Two-Family Townhouse with Private
For Sale
$1,399,999
904 GATES Avenue, Brooklyn, NY 11221
Move-in-ready two-family townhouse with an owner duplex, separate top-floor rental, and private off-street parking.
Property Size2,880 SF
Price / SF$486.11
Days on Market61
Property Features for 904 GATES Avenue
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,376
Building Details
Building Size
2,880 SF
Year Built
1995
Listing Agency:
Serhant
Listed By:
Stanley P Montfort
(908) 414-6006
Source:
Nilelundgren
Added: Jul 24
Changed: Sep 19
Last Checked: Sep 21 at 8:56AM
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 Serhant
Investment Insights
Based on property information with market context.
This move-in-ready two-family townhouse includes an expansive owner duplex with four bedrooms, two modern bathrooms, and a chef-friendly kitchen with updated appliances and premium granite countertops. A deep private garden is available for outdoor enjoyment.
The property also features a completely separate top-floor rental apartment for additional income. It includes a private driveway providing off-street parking. The remarks note a generous FAR of 3, with potential for long-term expansion by approximately 3,120 square feet.
Transit information provided indicates a TransitScore of 98 (Rider’s Paradise), with WalkScore of 88 (Very Walkable) and BikeScore of 74 (Very Bikeable).
The property also features a completely separate top-floor rental apartment for additional income. It includes a private driveway providing off-street parking. The remarks note a generous FAR of 3, with potential for long-term expansion by approximately 3,120 square feet.
Transit information provided indicates a TransitScore of 98 (Rider’s Paradise), with WalkScore of 88 (Very Walkable) and BikeScore of 74 (Very Bikeable).
Key Highlights
- Two‑family townhouse built in 1995 with an owner duplex and a separate top‑floor rental apartment
- Owner duplex features 4 bedrooms, 2 bathrooms, and a chef‑friendly kitchen with updated appliances and granite countertops
- Separate top‑floor rental provides immediate, steady revenue
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
$100,862
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
7.20%
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%
$2,017,240
$2.0M
Cap Rate 7%
$1,440,886
$1.4M
Cap Rate 9%
$1,120,689
$1.1M
Market Conditions
NOI Build-Up for 2,880 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
$146.9K $51.00/SF
− Vacancy
−$2.8K −$0.97/SF
EGI
$144.1K $50.03/SF
− OpEx
−$43.2K −$15.01/SF
NOI
$100.9K $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%
$2,017,240
Cap Rate 7%
$1,440,886
Cap Rate 9%
$1,120,689
Alternative Uses
Best Use
Multifamily LT 5
$1.44M
$1.26M – $1.68M
NOI $100,862 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $87,923 @ 7.0% cap · market cap 6.28%
Theoretical Best
Specialty Retail
$2.38M
$2.09M – $2.78M
NOI $166,925 @ 7.0% cap · market cap 11.92%
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
3,649
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 - Move-in-ready two-family townhouse with an owner duplex, separate top-floor rental, and private off-street parking.
Where is this duplex located?
The property is located at 904 GATES Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: Two‑family townhouse built in 1995 with an owner duplex and a separate top‑floor rental apartment; Owner duplex features 4 bedrooms, 2 bathrooms, and a chef‑friendly kitchen with updated appliances and granite countertops; Separate top‑floor rental provides immediate, steady revenue
