2513 Lipscomb Street
About This Property
This unique property offers strong upside for investors and builders alike. The rear home (2513) is already cash flowing, featuring 2 bedrooms and 2 bathrooms with an in-place tenant paying $1,475/month, providing immediate income.
The front home (2511) offers significant value-add potential and is being sold primarily for land value, with options to renovate using existing plans for a 3/2 layout or redevelop the site. Full permits and plans have been submitted to the city for improvements to the rear property.
Whether you choose to hold for income, renovate, or explore future redevelopment, this property presents a rare opportunity just under one mile from the ocean in a highly desirable area. A versatile investment with both current returns and long-term potential.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jun 5, 2026 | Sold | ||
| Sold | |||
| Apr 13, 2026 | In contract | - | |
| In contract | |||
| Apr 8, 2026 | Price Decreased |
$177,500
↓ $10K
(5.3%) | |
| Price Decreased | |||
| Feb 25, 2026 | Listed by Elevate Realty LLC | $187,500 | |
| Listed by Elevate Realty LLC | |||
| Jul 14, 2023 | Listed by REALTY ONE GROUP INNOVATION | $89,000 | |
| Listed by REALTY ONE GROUP INNOVATION | |||
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Calling all investors. Make this 2/2 into an income producing property! Needs TLC but has great potential. Full permits and plans have been submitted to the city. 2511 Lipscomb St can also be purchased as a packaged deal. See listing for more information.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017