Two-Family Brick Duplex with
For Sale
$1,850,000
223 96th Street, Brooklyn, NY 11209
MULTI_FAMILY - Brooklyn, NY
Property Size2,584 SF
Lot Size0.06 Acres
Price / SF$715.94
Days on Market89
Property Features for 223 96th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4-1
Bedrooms
8
Bathrooms
14
Full bathrooms
3
Rooms
Bathroom 12, Bathroom 2, Bathroom 11, Bathroom 7, Bedroom 1, Bedroom 2, Bathroom 8, Bathroom 1, Bathroom 13, Bedroom 4, Bathroom 5, Bathroom 3, Bathroom 10, Bathroom 14, Bathroom 6, Bedroom 5, Bedroom 7, Bedroom 8, Bedroom 3, Bathroom 9, Bathroom 4, Bedroom 6
Parking features
Garage
Patio and Porch features
Deck, Porch
Interior features
Deck, Dishwasher, Dryer, Laundry Area, Porch, Refrigerator, Terrace, Washer
Basement
Full
Subdivision
Bay Ridge
Standard status
Active
Size
2,584 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
12139
Building Details
Flooring type
Hardwood
Building materials
Block
Roof type
Flat
Listing Agency:
Ben Bay Realty Co
(718) 680-6442
Listed By:
Christine P. Olivieri
(718) 680-6442
Added: May 28
Changed: Aug 16
Last Checked: Aug 24 at 12:06PM
MLS# 501824
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.
Well-maintained two-family brick duplex on a shared driveway, offered with an additional built-in 2-car garage. Set on a 27 x 100 lot with a 19 x 68 building footprint, the home provides expansive indoor space and outdoor areas including a porch, deck, and terrace. Interior features include hardwood floors throughout and in-unit conveniences such as dishwasher, washer, dryer, and refrigerator.
The property is move-in ready with updates for day-to-day comfort. Recent improvements include a brand-new boiler and both hot water heaters, reported as only 3 years young. The upstairs kitchen has been newly renovated with quartz countertops and a new Bosch refrigerator.
Constructed with block materials and topped with a flat roof, the duplex is zoned R4-1 and is positioned just minutes from Shore Road, with nearby parks and waterfront paths, as well as shopping, restaurants, schools, and public transportation.
The property is move-in ready with updates for day-to-day comfort. Recent improvements include a brand-new boiler and both hot water heaters, reported as only 3 years young. The upstairs kitchen has been newly renovated with quartz countertops and a new Bosch refrigerator.
Constructed with block materials and topped with a flat roof, the duplex is zoned R4-1 and is positioned just minutes from Shore Road, with nearby parks and waterfront paths, as well as shopping, restaurants, schools, and public transportation.
Key Highlights
- 0.062‑acre lot on a 27 x 100 parcel
- 19 x 68 building footprint for the two‑family layout
- Additional built‑in 2‑car garage plus shared driveway
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
$90,496
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
4.89%
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%
$1,809,920
$1.8M
Cap Rate 7%
$1,292,800
$1.3M
Cap Rate 9%
$1,005,511
$1.0M
Market Conditions
NOI Build-Up for 2,584 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
$131.8K $51.00/SF
− Vacancy
−$2.5K −$0.97/SF
EGI
$129.3K $50.03/SF
− OpEx
−$38.8K −$15.01/SF
NOI
$90.5K $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%
$1,809,920
Cap Rate 7%
$1,292,800
Cap Rate 9%
$1,005,511
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,496 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$1.13M
$986.1K – $1.31M
NOI $78,887 @ 7.0% cap · market cap 4.26%
Theoretical Best
Specialty Retail
$2.14M
$1.87M – $2.50M
NOI $149,769 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,349
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
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 - Zoned R4-1 two-family duplex featuring hardwood floors and garage parking with a spacious footprint on a shared driveway.
Where is this duplex located?
The property is located at 223 96th 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: 0.062‑acre lot on a 27 x 100 parcel; 19 x 68 building footprint for the two‑family layout; Additional built‑in 2‑car garage plus shared driveway
