Two-Unit Building with Renovated
For Sale
Contact for pricing
461 Milford St, Brooklyn, NY 11208
Two-story building featuring renovated apartments and a full basement.
Property Size1,728 SF
Price / SF$546.88
Days on Market936
Property Features for 461 Milford St
General Information
Standard status
Active
Size
1,728 SF
Class
A
Property subtype
Multifamily
Zoning
R5
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1920
Year Renovated
2020
Buildings
1
Stories
2
Units
2
Listing Agency:
Brown Harris Stevens
Listed By:
Kervin Vales · License #109918089
(212) 396-8244
Source:
Crexi
Added: Feb 21, 2024
Changed: Sep 3
Last Checked: Sep 14 at 5:11AM
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 Brown Harris Stevens
Investment Insights
Based on property information with market context.
This 18-foot wide, two-story building contains two units. The first floor features a three-bedroom apartment with a wide bedroom at the front, a central living room/dining area, a bedroom on the right side, and a full bathroom on the left. The master bedroom at the back provides access to the deck and backyard. The second floor also offers a three-bedroom apartment with a similar layout: a wide front bedroom, a central living room/dining area, a bedroom to the right, and a full bathroom to the left. The master bedroom at the back overlooks the backyard. The property includes a full, open, and column-free basement accessible from the first-floor apartment and the back of the building. The basement features side windows, a full bathroom, a utility room housing two gas boilers and two water heaters, and 7-foot ceilings, offering the potential to be duplexed with the first-floor apartment. Both units have been completely renovated, featuring wood floors and tiled kitchens and bathrooms. The hallways and stairs are in good condition. This property presents a prime opportunity for an owner-occupier to reside on the first floor with personal access to the basement and backyard, with the potential to convert the basement into a home office or gym, and to add a kitchenette and laundry area. It is also a prime investment opportunity, as each apartment has its own boiler and water heater, allowing tenants to pay their own heating. While currently having one electric meter, value can be added by installing individual electric meters for each unit. Transportation is readily accessible via the A train to Euclid Avenue and the 2, 3, and 4 trains at New Lots Avenue, providing easy access to Manhattan.
Key Highlights
- Two renovated 3‑bedroom apartments, ideal for owner‑occupancy with rental income.
- Full, column‑free basement with 7' ceilings and bathroom, offering duplex potential or conversion to home office/gym.**
- First‑floor apartment with direct access to the backyard and basement.
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
$44,358
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
4.69%
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%
$887,160
$887.2K
Cap Rate 7%
$633,686
$633.7K
Cap Rate 9%
$492,867
$492.9K
Market Conditions
NOI Build-Up for 1,728 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
$66.4K $38.40/SF
− Vacancy
−$3.0K −$1.73/SF
EGI
$63.4K $36.67/SF
− OpEx
−$19.0K −$11.00/SF
NOI
$44.4K $25.67/SF
Area
ZIP 11208
Vacancy
4.50%
Lease Rate
$38.40 /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%
$887,160
Cap Rate 7%
$633,686
Cap Rate 9%
$492,867
Alternative Uses
Best Use
Multifamily LT 5
$633.7K
$554.5K – $739.3K
NOI $44,358 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$564.2K
$493.7K – $658.3K
NOI $39,497 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$1.06M
$925.2K – $1.23M
NOI $74,013 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,245
Businesses Nearby
Explore this area
Business Placement
Demographics for 11208, NY
101,958
Population
37,261
Households
2.7
Avg Household Size
35
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
37,762
Density / Sq Mi
$59,988
Median Household Income
$40,156
Median Earnings
$1,563
Median Rent
$638,200
Median Home Value
Check the figures for this property
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 - Two-story building featuring renovated apartments and a full basement.
Where is this duplex located?
The property is located at 461 Milford St Brooklyn, NY.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Two renovated 3‑bedroom apartments, ideal for owner‑occupancy with rental income.; Full, column‑free basement with 7' ceilings and bathroom, offering duplex potential or conversion to home office/gym.**; First‑floor apartment with direct access to the backyard and basement.
