Renovated Single-Family Home with
For Sale
$1,599,000
359 88th Street, Brooklyn, NY 11209
Residential, Duplex, Brooklyn, NY
Property Size1,619 SF
Lot Size0.06 Acres
Price / SF$987.65
Days on Market135
Property Features for 359 88th Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R4-1
Bedrooms
3
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 4, Bathroom 3
Parking features
Carport
Interior features
Refrigerator, Stove
Basement
Full, Finished
Subdivision
Bay Ridge
Standard status
Active
Size
1,619 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
6356
Building Details
Year built
1920
Floors in Building
2
Roof type
Flat
Architectural style
Other
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Added: Apr 15
Changed: Aug 26
Last Checked: Aug 27 at 10:06PM
MLS# 500529
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 renovated single-family residence offers 3 bedrooms and 3.5 baths, supported by a full finished basement for additional living space. The property includes a private carport and recent upgrades such as a brand-new roof, boiler, furnace, and modern split AC/heat systems throughout.
Located in Brooklyn, the home is positioned near commercial corridors with shopping, dining, and convenient train access. Zoning is listed as R4-1.
The combination of an updated mechanical and HVAC package, expanded basement area, and private off-street carport makes the home well-suited for an owner-occupant or anyone seeking a turnkey layout with multiple levels of finished space.
Located in Brooklyn, the home is positioned near commercial corridors with shopping, dining, and convenient train access. Zoning is listed as R4-1.
The combination of an updated mechanical and HVAC package, expanded basement area, and private off-street carport makes the home well-suited for an owner-occupant or anyone seeking a turnkey layout with multiple levels of finished space.
Key Highlights
- Fully renovated single‑family home with private carport
- 3 bedrooms and 3.5 baths plus a full finished basement for added living space
- Brand‑new roof
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
$49,426
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
3.09%
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%
$988,520
$988.5K
Cap Rate 7%
$706,086
$706.1K
Cap Rate 9%
$549,178
$549.2K
Market Conditions
NOI Build-Up for 1,619 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
$91.7K $56.64/SF
− Vacancy
−$1.8K −$1.13/SF
EGI
$89.9K $55.51/SF
− OpEx
−$40.4K −$24.98/SF
NOI
$49.4K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$988,520
Cap Rate 7%
$706,086
Cap Rate 9%
$549,178
Alternative Uses
Best Use
Apartment 5plus
$706.1K
$617.8K – $823.8K
NOI $49,426 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.34M
$1.17M – $1.56M
NOI $93,837 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,685
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Renovated three-bedroom home with a private carport and a fully finished basement in Brooklyn’s R4-1 zoning.
Where is this single family property located?
The property is located at 359 88th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Fully renovated single‑family home with private carport; 3 bedrooms and 3.5 baths plus a full finished basement for added living space; Brand‑new roof
