Brick Duplex with Detached
New
For Sale
$995,000
2066 E 38th Street, Brooklyn, NY 11234
Residential, Duplex, Brooklyn, NY
Property Size1,600 SF
Lot Size0.05 Acres
Price / SF$621.88
Days on Market7
Property Features for 2066 E 38th Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R4
Bedrooms
3
Bathrooms
3
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 2
Parking features
Garage - Detached
Interior features
A/C Unit - Window, Laundry Area, Stove
Basement
Finished, Full
Subdivision
Marine Park
Standard status
Active
Size
1,600 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
8208
Building Details
Year built
1930
Floors in Building
2
Flooring type
Hardwood
Building materials
Brick
Roof type
Flat
Architectural style
Other
Listing Agency:
Real Broker NY LLC
(718) 256-4000
Listed By:
Thomas D'Alcamo Jr
(718) 269-4598
Added: Sep 3
Changed: Sep 7
Last Checked: Sep 9 at 11:06PM
MLS# 504184
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,600-square-foot brick duplex at 2066 E 38th Street includes 3 bedrooms and 3 bathrooms within a layout that also provides an additional basement room. Hardwood flooring, updated plumbing and electrical systems, a window A/C unit, laundry area, and stove are among the existing features. The water heater is approximately three years old, and the main flat roof has been maintained.
Outdoor improvements include new front steps, a resurfaced backyard, and a detached 1-car garage with a new roof. The property occupies 0.0471 acres and was built in 1930. Located in Brooklyn, NY 11234, the property carries R4 zoning and offers a combination of residential space, storage or flex area, and garage parking.
Outdoor improvements include new front steps, a resurfaced backyard, and a detached 1-car garage with a new roof. The property occupies 0.0471 acres and was built in 1930. Located in Brooklyn, NY 11234, the property carries R4 zoning and offers a combination of residential space, storage or flex area, and garage parking.
Key Highlights
- R4 zoning with 1,600 square feet of property size
- 3 bedrooms and 3 bathrooms
- Brick duplex built in 1930
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
$56,035
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
5.63%
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%
$1,120,700
$1.1M
Cap Rate 7%
$800,500
$800.5K
Cap Rate 9%
$622,611
$622.6K
Market Conditions
NOI Build-Up for 1,600 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
$81.6K $51.00/SF
− Vacancy
−$1.6K −$0.97/SF
EGI
$80.0K $50.03/SF
− OpEx
−$24.0K −$15.01/SF
NOI
$56.0K $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%
$1,120,700
Cap Rate 7%
$800,500
Cap Rate 9%
$622,611
Alternative Uses
Best Use
Multifamily LT 5
$800.5K
$700.4K – $933.9K
NOI $56,035 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$697.8K
$610.6K – $814.1K
NOI $48,846 @ 7.0% cap · market cap 4.91%
Theoretical Best
Specialty Retail
$1.32M
$1.16M – $1.55M
NOI $92,736 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,721
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
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 - R4-zoned duplex with hardwood flooring, updated systems, basement flexibility, and off-street garage parking.
Where is this duplex located?
The property is located at 2066 E 38th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: R4 zoning with 1,600 square feet of property size; 3 bedrooms and 3 bathrooms; Brick duplex built in 1930
