Three-Story Townhouse
New
For Sale
$2,000,000
962 Gates Ave, Brooklyn, NY 11221
Large two-family townhouse with separate residences, private outdoor space, finished basement, and in-unit laundry.
Property Size3,350 SF
Days on Market3
Property Features for 962 Gates Ave
General Information
Standard status
Active
Size
3,350 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,798
Building Details
Building Size
3,350 SF
Year Built
1899
Stories
3
Units
2
Listing Agency:
Compass
Listed By:
Sabelo Sabelo Narasimhan
(917) 539-1068
Source:
Elliman
Added: Sep 15
Last Checked: Sep 16 at 7:04PM
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 Compass
Investment Insights
Based on property information with market context.
This two-family, three-story townhouse contains more than 3,350 square feet of living space along with a 550-square-foot finished basement. The upper duplex measures 2,243 square feet and includes a 750-square-foot living, dining, and kitchen area, a rear bedroom or studio, private deck, four additional bedrooms, and three full baths. The 1,123-square-foot garden apartment has three bedrooms, an open kitchen with stainless steel appliances, a living and dining area, private basement access, and a 550-square-foot south-facing garden. Exposed brick, central air, individual thermostats, and in-unit laundry serve both residences. The finished basement in the garden unit is currently configured as a music studio.
Located at 962 Gates Avenue in Brooklyn, the property is one block from the J/M/Z at Gates Avenue and within walking distance of the A/C at Utica. Walk Score is 92, Transit Score is 98, and Bike Score is 67. Both units are occupied under leases through 03/15/2027. The townhouse was built in 1899.
Located at 962 Gates Avenue in Brooklyn, the property is one block from the J/M/Z at Gates Avenue and within walking distance of the A/C at Utica. Walk Score is 92, Transit Score is 98, and Bike Score is 67. Both units are occupied under leases through 03/15/2027. The townhouse was built in 1899.
Key Highlights
- Two‑family, three‑story townhouse with more than 3,350 square feet of living space
- 2,243‑square‑foot upper duplex with four bedrooms, three full baths, and a 750‑square‑foot great room
- 1,123‑square‑foot garden apartment with three bedrooms and private basement access
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
$117,323
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
5.87%
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%
$2,346,460
$2.3M
Cap Rate 7%
$1,676,043
$1.7M
Cap Rate 9%
$1,303,589
$1.3M
Market Conditions
NOI Build-Up for 3,350 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
$170.9K $51.00/SF
− Vacancy
−$3.2K −$0.97/SF
EGI
$167.6K $50.03/SF
− OpEx
−$50.3K −$15.01/SF
NOI
$117.3K $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%
$2,346,460
Cap Rate 7%
$1,676,043
Cap Rate 9%
$1,303,589
Alternative Uses
Best Use
Multifamily LT 5
$1.68M
$1.47M – $1.96M
NOI $117,323 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,272 @ 7.0% cap · market cap 5.11%
Theoretical Best
Specialty Retail
$2.77M
$2.43M – $3.24M
NOI $194,166 @ 7.0% cap · market cap 9.71%
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
3,534
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Large two-family townhouse with separate residences, private outdoor space, finished basement, and in-unit laundry.
Where is this duplex located?
The property is located at 962 Gates 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, three‑story townhouse with more than 3,350 square feet of living space; 2,243‑square‑foot upper duplex with four bedrooms, three full baths, and a 750‑square‑foot great room; 1,123‑square‑foot garden apartment with three bedrooms and private basement access
