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    Renovation-Required Duplex with Rear Yard Title is generated by Realmo AI

    706 Cleveland Street, Brooklyn, NY 11208

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    Claim this Listing
    New
    For Sale
    $679,900

    MULTI_FAMILY - Brooklyn, NY

    Property size:
    1,900 SF
    Lot size:
    0.04 Acres
    Price / SF:
    $357/SF
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 1:06 pm

    Property Features for 706 Cleveland Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R5
    Bedrooms
    5
    Bathrooms
    2
    Rooms
    Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 4
    Standard status
    Active
    Size
    1,900 SF
    Lot size
    0.04 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3834

    Building Details

    Year built
    1901
    Floors in Building
    2
    Number of units
    2
    Building materials
    Brick
    Roof type
    Asphalt
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Shelly V. Irizarry
    Shelly V. Irizarry

    Listing agent Shelly V. Irizarry

    Listing office Reony.Com Ltd 108-14 Crossbay Blvd, Ozone Park, NY

    Listing date Jun 5, 2026

    MLS# 502039 Listing URL

    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.

    HighLights

    • Colonial‑style home built in 1901 with brick construction and an asphalt roof
    • 5‑bedroom, 2‑bathroom layout
    • Full basement
    • Private rear yard
    • Sold as‑is and requires a complete renovation

    Overview

    This duplex is configured for residential income use and totals approximately 1,900 square feet, with a full basement and a private rear yard. The property is in need of a complete renovation, and the seller is offering it strictly as-is, making it a fit for contractors, investors, or end users prepared to execute an extensive rehab.

    Located in East New York, the address at 706 Cleveland Street places the property near transportation and local shopping and amenities, supporting day-to-day convenience for future occupants.

    With the existing basement and outdoor space already in place, the main opportunity here is realizing the property’s finished layout and curb-to-back potential through renovation. Because the home is being sold as-is and requires a full interior and exterior refresh, prospective buyers should plan accordingly for scope, permitting, and construction timelines. The zoning is listed as R5, and buyers are encouraged to review it for alignment with their intended residential use.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $73.0k $38.40
    − Vacancy −$3.3k −$1.73
    EGI $69.7k $36.67
    − OpEx −$20.9k −$11.00
    NOI $48.8k $25.67
    1,900 SF · lease $38.40/SF/yr · vacancy 4.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $696.8K
    $609.7K – $812.9K (±1% cap)
    NOI $48,774 @ 7.0% cap · market cap 7.17%
    Second Best
    Apartment 5plus
    $620.4K
    $542.9K – $723.8K (±1% cap)
    NOI $43,429 @ 7.0% cap · market cap 6.39%
    Theoretical Best
    Office A
    $1.16M
    $1.02M – $1.36M (±1% cap)
    NOI $81,380 @ 7.0% cap · market cap 11.97%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.882785
    Latitude
    40.667034

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    FAQs

    What type of property is this?
    Duplex - Duplex offers a full basement and private rear yard, sold strictly as-is for renovation-minded owners.
    Where is this duplex located?
    The property is located at 706 Cleveland Street Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $679,900.
    What are key features of this property?
    This property features: Colonial‑style home built in 1901 with brick construction and an asphalt roof; 5‑bedroom, 2‑bathroom layout; Full basement
    (718) 835-8800
    We can help!
    Listing Contact
    Shelly V. Irizarry
    Shelly V. Irizarry
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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