Brick Quadplex with Detached
For Sale
$1,850,000
2078 E 28th Street, Brooklyn, NY 11229
Residential, Brooklyn, NY
Property Size2,492 SF
Lot Size0.06 Acres
Price / SF$742.38
Days on Market147
Property Features for 2078 E 28th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4-C1-2
Bedrooms
11
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 11, Bedroom 5, Bedroom 2, Bathroom 4, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 10, Bathroom 2, Bedroom 9
Interior features
A/C Unit - Window
Subdivision
Sheepshead Bay
Standard status
Active
Size
2,492 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
13697
Amenities
detached garage
Building Details
Year built
1920
Floors in Building
4
Number of units
4
Flooring type
Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
Re/Max Real Estate Professiona
(718) 872-5522
Listed By:
Huizhen (Rose) Li
(718) 532-2000
Added: Apr 14
Changed: Sep 5
Last Checked: Sep 7 at 1:06PM
MLS# 500468
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 2,492-square-foot quadplex is a semi-detached brick residential building constructed in 1920. The property includes a detached garage, flat roof, tile flooring, and window A/C units. Separate utility infrastructure includes 4 gas meters, 5 electric meters, and individual hot water coin systems. The lot measures 0.0643 acres, and the property carries R4-C1-2 zoning.
The building is located at 2078 E 28th Street in Brooklyn’s Sheepshead Bay area, between Avenue U and Avenue T. Nearby amenities identified for the property include Kings Plaza Mall, shopping, dining, supermarkets, pharmacies, and schools. Access to the B and Q subway lines, multiple bus routes, and the Belt Parkway provides connections throughout Brooklyn and beyond.
The building is located at 2078 E 28th Street in Brooklyn’s Sheepshead Bay area, between Avenue U and Avenue T. Nearby amenities identified for the property include Kings Plaza Mall, shopping, dining, supermarkets, pharmacies, and schools. Access to the B and Q subway lines, multiple bus routes, and the Belt Parkway provides connections throughout Brooklyn and beyond.
Key Highlights
- 4‑family quadplex with 2,492 square feet of living space
- 0.0643‑acre lot with detached garage
- Semi‑detached brick building constructed in 1920
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
$87,274
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
4.72%
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%
$1,745,480
$1.7M
Cap Rate 7%
$1,246,771
$1.2M
Cap Rate 9%
$969,711
$969.7K
Market Conditions
NOI Build-Up for 2,492 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
$127.1K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$124.7K $50.03/SF
− OpEx
−$37.4K −$15.01/SF
NOI
$87.3K $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%
$1,745,480
Cap Rate 7%
$1,246,771
Cap Rate 9%
$969,711
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.09M – $1.45M
NOI $87,274 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$1.09M
$951.0K – $1.27M
NOI $76,078 @ 7.0% cap · market cap 4.11%
Theoretical Best
Specialty Retail
$2.06M
$1.81M – $2.41M
NOI $144,436 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
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?
Quadplex - Four-unit residential property with separate utility metering and R4-C1-2 zoning.
Where is this quadplex located?
The property is located at 2078 E 28th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 4‑family quadplex with 2,492 square feet of living space; 0.0643‑acre lot with detached garage; Semi‑detached brick building constructed in 1920
