Three-Story Duplex
For Sale
$719,000
2312A Mermaid Avenue, Brooklyn, NY 11224
Residential, Duplex, Brooklyn, NY
Property Size1,812 SF
Lot Size0.02 Acres
Price / SF$396.80
Days on Market856
Property Features for 2312A Mermaid Avenue
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R6
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bathroom 2
Interior features
A/C Unit, Dishwasher, Dryer, Refrigerator, Stove, Washer
Basement
Crawl Space
Subdivision
Coney Island
Standard status
Active
Size
1,812 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
4435
Amenities
laundry room
Building Details
Year built
2000
Floors in Building
3
Architectural style
Other
Listing Agency:
Winzone Realty Inc
Listed By:
Bin Hu Zhan
(718) 676-6611
Added: May 6, 2024
Changed: Sep 5
Last Checked: Sep 8 at 10:06AM
MLS# 481862
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 R6-zoned duplex property was built in 2000 and provides 1812 sqft of living area across three stories. The interior includes hardwood flooring, a living room, kitchen, dining area, bedrooms with closet storage, bathrooms, a laundry room, and crawl-space storage access. Appliances include an A/C unit, dishwasher, dryer, refrigerator, stove, and washer. The home has also been renovated within the past few years.
The property occupies 0.0227 acres at 2312A Mermaid Avenue in Brooklyn’s 11224 ZIP code. Community parking accommodates 2 cars, with the parking spaces excluded from the lot. Coney Island Beach is a short distance away, and the D.F.N.Q subway station is nearby, along with B64, B36, and B 74 bus service.
The property occupies 0.0227 acres at 2312A Mermaid Avenue in Brooklyn’s 11224 ZIP code. Community parking accommodates 2 cars, with the parking spaces excluded from the lot. Coney Island Beach is a short distance away, and the D.F.N.Q subway station is nearby, along with B64, B36, and B 74 bus service.
Key Highlights
- 1812 sqft of living area in a 3‑story building
- Built in 2000 and renovated within the past few years
- R6 zoning on a 0.0227‑acre lot
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
$63,459
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
8.83%
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%
$1,269,180
$1.3M
Cap Rate 7%
$906,557
$906.6K
Cap Rate 9%
$705,100
$705.1K
Market Conditions
NOI Build-Up for 1,812 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
$92.4K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$90.7K $50.03/SF
− OpEx
−$27.2K −$15.01/SF
NOI
$63.5K $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%
$1,269,180
Cap Rate 7%
$906,557
Cap Rate 9%
$705,100
Alternative Uses
Best Use
Multifamily LT 5
$906.6K
$793.2K – $1.06M
NOI $63,459 @ 7.0% cap · market cap 8.83%
Second Best
Apartment 5plus
$790.3K
$691.5K – $922.0K
NOI $55,318 @ 7.0% cap · market cap 7.69%
Theoretical Best
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $105,024 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,609
Businesses Nearby
Explore this area
Business Placement
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
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 - R6-zoned residential property with hardwood floors, laundry facilities, and a two-car community parking arrangement.
Where is this duplex located?
The property is located at 2312A Mermaid Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: 1812 sqft of living area in a 3‑story building; Built in 2000 and renovated within the past few years; R6 zoning on a 0.0227‑acre lot
