Two-Family Townhouse with Rear
587a Lexington Ave, Brooklyn, NY 11221
For Sale
New
$1,800,000
The current one-family arrangement can be reconfigured as two separate residences, with an unfinished basement and private outdoor space.
Property Size2,200 SF
Lot Size0.05 Acres
Price / SF$818.18
Days on Market2
Property Features for 587a Lexington Ave
General Information
Standard status
Size
Lot size
Property subtype
Additional Details
Public Transit
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
deck
private backyard
split AC system
solar panels
Full
7
0.00
Building Details
Building Size
Buildings
Stories
Tenancy
Listing Agency:
Corcoran Group
Listed By:
Joe Lui
Source:
Suitsre
Added: Nov 9
Changed: Nov 10
Last Checked: Nov 10 at 7:40AM
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
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Investment Insights
Based on property information with market context.
This Brooklyn townhouse is presently arranged as a single residence, with five bedrooms and a home office upstairs and two bedrooms on the first floor. The 2,200-square-foot building sits on a 20-by-100-foot lot and measures 20 by 55 feet. An alternative two-family plan provides a three-bedroom, one-bath unit above a two-bedroom, one-bath unit, each with its own living room, dining area, and kitchen. The unfinished basement has entrances at both the front and rear. A rear deck overlooks the private backyard.
The property includes approximately 1,800 square feet of unused buildable area, with a maximum buildable area of 4,000 square feet. A roof installed in 2022, paid-off solar panels, a tax abatement, and split-system heating and cooling are also in place. Supermarkets, retail, dining, and subway service are nearby.
The property includes approximately 1,800 square feet of unused buildable area, with a maximum buildable area of 4,000 square feet. A roof installed in 2022, paid-off solar panels, a tax abatement, and split-system heating and cooling are also in place. Supermarkets, retail, dining, and subway service are nearby.
Key Highlights
- 2,200‑square‑foot townhouse on a 20' x 100' lot, with a 20' x 55' building
- Alternative two‑family arrangement: 3‑bedroom, 1‑bath unit over a 2‑bedroom, 1‑bath unit
- Approximately 1,800 square feet of unused buildable area; maximum buildable area of 4,000 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,048
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,540,960
$1.5M
Cap Rate 7%
$1,100,686
$1.1M
Cap Rate 9%
$856,089
$856.1K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$112.2K $51.00/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$110.1K $50.03/SF
− OpEx
−$33.0K −$15.01/SF
NOI
$77.0K $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 Rate 5%
$1,540,960
Cap Rate 7%
$1,100,686
Cap Rate 9%
$856,089
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$963.1K – $1.28M
NOI $77,048 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$959.5K
$839.6K – $1.12M
NOI $67,164 @ 7.0% cap · market cap 3.73%
Theoretical Best
Specialty Retail
$1.82M
$1.59M – $2.13M
NOI $127,512 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,302
Businesses Nearby
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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
$1,061,400
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Brooklyn, NY
Properties on Market for Duplexes in Brooklyn
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - The current one-family arrangement can be reconfigured as two separate residences, with an unfinished basement and private outdoor space.
Where is this duplex located?
The property is located at 587a Lexington Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 2,200‑square‑foot townhouse on a 20' x 100' lot, with a 20' x 55' building; Alternative two‑family arrangement: 3‑bedroom, 1‑bath unit over a 2‑bedroom, 1‑bath unit; Approximately 1,800 square feet of unused buildable area; maximum buildable area of 4,000 square feet
