Brick Duplex with
For Sale
$1,388,000
2534 W 2nd Street, Brooklyn, NY 11223
Residential, Duplex, Brooklyn, NY
Property Size2,812 SF
Lot Size0.05 Acres
Price / SF$493.60
Days on Market12
Property Features for 2534 W 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2
Parking features
Garage
Patio and Porch features
Porch
Interior features
A/C Unit - Wall, A/C Unit - Window, Dryer, Garage Door Opener(s), Laundry Area, Porch, Refrigerator, Stove, Washer
Basement
Full, Finished
Subdivision
Gravesend
Standard status
Active
Size
2,812 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
3606
Building Details
Year built
1965
Number of units
2
Flooring type
Tile, Hardwood, Carpet
Building materials
Brick
Roof type
Rubber, Flat
Architectural style
Other
Listing Agency:
Real Broker NY LLC
(718) 256-4000
Listed By:
Ian S. Satchell
(718) 256-4000
Added: Aug 14
Changed: Aug 23
Last Checked: Aug 25 at 4:06AM
MLS# 503815
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 R4-zoned duplex is a brick two-family residence built in 1965, offering 2,812 square feet of interior space on a 0.0459-acre lot. The layout includes 6 bedrooms and 3 full bathrooms, with hardwood, tile, and carpet flooring throughout. Interior features include wall and window A/C units, laundry equipment, a refrigerator, stove, and garage door openers. A porch, private driveway, and garage provide additional functional space.
The property is located at 2534 W 2nd Street in Brooklyn's 11223 ZIP code, near West 2nd Street and Avenue Y. Transit access includes the N, W, F, and D trains at Avenue U, along with B1, B3, and B4 bus service. NetCost Market and Matchpoint Fitness Club are also nearby.
The property is located at 2534 W 2nd Street in Brooklyn's 11223 ZIP code, near West 2nd Street and Avenue Y. Transit access includes the N, W, F, and D trains at Avenue U, along with B1, B3, and B4 bus service. NetCost Market and Matchpoint Fitness Club are also nearby.
Key Highlights
- Two‑family duplex with 6 bedrooms and 3 full bathrooms
- 2,812 square feet on a 0.0459‑acre lot
- R4 zoning
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
$98,481
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
7.10%
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%
$1,969,620
$2.0M
Cap Rate 7%
$1,406,871
$1.4M
Cap Rate 9%
$1,094,233
$1.1M
Market Conditions
NOI Build-Up for 2,812 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
$143.4K $51.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$140.7K $50.03/SF
− OpEx
−$42.2K −$15.01/SF
NOI
$98.5K $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%
$1,969,620
Cap Rate 7%
$1,406,871
Cap Rate 9%
$1,094,233
Alternative Uses
Best Use
Multifamily LT 5
$1.41M
$1.23M – $1.64M
NOI $98,481 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$1.23M
$1.07M – $1.43M
NOI $85,847 @ 7.0% cap · market cap 6.18%
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $162,984 @ 7.0% cap · market cap 11.74%
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
2,783
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
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 - R4-zoned two-family property with private parking, laundry amenities, and a porch.
Where is this duplex located?
The property is located at 2534 W 2nd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,388,000.
What are key features of this property?
This property features: Two‑family duplex with 6 bedrooms and 3 full bathrooms; 2,812 square feet on a 0.0459‑acre lot; R4 zoning
