Gowanus Two-Family Property for
For Sale
Contact for pricing
Pending
124 8th St, Brooklyn, NY 11215
Three-story, 1,800 SF two-family property in Gowanus.
Property Size1,800 SF
Days on Market705
Property Features for 124 8th St
General Information
Standard status
Pending
Size
1,800 SF
Property subtype
Multifamily
Listing Agency:
Avison Young - New York
Listed By:
Joseph Moran · License #NY
Source:
Crexi
Added: Oct 3, 2024
Changed: Sep 3
Last Checked: Sep 7 at 6:07AM
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 Avison Young - New York
Investment Insights
Based on property information with market context.
Located in Gowanus, the property at 124 8th Street is a 3-story walk-up spanning 1,800 square feet. The building, with a width of 22 feet, is situated on the south side of 8th Street, between 2nd and 3rd Avenues. It is legally configured as a 2-family residence across its three stories. The property's location and size make it suitable for conversion into a single-family home. The Gowanus Neighborhood Rezoning is driving a significant transformation in the submarket, spurring high demand for new residential rentals and condominiums. This has led to new development transforming the once industrial submarket, with large-scale developments along the Gowanus Canal and Avenues, and boutique developments along the side streets. The property benefits from high accessibility, located approximately one and a half blocks from the 9th Street Subway Station, which serves the train. It is also near the 4th Avenue-9th Street Station, serving the and trains. For drivers, the property is a few blocks from the Brooklyn-Queens Expressway, offering direct access to the Belt Parkway, as well as the Brooklyn and Manhattan Bridges.
Key Highlights
- Ideal for single‑family home conversion.
- Located in Gowanus, a neighborhood undergoing dramatic transformation.
- Legal 2‑family configuration spanning 3 stories.
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
$63,039
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
2.80%
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%
$1,260,780
$1.3M
Cap Rate 7%
$900,557
$900.6K
Cap Rate 9%
$700,433
$700.4K
Market Conditions
NOI Build-Up for 1,800 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
$91.8K $51.00/SF
− Vacancy
−$1.7K −$0.97/SF
EGI
$90.1K $50.03/SF
− OpEx
−$27.0K −$15.01/SF
NOI
$63.0K $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%
$1,260,780
Cap Rate 7%
$900,557
Cap Rate 9%
$700,433
Alternative Uses
Best Use
Multifamily LT 5
$900.6K
$788.0K – $1.05M
NOI $63,039 @ 7.0% cap · market cap 2.80%
Second Best
Apartment 5plus
$785.0K
$686.9K – $915.9K
NOI $54,952 @ 7.0% cap · market cap 2.44%
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,328 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,800
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
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 - Three-story, 1,800 SF two-family property in Gowanus.
Where is this duplex located?
The property is located at 124 8th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Ideal for single‑family home conversion.; Located in Gowanus, a neighborhood undergoing dramatic transformation.; Legal 2‑family configuration spanning 3 stories.
