Neo-Grec Duplex
New
For Sale
$2,000,000
879 Greene Ave, Brooklyn, NY 11221
Four-story residence combines an owner’s triplex, garden apartment, terrace, rear garden, and full cellar.
Property Size2,520 SF
Days on Market4
Property Features for 879 Greene Ave
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,100
Amenities
laundry
terrace
garden
recreation room
Building Details
Building Size
2,520 SF
Year Built
1899
Buildings
1
Stories
4
Units
2
Construction
Neo-Grec brownstone
Listing Agency:
Corcoran Group
Listed By:
Emma James · License #10401293345 (NY)
(646) 283-1303
Source:
Elliman
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 15 at 8:19AM
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 1899, this four-story Neo-Grec brownstone presents a two-family layout with an owner’s triplex over a one-bedroom garden apartment. The primary residence includes a parlor-level living and dining arrangement, a rear kitchen with a marble island, three bedrooms with en-suite baths, dedicated laundry, and a full cellar containing recreation, mechanical, and utility areas. A terrace connects the main living level to the deep rear garden.
The uppermost level is devoted to the primary suite, including a bathroom with a skylight, freestanding clawfoot tub, and separate glass-enclosed shower. Decorative details include herringbone and inlaid wood floors, marble finishes, millwork, and a coffered kitchen ceiling. The property is located at 879 Greene Avenue in Brooklyn’s Stuyvesant Heights, one block from Malcolm X Boulevard and near neighborhood restaurants and bars. Walk Score is 90, Bike Score is 78, and Transit Score is 100.
The uppermost level is devoted to the primary suite, including a bathroom with a skylight, freestanding clawfoot tub, and separate glass-enclosed shower. Decorative details include herringbone and inlaid wood floors, marble finishes, millwork, and a coffered kitchen ceiling. The property is located at 879 Greene Avenue in Brooklyn’s Stuyvesant Heights, one block from Malcolm X Boulevard and near neighborhood restaurants and bars. Walk Score is 90, Bike Score is 78, and Transit Score is 100.
Key Highlights
- Two‑family configuration with owner’s triplex above a one‑bedroom garden apartment
- Four‑story Neo‑Grec brownstone built in 1899
- Three bedrooms in the owner’s residence, each with an en‑suite bath
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
$88,255
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
4.41%
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%
$1,765,100
$1.8M
Cap Rate 7%
$1,260,786
$1.3M
Cap Rate 9%
$980,611
$980.6K
Market Conditions
NOI Build-Up for 2,520 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
$128.5K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$126.1K $50.03/SF
− OpEx
−$37.8K −$15.01/SF
NOI
$88.3K $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%
$1,765,100
Cap Rate 7%
$1,260,786
Cap Rate 9%
$980,611
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.10M – $1.47M
NOI $88,255 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$1.10M
$961.7K – $1.28M
NOI $76,933 @ 7.0% cap · market cap 3.85%
Theoretical Best
Specialty Retail
$2.09M
$1.83M – $2.43M
NOI $146,059 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,119
Businesses Nearby
Explore this area
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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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 - Four-story residence combines an owner’s triplex, garden apartment, terrace, rear garden, and full cellar.
Where is this duplex located?
The property is located at 879 Greene Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Two‑family configuration with owner’s triplex above a one‑bedroom garden apartment; Four‑story Neo‑Grec brownstone built in 1899; Three bedrooms in the owner’s residence, each with an en‑suite bath
