Renovated Two-Family Home in
For Sale
Contact for pricing
629 45th St, Brooklyn, NY 11220
Beautifully renovated, extra-large two-family home in Sunset Park.
Property Size2,003 SF
Price / SF$748.38
Days on Market171
Property Features for 629 45th St
General Information
Standard status
Active
Size
2,003 SF
Property subtype
Mixed Use
Zoning
R6B
Building Details
Year Built
1910
Listing Agency:
RE/MAX Real Estate Professionals
(718) 532-2000
Listed By:
Vito Angelo · License #NY 40AN0957928
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 RE/MAX Real Estate Professionals
Investment Insights
Based on property information with market context.
Located in Sunset Park, this renovated two-family home features approximately 3000 square feet of living space. The solid brick, three-level home is situated in the heart of Sunset Park, offering convenient access to shopping and transportation along 8th Avenue, 7th Avenue, and 5th Avenue. The property features high ceilings and hardwood floors throughout. Modern kitchens are equipped with stainless steel appliances and Caesarstone countertops. In-unit washers and dryers are included. Exposed brick adds to the aesthetic appeal. A large, private backyard provides outdoor space. The home has a separate front entrance to the lower level/basement area. The current layout includes a 3-bedroom, 2-bathroom unit on the second floor, a 2-bedroom, 2-bathroom unit on the first floor, and a lower level/basement with a separate front entrance. The property is zoned R6B and has a size of 20x48.
Key Highlights
- Fully renovated, extra‑large (approx. 3000 sqft) solid brick 2‑family home.
- Prime Sunset Park location, convenient to shopping and transportation.
- Modern kitchens with stainless steel appliances and Caesarstone countertops.
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
$59,639
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
3.98%
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%
$1,192,780
$1.2M
Cap Rate 7%
$851,986
$852.0K
Cap Rate 9%
$662,656
$662.7K
Market Conditions
NOI Build-Up for 2,003 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
$88.9K $44.40/SF
− Vacancy
−$3.7K −$1.86/SF
EGI
$85.2K $42.54/SF
− OpEx
−$25.6K −$12.76/SF
NOI
$59.6K $29.77/SF
Area
ZIP 11220
Vacancy
4.20%
Lease Rate
$44.40 /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%
$1,192,780
Cap Rate 7%
$851,986
Cap Rate 9%
$662,656
Alternative Uses
Best Use
Multifamily LT 5
$852.0K
$745.5K – $994.0K
NOI $59,639 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$763.0K
$667.7K – $890.2K
NOI $53,413 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$1.30M
$1.14M – $1.51M
NOI $90,895 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,454
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Beautifully renovated, extra-large two-family home in Sunset Park.
Where is this duplex located?
The property is located at 629 45th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Fully renovated, extra‑large (approx. 3000 sqft) solid brick 2‑family home.; Prime Sunset Park location, convenient to shopping and transportation.; Modern kitchens with stainless steel appliances and Caesarstone countertops.
