Duplex with Finished
For Sale
$2,500,000
2398 E 21st Street, Brooklyn, NY 11229
Residential, Brooklyn, NY
Property Size2,786 SF
Lot Size0.07 Acres
Price / SF$897.34
Days on Market51
Property Features for 2398 E 21st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 1, Bathroom 2
Interior features
Refrigerator, Stove
Basement
Full, Finished
Subdivision
Sheepshead Bay
Standard status
Active
Size
2,786 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
10323
Building Details
Year built
1935
Floors in Building
2
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Shingle
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Added: Jul 8
Changed: Aug 25
Last Checked: Aug 27 at 10:06PM
MLS# 502806
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 semi-detached duplex contains two residential units, each arranged with three bedrooms and two full bathrooms. The property provides six bedrooms and four full bathrooms overall, along with a full finished basement that adds recreation, storage, or flexible-use space. Brick construction, shingle roofing, tile and hardwood flooring, and included refrigerator and stove appliances are among the existing features. The home was built in 1935 and is zoned R4.
Located at 2398 E 21st Street in Brooklyn, the property includes a private driveway with parking for two vehicles. Shopping, supermarkets, restaurants, schools, parks, public transportation, and major roadways are identified in the surrounding area. The 2,786-square-foot building occupies a 0.0747-acre lot.
Located at 2398 E 21st Street in Brooklyn, the property includes a private driveway with parking for two vehicles. Shopping, supermarkets, restaurants, schools, parks, public transportation, and major roadways are identified in the surrounding area. The 2,786-square-foot building occupies a 0.0747-acre lot.
Key Highlights
- 2,786‑square‑foot duplex with six bedrooms and four full bathrooms
- Two units, each with 3 bedrooms and 2 full bathrooms
- Full finished basement for recreation, storage, or flexible use
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
$97,570
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
3.90%
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%
$1,951,400
$2.0M
Cap Rate 7%
$1,393,857
$1.4M
Cap Rate 9%
$1,084,111
$1.1M
Market Conditions
NOI Build-Up for 2,786 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
$142.1K $51.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$139.4K $50.03/SF
− OpEx
−$41.8K −$15.01/SF
NOI
$97.6K $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%
$1,951,400
Cap Rate 7%
$1,393,857
Cap Rate 9%
$1,084,111
Alternative Uses
Best Use
Multifamily LT 5
$1.39M
$1.22M – $1.63M
NOI $97,570 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,054 @ 7.0% cap · market cap 3.40%
Theoretical Best
Specialty Retail
$2.31M
$2.02M – $2.69M
NOI $161,477 @ 7.0% cap · market cap 6.46%
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
5,659
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?
Duplex - Semi-detached brick residence offers two three-bedroom units, finished lower-level space, and private off-street parking.
Where is this duplex located?
The property is located at 2398 E 21st Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 2,786‑square‑foot duplex with six bedrooms and four full bathrooms; Two units, each with 3 bedrooms and 2 full bathrooms; Full finished basement for recreation, storage, or flexible use
