2-Family Income Property with
For Sale
$730,000
1168 East 38th Street, Brooklyn, NY 11210
Two-family home with separate interior access and finished basement, sold as-is with limited tenant access.
Property Size1,840 SF
Days on Market94
Property Features for 1168 East 38th Street
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Multi Family Home
Zoning
R4
Additional Details
Multifamily Units
2
Building Details
Building Size
1,840 SF
Year Built
1925
Stories
2
Listing Agency:
Re/Max Edge
Listed By:
Daniel Gamil · License #10301211175
(718) 612-3088
Source:
Excellchoicerealty
Added: Jun 8
Changed: Sep 8
Last Checked: Sep 8 at 4:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Re/Max Edge
Investment Insights
Based on property information with market context.
This 2-family residential income property offers a 3-bedroom-over-2-bedroom layout plus a finished basement. The interior includes a vestibule/common hallway, with separate interior access points for the first-floor unit, second-floor unit, and basement. Basement access also extends to the rear yard. Heating is provided by oil heat. The property is being sold strictly as-is, and buyers should expect limited access for showings, inspections, and appraisal purposes due to non-cooperative occupants in areas referenced in the remarks.
The second-floor owner’s bedroom is being delivered vacant, while additional second-floor bedrooms are currently not accessible. The first-floor unit is also not accessible under current tenancy conditions. The asset is located in a convenient Flatlands/Brooklyn area near Flatbush Avenue, Avenue K, Kings Highway, Brooklyn College, Kings Plaza, and Marine Park, with access to multiple bus routes and the 2/5 trains at Flatbush Avenue–Brooklyn College and the B/Q trains at Kings Highway.
For investors and end users willing to proceed with restricted access, this configuration may support a range of operating approaches, including potential owner-occupancy on either level while maintaining basement access, subject to tenancy status and buyer due diligence. Potential buyers must review access limitations carefully as part of their inspection and appraisal planning.
The second-floor owner’s bedroom is being delivered vacant, while additional second-floor bedrooms are currently not accessible. The first-floor unit is also not accessible under current tenancy conditions. The asset is located in a convenient Flatlands/Brooklyn area near Flatbush Avenue, Avenue K, Kings Highway, Brooklyn College, Kings Plaza, and Marine Park, with access to multiple bus routes and the 2/5 trains at Flatbush Avenue–Brooklyn College and the B/Q trains at Kings Highway.
For investors and end users willing to proceed with restricted access, this configuration may support a range of operating approaches, including potential owner-occupancy on either level while maintaining basement access, subject to tenancy status and buyer due diligence. Potential buyers must review access limitations carefully as part of their inspection and appraisal planning.
Key Highlights
- Two‑family home built in 1925 with a 3‑bedroom over 2‑bedroom layout and finished basement.
- Separate interior access points to the first‑floor unit, second‑floor unit, and basement.
- Basement provides access to the rear yard.
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
$64,440
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%
$1,288,800
$1.3M
Cap Rate 7%
$920,571
$920.6K
Cap Rate 9%
$716,000
$716.0K
Market Conditions
NOI Build-Up for 1,840 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
$93.8K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$92.1K $50.03/SF
− OpEx
−$27.6K −$15.01/SF
NOI
$64.4K $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%
$1,288,800
Cap Rate 7%
$920,571
Cap Rate 9%
$716,000
Alternative Uses
Best Use
Multifamily LT 5
$920.6K
$805.5K – $1.07M
NOI $64,440 @ 7.0% cap · market cap 8.83%
Second Best
Apartment 5plus
$802.5K
$702.2K – $936.2K
NOI $56,173 @ 7.0% cap · market cap 7.69%
Theoretical Best
Specialty Retail
$1.52M
$1.33M – $1.78M
NOI $106,646 @ 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
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,538
Businesses Nearby
Explore this area
Business Placement
Demographics for 11210, NY
62,805
Population
22,817
Households
2.8
Avg Household Size
38
Median Age
39%
College-Educated
89%
High-School Grad
1.6 sq mi
ZIP Area
39,253
Density / Sq Mi
$83,261
Median Household Income
$50,286
Median Earnings
$1,734
Median Rent
$817,600
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 - Two-family home with separate interior access and finished basement, sold as-is with limited tenant access.
Where is this duplex located?
The property is located at 1168 East 38th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: Two‑family home built in 1925 with a 3‑bedroom over 2‑bedroom layout and finished basement.; Separate interior access points to the first‑floor unit, second‑floor unit, and basement.; Basement provides access to the rear yard.
