Historic Duplex
For Sale
$5,000,000
602 5th St, Brooklyn, NY 11215
Flexible two-unit layout pairs a spacious upper residence with a separate one-bedroom garden apartment.
Property Size5,040 SF
Days on Market11
Property Features for 602 5th St
General Information
Standard status
Active
Size
5,040 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$15,936
Building Details
Building Size
5,040 SF
Year Built
1901
Units
1
Listing Agency:
Corcoran Group
Listed By:
Charles C Pigott
(917) 771-5346
Source:
Elliman
Added: Sep 15
Changed: Sep 24
Last Checked: Sep 24 at 12:44PM
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.
Built in 1901, this 20-foot-wide townhouse at 602 5th St in Brooklyn is arranged as an upper triplex above a separate one-bedroom garden apartment. The main residence features a center staircase, four bedrooms, adaptable bonus space, and generously scaled living areas. Original elements include inlaid parquet flooring, stained glass, woodwork, pocket doors, fireplaces, built-ins, and a pier mirror.
The kitchen includes extensive cabinetry, a six-burner BlueStar range, and a gas fireplace. A window-lined solarium opens to a deck and overlooks the garden. Set on a Park Slope block near Prospect Park, the property is close to restaurants, cafés, shops, a farmers market, and transportation. Walk Score is 97, Transit Score is 100, and Bike Score is 91.
The kitchen includes extensive cabinetry, a six-burner BlueStar range, and a gas fireplace. A window-lined solarium opens to a deck and overlooks the garden. Set on a Park Slope block near Prospect Park, the property is close to restaurants, cafés, shops, a farmers market, and transportation. Walk Score is 97, Transit Score is 100, and Bike Score is 91.
Key Highlights
- 1901‑built, 20‑foot‑wide townhouse at 602 5th St, Brooklyn, NY 11215
- Upper triplex over a separate one‑bedroom garden apartment
- Four bedrooms plus flexible space for an office, dressing room, or den
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
$176,509
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
3.53%
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%
$3,530,180
$3.5M
Cap Rate 7%
$2,521,557
$2.5M
Cap Rate 9%
$1,961,211
$2.0M
Market Conditions
NOI Build-Up for 5,040 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
$257.0K $51.00/SF
− Vacancy
−$4.9K −$0.97/SF
EGI
$252.2K $50.03/SF
− OpEx
−$75.6K −$15.01/SF
NOI
$176.5K $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%
$3,530,180
Cap Rate 7%
$2,521,557
Cap Rate 9%
$1,961,211
Alternative Uses
Best Use
Multifamily LT 5
$2.52M
$2.21M – $2.94M
NOI $176,509 @ 7.0% cap · market cap 3.53%
Second Best
Apartment 5plus
$2.20M
$1.92M – $2.56M
NOI $153,866 @ 7.0% cap · market cap 3.08%
Theoretical Best
Specialty Retail
$4.17M
$3.65M – $4.87M
NOI $292,118 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,549
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
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 - Flexible two-unit layout pairs a spacious upper residence with a separate one-bedroom garden apartment.
Where is this duplex located?
The property is located at 602 5th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 1901‑built, 20‑foot‑wide townhouse at 602 5th St, Brooklyn, NY 11215; Upper triplex over a separate one‑bedroom garden apartment; Four bedrooms plus flexible space for an office, dressing room, or den
