, which includes an Olympic-size pool, recreation center, soccer field, and spray playground. Restaurants and markets line Fifth and Eighth Avenues, while Industry City is a short walk west. D, N, and R train service is available at 36th Street, described as minutes away.
The property is one block from Sunset Park, which includes an Olympic-size pool, recreation center, soccer field, and spray playground. Restaurants and markets line Fifth and Eighth Avenues, while Industry City is a short walk west. D, N, and R train service is available at 36th Street, described as minutes away.
Key Highlights
- 2,064‑square‑foot brick property built in 1915
- Currently configured as two residences, with potential to restore a third unit
- Five bedrooms and three baths across the existing layout
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
$72,285
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
5.16%
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%
$1,445,700
$1.4M
Cap Rate 7%
$1,032,643
$1.0M
Cap Rate 9%
$803,167
$803.2K
Market Conditions
NOI Build-Up for 2,064 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
$105.3K $51.00/SF
− Vacancy
−$2.0K −$0.97/SF
EGI
$103.3K $50.03/SF
− OpEx
−$31.0K −$15.01/SF
NOI
$72.3K $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%
$1,445,700
Cap Rate 7%
$1,032,643
Cap Rate 9%
$803,167
Alternative Uses
Best Use
Multifamily LT 5
$1.03M
$903.6K – $1.20M
NOI $72,285 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$900.2K
$787.7K – $1.05M
NOI $63,012 @ 7.0% cap · market cap 4.50%
Theoretical Best
Specialty Retail
$1.71M
$1.50M – $1.99M
NOI $119,629 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,611
Businesses Nearby
Explore this area
Business Placement
Demographics for 11232, NY
30,181
Population
10,004
Households
3
Avg Household Size
35
Median Age
36%
College-Educated
69%
High-School Grad
1.2 sq mi
ZIP Area
25,151
Density / Sq Mi
$87,517
Median Household Income
$45,983
Median Earnings
$1,972
Median Rent
$782,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - A garden- and parlor-level residence is paired with a separate top-floor apartment and full cellar.
Where is this duplex located?
The property is located at 571 40th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 2,064‑square‑foot brick property built in 1915; Currently configured as two residences, with potential to restore a third unit; Five bedrooms and three baths across the existing layout
