Two-Family Brick
For Sale
$1,899,900
648 51st Street, Brooklyn, NY 11220
Residential, Brooklyn, NY
Property Size2,128 SF
Lot Size0.05 Acres
Price / SF$892.81
Days on Market47
Property Features for 648 51st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Interior features
Stove
Basement
Full, Finished
Subdivision
Sunset Park
Standard status
Active
Size
2,128 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
6573
Building Details
Year built
1905
Floors in Building
2
Flooring type
Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Qi Weng
(917) 708-9966
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 30 at 8:06PM
MLS# 503043
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family residential building at 648 51st Street contains 2,128 square feet of property space on a 0.046-acre lot. The structure provides two stories of living area along with a finished basement, three bathrooms, tile flooring, and a stove. Brick construction and a flat roof are noted, with an original build year of 1905.
The property is in Brooklyn’s 11220 ZIP code and is located near restaurants, supermarkets, and Sunset Park. R6B zoning is identified for the site. The address offers a compact multifamily configuration with separate family-house use reflected in the property classification.
The property is in Brooklyn’s 11220 ZIP code and is located near restaurants, supermarkets, and Sunset Park. R6B zoning is identified for the site. The address offers a compact multifamily configuration with separate family-house use reflected in the property classification.
Key Highlights
- Two‑family residential building with 2,128 square feet of property space
- Two stories of living area plus a finished basement
- R6B zoning on a 0.046‑acre lot
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
$63,360
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
3.33%
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%
$1,267,200
$1.3M
Cap Rate 7%
$905,143
$905.1K
Cap Rate 9%
$704,000
$704.0K
Market Conditions
NOI Build-Up for 2,128 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
$94.5K $44.40/SF
− Vacancy
−$4.0K −$1.86/SF
EGI
$90.5K $42.54/SF
− OpEx
−$27.2K −$12.76/SF
NOI
$63.4K $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%
$1,267,200
Cap Rate 7%
$905,143
Cap Rate 9%
$704,000
Alternative Uses
Best Use
Multifamily LT 5
$905.1K
$792.0K – $1.06M
NOI $63,360 @ 7.0% cap · market cap 3.33%
Second Best
Apartment 5plus
$810.7K
$709.3K – $945.8K
NOI $56,747 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,567 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
7,363
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 - Two-story living areas sit above a finished basement in an R6B-zoned property near neighborhood retail, dining, and Sunset Park.
Where is this duplex located?
The property is located at 648 51st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,899,900.
What are key features of this property?
This property features: Two‑family residential building with 2,128 square feet of property space; Two stories of living area plus a finished basement; R6B zoning on a 0.046‑acre lot
