Renovated Brick
For Sale
$1,450,000
2704 Avenue Z, Brooklyn, NY 11235
Residential, Brooklyn, NY
Property Size3,180 SF
Lot Size0.05 Acres
Price / SF$455.97
Days on Market89
Property Features for 2704 Avenue Z
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 3
Parking features
Garage
Interior features
Central Air - Split, Dishwasher, Dryer, Refrigerator, Stove, Terrace, Washer
Basement
Finished
Subdivision
Sheepshead Bay
Standard status
Active
Size
3,180 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
11899
Amenities
private backyard
private garden area
laundry area
Building Details
Year built
1955
Floors in Building
3
Number of units
2
Flooring type
Marble, Hardwood
Building materials
Brick
Roof type
Rubber
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Michelle J. Zhang · License #MZ4172
(718) 612-3088
Added: May 28
Changed: Aug 23
Last Checked: Aug 24 at 5:06PM
MLS# 501828
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 3,180-square-foot brick duplex was built in 1955 and comprehensively renovated approximately five years ago. The property includes two residential apartments plus a finished lower level with a private entrance, full bathroom, laundry area, and backyard access. One apartment offers two bedrooms, a spacious living room, hardwood floors, an updated eat-in kitchen, dining space, and split A/C systems for heating and cooling. The upper apartment provides multiple bedrooms, an open living area, eat-in kitchen, closet storage, and a flexible floor plan.
Additional improvements include reinforced floor systems, a newer rubber roof, marble and hardwood flooring, high ceilings, three separate electric meters, and a 3-zone heating system. A one-car garage, private backyard, garden area, terrace, and outdoor access add to the property’s physical utility. The parcel measures 0.0459 acres and is located at 2704 Avenue Z in Brooklyn, NY 11235.
Additional improvements include reinforced floor systems, a newer rubber roof, marble and hardwood flooring, high ceilings, three separate electric meters, and a 3-zone heating system. A one-car garage, private backyard, garden area, terrace, and outdoor access add to the property’s physical utility. The parcel measures 0.0459 acres and is located at 2704 Avenue Z in Brooklyn, NY 11235.
Key Highlights
- 3,180 square feet on a 0.0459‑acre parcel
- Brick duplex built in 1955
- Comprehensive renovation approximately five years ago
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
$111,369
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
7.68%
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%
$2,227,380
$2.2M
Cap Rate 7%
$1,590,986
$1.6M
Cap Rate 9%
$1,237,433
$1.2M
Market Conditions
NOI Build-Up for 3,180 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
$162.2K $51.00/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$159.1K $50.03/SF
− OpEx
−$47.7K −$15.01/SF
NOI
$111.4K $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%
$2,227,380
Cap Rate 7%
$1,590,986
Cap Rate 9%
$1,237,433
Alternative Uses
Best Use
Multifamily LT 5
$1.59M
$1.39M – $1.86M
NOI $111,369 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $97,082 @ 7.0% cap · market cap 6.70%
Theoretical Best
Specialty Retail
$2.63M
$2.30M – $3.07M
NOI $184,313 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,890
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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 - Updated two-unit brick property with finished lower-level space, private outdoor areas, garage parking, and flexible living arrangements.
Where is this duplex located?
The property is located at 2704 Avenue Z Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 3,180 square feet on a 0.0459‑acre parcel; Brick duplex built in 1955; Comprehensive renovation approximately five years ago
